How to teach your children the value of money
Gimi is a free pocket money app and chores manager that exists to help parents teach kids as young as six how to earn, save, and manage their money.
Previously, parents might have taught their kids how to manage money through chores charts stuck on the fridge or piggy banks but with cash disappearing from everyday life, it’s important kids learn how to handle digital money from the get-go. Research shows this can't be done in the classroom, it's actually best achieved through practice with parents.
Philip Haglund is a professional footballer in Sweden, he created Gimi to teach kids as young as six how to earn, save and manage their money. The app, which is completely free and does not require a bank account to use, is available on iOS (link to download, here) and Android (link to download, here).
Using Gimi, parents can:
- Set-up a weekly or monthly allowance for their child
- Set chores for their children to earn additional money (children can also suggest chores to them too!)
- And, create savings… all whilst teaching kids about interest rates (and, if necessary, overdrafts)
In turn, kids are able to:
- Track the money they’ve earned through good behaviour, jobs completed around the house, goals you set around their school work, anything a parent likes
- Set-up dream buys (such as a skateboard) and monitor how long it takes to get there