Whether you give your child 20p or £10 a week, we believe in the power of allowance to help ingrain good money habits early on. And we believe that for lessons to stick, they need to be both fun and simple. Which is why we have created RoosterMoney.
RoosterMoney as an idea was born out of a previous site – Roosterbank. Roosterbank is an immersive virtual world to teach children what a currency is, the need to earn things and in turn, to be careful how they spend their money. With educational games that focus on money and maths and a farm where children have to buy and look after animals. Roosterbank is a great tool for kids to start thinking about money and we have families from as far as Australia, the U.S and Zimbabwe still using it!
What became evident though, is that families wanted more than games, they wanted a way to manage child allowance. We started to add in allowance management features: Parents could keep track, while children could start thinking about how much they have and what they wanted to do with it. But it was hard to integrate with our existing virtual world and even harder to keep it simple. We realised we needed something new and so we have focused entirely on one thing – getting child’s allowance sorted.
So, we started with a clean slate, armed with our previous learnings. We pulled together a new team and we’ve been building the RoosterMoney app for the last 4 months.
We set out to sort a specific problem: child’s allowance is a great idea in principle – BUT finding a system that works for your family is hard, especially when you are a busy parent.
We all have memories of allowance or at least earning some money as a child and importantly, the values of careful money management that we learned as a result. And as parents, you want your children to grow up to be responsible with money and learn those values too. But in a time of apps, downloads, a growing cashless society and payments literally on tap – how do you teach them that money doesn’t grow on trees?
RoosterMoney is a child's allowance tracker for parents who want to teach their children the value of money in a digital age. It’s an easy and fun way to manage allowance that helps kids save and spend their money responsibly.
From as young as 4 years, you can sign up to our digital tracker. This lets your little ones keep track of their pennies, save and earn rewards, while you oversee what money goes in and out of their account (you remain the Bank of Mum and Dad without making deposits). We have children up to the age of 12 using it at the moment and it works for any family where parents are still involved in their children’s transactions.
RoosterMoney encourages families to learn together. Parents can actively educate, motivate and empower their kids financially and fully prepare them for the future.
The app is doing well with our family testers so far (phew) but we are already in a programme of refinements based on feedback and we have lots of new features we are validating prior to integrating it with the app.
We would love to know what you think about the app. You can download it now. And please do get in touch with us to let us know what you think – firstname.lastname@example.org.
Here’s to an exciting New Year!