Thursday, 13 December 2012

PKTMNY: A new way to manage your children's pocket money

Money has been a bone of contention in the Onykahonie house lately...mainly regarding a certain 14 year old  fashion-enthusiast with shopaholic tendencies and a busy social life! So when I spotted the opportunity to test out a new website, which allow parents to set up an account for their children and manage their pocket money online, I thought it would be well worth trying. 

PKTMNY is aimed at children aged 8 to 16 years old and allows them to keep track of their savings and manage their own money, rather like online banking. The children even get a real Visa card which they can use both online and in the high street. 

After setting up an account each for Miss Ony and Miss Kahonie, I deposited an initial cash sum for each child, added a set amount of pocket money to be added automatically each week and then decided on some specific chores with 'wages' that they could earn in addition to their basic weekly pocket money, e.g. £2 for cleaning their bedrooms and changing their sheets once a week. I then discussed this with the girls, so they were aware of just how to earn extra money and save for specific targets. There is fee for the service (£5 to join and a monthly £1 fee), but if it means that I'm not constantly handing over cash to my girls, this may well be worth the price, and could even save me money in the long term!

Having this in black and white seems much more of an incentive than just a verbal agreement as they can now do their chores and see the money go straight into their accounts.

I'm hoping that PKTMNY will encourage both girls to earn and manage their own money and stop asking for quite so many 'handouts'. I'll post again in the new year, with an update on whether this has worked or not!

Sponsored post: This post is part of a project with BritMums, sponsored by PKTMNY, highlighting it's launch. The new tool allows parents to easily pay and monitor their children's pocket money online, whilst allowing their children to earn, save, spend and manage their money in a totally safe and fun way. We have been trialling the service and all thoughts and opinions are our own.

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