Saving and budgeting are such important lessons when teaching kids about managing money. Whether your child wants a Nintendo Switch or some money for Robux, learning that they have to put their money aside to reach their goals teaches them an important lesson in delayed gratification!
On RoosterMoney, kids on average are saving a whopping 48% of their pocket money they earn each year in their Save pot and across Goals. To help support their saving even more, in app version 8.0.0 your child can now add their very own Pots to their dashboard 🎉
How do Pots work?
The new Pots work similarly to the existing Save and Give Pots, but allow you to go a lot further in customising your child’s saving experience! To add a new Pot, just tap the + Add button on your child’s dashboard.
From there you and your child can choose what type of Pot they’d like to add:
🏦 Simple Pot – this can be used to stash away stars or money that they want to save, but don’t have a set figure in mind for. Works like the existing Save pot, just now you can have more of them.
🎯 Goal Pot – our existing Goals were too hidden, so we’ve decided to surface them in their very own Pot. Your child can now add a Goal Pot straight to their dashboard, so it’s super easy to track their progress as soon as they open the app.
For both types of Pots, you and your child can choose what to name it and the colour. With the Goal Pot, they can add the target amount, and even add an image of the goal for that extra motivation!
NOTE: Your child can only have 5 Pots on their dashboard at any given time. So if there are any Standard Pots (e.g. Save, Give or the old Goal pot) that your child isn’t using, you can hide these to make space for their own Pots. Just tap the edit button within the Pot to see the option or go to ‘Customise dashboard’ in their menu. Learn more here.
As a parent, you’ll also find some useful settings within the Pots to help support the saving behaviour you’d like for your child.
🔒 You can lock their Pot – to prevent your child from removing money or stars from the Pot. Parents will always have that access.
🖊 Choose if your child can edit the Pot – it might be that you don’t want your child to change the target amount associated with the Goal pot. By enabling this option, they can’t make changes to it.
What can Pots be used for?
🔍 Bring savings into focus to better motivate them by keeping it front and centre. So if they’ve got a big seaside holiday coming up, they can budget for it in its own Pot and easily see how much they’ve saved towards it.
🎓 Track their progress whether its for smaller items like a new stationary set, or a big ticket goal like their first car, they can add a target to a Goal Pot and track their progress along the way!
🌟 Visualise rewards for younger kids to see what their Stars can earn them. It could be unlocking screen time or that toy they’ve been eyeing up! Set them up as Goal Pots so your child can see how many Stars they need to unlock their reward. You can also Boost Stars directly into the Goal pot for that instant gratification!
We’d love to see how you and your kids use Pots! Share your child’s new dashboard with us on Instagram @roostermoneyhq, on Twitter @rooster_money, or send us a picture by tapping ‘Contact us’ in the app!
We’re continuing to work on some more awesome stuff around Pots so if you have any feedback or questions, do let us know!