PKTMNY is a new way for parents to help their children earn, save and spend their money.
Firstly, the website aims to teach kids about using money responsibly, with saving and spending tools. Parents can set their children tasks, for which they can earn money doing.
Parents can also set savings goals, track their kids’ spending, create wishlists and manage their pocket money online. You can also get others, such as grandparents, to contribute, so they can help the little ones reach their savings goals.
As well as the online tools that PKTMNY offers, they have also partnered with VISA to give kids their own debit card. Naturally, parents will have full control on the amount of money the child can spend using the card. You can set a weekly spending limit, and a transaction limit. You can also specify whether you want the card to be used in high street stores, in cash machines and online. PKTMNY claim it’s the most advanced youth card on the market.
All in all, this sounds like a great idea. I’ve been struggling to manage my own kids’ pocket money, especially as they now want to buy stuff online, which normally comes out of my own accounts.
Naturally, this isn’t a free service, and there are a few charges to bear in mind if you plan to use PKTMNY with your own kids.
Firstly, there is a £5 joining fee per family, then you pay £1 per child every month. There’s also charges for adding money to your parent account; 1.21% for credit cards, and 50p for debit card transactions. You can avoid these fees by setting up a standing order to PKTMNY though.
Finally, if your child wishes to withdraw cash from an cash machine, they’ll be charged 50p for the privilege (£2 if abroad).
I definitely think I’ll be trying PKTMNY out to see if will help me look after my kids’ pocket money, I know they’ll love having their own debit cards, and I like the way parents can control the various features and spending limits available. PKTMNY could well be a child’s first experience of online banking, and could potentially help them learn to be more responsible with their money.
The minor downside is the charges, which are certainly not extortionate, but we’ll have to see how they add up once the children start using their cards.
I’d be interested in hearing your thoughts; do you think PKTMNY is a good idea? Have you used it and if so what is your experience of it? Let us know in the comments below.
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- Loot: Money Management App For Students (September 14, 2015)