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July 3rd, 2012 at 5:00 am

Teach Your Kids to Be Smart About Money With Tykoon

Teaching your kids the real value of money is an important part of parenting. But it’s a challenge. They think money grows on trees and that mom and dad have an endless supply of cash for all things cool and fun. And the diligence required to teach the fundamentals can be a challenge for busy moms and dads.

Enter Tykoon, a website and iOS mobile app combo that provides a task-and-reward financial management program that can help your kids, starting as young as 8, get an understanding of the power of earning money of their own that they can use to buy, save and/or give away to charity. Both you and your children use it to establish a series of tasks and chores that, when completed, are rewarded with cash or other compensation such as TV or computer time.

You begin by setting up your account and adding your children, with allowance details (optional) and a breakdown of the portion of their earning that will go towards savings, spending and giving. Your kids create a wishlist of items that they would like to buy when they’ve reached their goals.

Then you add all of the tasks that they are responsible for, their frequency, and value of completing each one.

As your child completes the assigned tasks, they earn their pay and it accumulates in their account. When they’ve reached their goals, they can then purchase their desired items, donate their designated portion to a charity and/or just let their money grow. They and you can monitor their ongoing progress and achieve badges to help keep the momentum going and recognize their achievements.

Their purchases can be completed using an driven interface with kid-friendly and parent-approved selections. Once they complete their end of the transaction, you have the final approval before any money is actually spent.

Learning financial responsibility is hugely important for kids. Tykoon is a great way to instill a respect for the process of working towards goals and reaping the rewards of that effort. And it’s also a wonderful tool for teaching the importance of giving. A choice of kid friendly charities are chosen directly from the website. There is even a social media component that lets your children share their progress with friends and family for support and encouragement.

I love that Tykoon provides a really smart way for kids to learn, earn, and give back. The website and app present a controlled environment that is easy to use and empowers them to become savvy about managing money. And that is a skill that pays dividends for a lifetime.

You can also find Paula on LinkedInFacebook and Twitter @techsmart319. Feel free to reach out if you have questions.

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