The Mydoh app caught my attention when I discovered it was a family banking app.
Being a parent means teaching children smart money management skills.
Our son knows that daddy works daily to make money to pay the bills.
We’ve taught him to work hard in school toward a career he loves.
To do so, he will need money, which means getting a real job once he is old enough.
We started our son saving coins in a large water cooler container, but he’s ready for more.
The tagline, learn, earn and spend smart for the Mydoh app is perfect for kids.
Today I’m reviewing the Mydoh app for kids and parents to see if it’s worth all the hype.
“This post contains affiliate links, meaning I may receive a commission when you sign up with Mydoh.”
Mydoh Is A Simple Money Management app
For most people, learning about finance is boring and not a topic of choice to study.
As our son grows up, I want him to understand the value of money, which is why we are starting to teach him early.
As parents, we must guide and introduce him to simple financial tools.
If making the task of understanding finance in a fun way is what it takes, then let’s do it.
I’m pretty sure our son is not ready for an excel budget spreadsheet, paper budget, or adult mobile budgeting app.
Finally, we might have an app for parents and kids to encourage financial responsibility.
About The Mydoh app
The Mydoh app is perfect for parents and kids to learn about simple money management.
Powered by the Royal Bank of Canada (RBC), you can be assured that your money is safe.
The Mydoh app is a money management app paired with a Smart Cash Card for kids.
Once we downloaded the Mydoh app, the parent setup was straightforward.
After completing the parent verification process, the parent can invite the child(ren).
Here’s where all the magic happens.
Do I Need To Be An RBC Customer?
You need not be an RBC customer to use the app, so you do not need to switch financial institutions.
The Mydoh app can be used with any Canadian financial institution.
Parents send money to the app for the kids up to an allowable limit which can be used online or in-store using a physical card.
Mydoh Smart Cash Card
The people at Mydoh app introduced a Smart Cash Card to be used by kids as they head into their teen years.
The Mydoh Smart Cash Card is available to kids, no matter where their parents’ bank in Canada.
Anywhere Visa is accepted, the Mydoh Smart Cash Card will work.
The cool part is that parents have access to the Smart Cash Card, so they can lock and unlock the card right from the app.
Parents can also monitor their children’s spending habits using the Mydoh parent account.
If the parent needs to put the brakes on spending, they can lock the app.
Setting Tasks and Allowance
Setting tasks and allowances is another fashion of the Mydoh app that kids will love.
An allowance differs from a task where the allowance is automatic, and the task payment comes upon chore completion.
For example, you can set a weekly allowance for your child with a fixed payment amount on a specific date.
Money is automatically sent from the parent’s account to the child’s account to spend or save.
Parents can set up tasks with a completion date and payment amount once the task is completed.
The task can be reoccurring such as washing the vehicle once a week or shredding documents in the paper shredder.
Our son loves to do this chore for me as I always have a big pile of paper.
Kids can view the tasks and mark each after completion using the app.
I love that it allows our son to budget for projected expenses.
For example, if he is saving money to buy a new car when he’s old enough, he can track his savings.
Setting Present and Future Goals
Setting future goals for purchases is a fantastic way to plan for upcoming expenses.
However, if he wants to treat himself to a new video game or book and knows the cost, he can figure out how long it will take until he saves enough money.
Not all parents are meant to teach their kids about finance because it’s not easy for everyone.
The Mydoh app is perfect for parents and kids to understand saving, earning, and spending money.
Our son thrives when he accomplishes something, and I’m sure he will enjoy using the Mydoh app.
Getting paid on payday with the app will give him the kickstart he needs to earn money by getting a job.
Mydoh Costs
Is there a cost to use the Mydoh App?
Initially, no, the Mydoh app wants you to introduce the app to your family to kickstart their financial mindset.
The power of earning and saving money for kids is as strong as understanding wants and needs.
After a 30-Day free trial for your entire family (up to 5 kids), the cost is only $2.99 per month.
There’s much value in the cost of the Mydoh app for children in the short and long term.
Besides, technology is neither going away nor money, so pairing them together is genius.
Teaching Children Money Skills
There’s no easy way to remove money stress from our lives; however, we can control it.
As a parent to a child with Autism teaching him life skills are essential for him as he ages.
Not knowing what tomorrow will bring for him allows us to teach him today just in case we’re gone tomorrow.
Knowing that we will leave our son with paid life insurance and inheritance is essential to us.
It might sound crazy, but we don’t know what his future will be like, and we worry.
Handing over large amounts of money when it comes time for our legal Will to be read is not our intention.
The idea is that he will get a small amount of money released over a specific time frame.
In doing so, the plan is to have him understand the importance of saving money versus creating debt.
When I saw the Mydoh app, I knew this would be a fantastic tool for him and a fun learning experience.
If you have a child on the spectrum, you know how fast they can lose focus when doing something they find boring.
We both know he loves money, so I’m sure he’ll enjoy the tasks involved with the app.
Now that he has a laptop and a tablet, he can use screen time to learn money management skills.
Devices Compatible With The Mydoh app
Below are the devices that will allow the Mydoh app to be set up according to their website.
Unfortunately, the app is not compatible with a desktop computer.
- iOS: iPhone 7 or later, with iOS version 12.5.5 or newer.
- Android: Phones with Version 8.0 or newer.
- Tablets: Mydoh is also available on iPads!
Users must use the manual activation process to set up their accounts through the iPad.
Mydoh Parent Account vs. Youth Account
| Mydoh Function | Parent Account | Youth Account |
| Mydoh Tasks | Parents can create and track tasks | Kids can view all their tasks and mark the ones they’ve completed |
| Mydoh Allowance | Parents can easily set up a weekly allowance | Kids work towards their weekly ‘Pay Day’ through the completion of tasks |
| Mydoh Smart Cash Card | Parents have peace of mind with account oversight | Kids can use this reloadable pre-paid digital and physical card in-store and online. |
| Mydoh Play | Money Lessons for kids where parents can track their progress | Kids learn money concepts early through lessons and trivia |
As you can see from the chart above,e there are many benefits for the parent to have an account.
Join Mydoh today and help expand your child’s knowledge about finance and money.
Conclusion
The Mydoh app is a fantastic way to get your child interested in earning, saving, and spending smart.
A reloadable Visa Debit card allows a child to feel responsible for their money.
As an adult who learned the value of money from a young age, I know Mydoh will be a valuable financial tool for young children.
Give the Mydoh app a try free for the first 30 days, and if you love it as much as we do, you’ll only pay $2.99 monthly.
Sign up today using the CBB Mydoh affiliate link and get $15 to start your Mydoh account.
Use the code Smart15. The offer expires on March 31, 2023.
I’m confident Mydoh is worth every dollar for a few bucks each month!
You can download the Mydoh app from the Apple App Store or Google Play.
Discussion: How do you teach your child about money?
Please leave me your comments below.
*Sponsored Post*
“*The 30-day free trial offer is activated on the date of completion of the Mydoh mobile app account registration process. After your free trial offer ends, a monthly subscription fee of $2.99 will be taken out of your Mydoh Wallet. You can cancel any time by contacting Mydoh. Mydoh reserves the right to cancel, modify or withdraw this offer at any time.”
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The post Mydoh app Review: Money Management For Parents And Kids appeared first on Canadian Budget Binder.