Your kids will learn to make their own financial decisions—and because you have oversight over their spending, you can help guide them as needed
Teaching kids about money management is crucial, yet often overlooked in traditional education systems. The Mydoh app is designed to bridge that gap by providing children with a hands-on, engaging way to learn about earning, saving, and spending money.
What is Mydoh?
Mydoh is a comprehensive money management tool aimed at children and parents, available exclusively for Canadian residents. It combines an innovative app with a prepaid Visa card, allowing kids aged 6 to 18 to learn how to manage their finances effectively. With Mydoh, children can earn money through chores, manage their expenses, and understand the value of money.
How Does Mydoh Work?
The Mydoh experience is divided into two main accounts: one for parents and one for children. Each account offers distinct features tailored to the user’s needs.
Parent Account Features
- Task Assignment: Parents can assign chores and set allowances for their children.
- Money Management: Send money directly to your child’s account and track their earnings and expenditures.
- React to Transactions: Parents can respond to their child’s spending decisions with emojis, fostering open communication.
- Card Control: Lock or unlock your child’s Mydoh card as needed for security.
Child Account Features
- Task Management: Kids can view and manage the tasks assigned to them, marking them as completed when done.
- Spending Control: They can spend their earnings using the Mydoh Smart Cash Card, which is accepted anywhere Visa is.
- Financial Literacy Games: Engage with fun trivia and challenges to learn about money management.
- Savings Goals: Set and track savings goals for items they want to purchase.
Key Features of Mydoh
Mydoh is packed with features that make it a standout choice for teaching kids about financial responsibility.
One Month Free Trial
One of the most appealing aspects of Mydoh is the one-month free trial. This allows families to explore the app’s capabilities without any initial commitment.
Chore Chart
The app includes a customizable chore chart based on your child’s age, making it easy to assign age-appropriate tasks. This feature promotes accountability and teaches kids the value of earning money through hard work.
Mydoh Smart Cash Card
The Mydoh Smart Cash Card is a prepaid card that allows kids to make purchases online and in-store, providing a real-world experience with money management. Parents can set spending limits and monitor transactions, ensuring they stay informed about their child’s spending habits.
Parental Controls
Parental controls are a significant aspect of Mydoh, allowing parents to oversee their child’s spending and protect them from potential financial pitfalls.
Financial Education
Mydoh Play offers engaging trivia and facts about financial concepts, making learning about money fun and interactive. This feature encourages discussions between parents and children about budgeting and responsible spending.
Automatic Payments
The app automatically processes payments on scheduled days, ensuring that children receive their allowances consistently as long as their tasks are completed.
Family Plans
Families can have multiple Mydoh accounts, with up to five Smart Cash Cards available without additional charges, making it a budget-friendly option for larger families.
Pricing Structure
Mydoh has a straightforward pricing structure. After the one-month free trial, the cost is $4.99 per month for regular customers. However, RBC customers enjoy a discounted rate of $2.99 per month.
Pricing Structure
Mydoh has a straightforward pricing model:
- Monthly Fee: The standard monthly fee is $4.99. However, if you are a Royal Bank of Canada (RBC) customer, you can benefit from a discounted rate of $2.99.
Important Considerations
While Mydoh offers numerous benefits, there are some things to keep in mind before diving in:
- No Rewards Program: Unlike other apps, Mydoh does not provide a rewards or points system for spending.
- No Cashback Offers: There is no cashback system in place, which may be a downside for those looking for additional savings.
- No In-App Store: Mydoh does not include an in-app store for kids, which some other apps offer.
- Mobile Access Required: Children will need access to a smartphone or tablet to use the Mydoh app effectively.
- Login Information: Both parents and children must remember their login details, which could be challenging for younger kids.
Funding Your Mydoh Account
Parents can fund their Mydoh Wallet via Interac e-Transfer or by linking their RBC Canadian personal checking account or credit card. This allows for seamless transactions between your wallet and your child’s Smart Cash Card.
Is Mydoh Safe?
Safety is a top priority for Mydoh. All information is encrypted, ensuring secure transactions. The app also maintains a full audit trail for all money movements, and the Smart Cash Card is programmed to restrict purchases from inappropriate merchant categories.
Support and Customer Service
If you need assistance, Mydoh offers support through the app and via email. This ensures that help is readily available whenever you encounter an issue or have questions.
Who Should Use Mydoh?
Mydoh is an excellent tool for Canadian parents looking to instill good financial habits in their children. It’s particularly beneficial for families with children aged 6 to 18 who want to teach them about earning, spending, and managing money responsibly. If you’re a parent who values financial education and wants to keep track of your child’s spending, Mydoh could be a perfect fit.
