We have probably heard this statement a thousand times, “Money doesn’t grow on trees.” That is an exciting and powerful financial take, but how do you train your kids to be financially savvy? This Mydoh review might just be all you need to get started. Financial freedom ties heavily with being smart or intelligent with money, as it is a core means of survival. The Mydoh platform offers the perfect opportunity to train your kids from a young age and give them financial intelligence.
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Last Updated: Mar 20, 2023
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Also, it has tools like the Mydoh app for true-to-life training that teaches how to earn and spend money wisely. Mydoh puts money management in your hands and makes it easier to raise kids who are good with money. It has features to support you, giving you peace of mind. In this Mydoh review, we will explore all you need to know.
With the Royal Bank of Canada’s backing, Mydoh combines a mobile app’s versatility and a smart card’s reach. It is a money management tool where parents can set tasks for their kids and attach a paycheck. Once the kids complete the tasks, they receive the accrued allowance without hassles.
From the brief explanation above, we can pick out a few things. First, you can skip paying for minor expenses for your kids by letting them earn their money. That creates a ripple effect, resulting in them learning what it means to work and make allowances.
Then, you have carefully crafted lessons that help them to become money smart. For parents that opt for the tool, it is a win-win, as you will see further down this Mydoh review. Let’s just say simplicity meets financial intelligence.
In one case, 89% of students admitted not grasping enough financial education. That is an extremely high number and one that Mydoh aims to reduce, hence its innovative strategy. Instead of giving your kids money for free, you can teach them how to earn it.
Most importantly, you do not have to teach in person. They learn independently while you go about your daily routine without worry. Indeed, this platform is valuable, and you will see more as we progress in this Mydoh review.
This tool brings innovation unlike any other and has many upsides. The following are the pros and cons of Mydoh:
Our Mydoh review provides you with a great idea of the things people love about using Mydoh.
Royal Bank of Canada is a reputable financial powerhouse that serves millions of clients. Since it began in 1894, it has woven itself into the fabric of the financial world. Hence, having such a company behind Mydoh is a big plus for anyone using the tool.
This money management tool is not a toy for kids. Granted, it brings financial learning at the most basic level, but you have control. You set up the account, approve tasks and allowances for your child, and manage the Mydoh Smart Cash Card.
If you wish, there is a provision for an extra eye on your kids. Ultimately, your kids cannot do anything without you knowing about it. You will learn more about this later in this Mydoh review.
Once you assign tasks to them, you can track their progress and allowances. As they complete a task, the app will notify you, and you can set their allowance to be automatic.
Next in our Mydoh review are a few things that users have said could be improved about the experience.
If you aren’t tech-savvy, you will have difficulty understanding how it works. It also means allowing your kids access to their tablets, as everything is digital.
As of the time of writing this review, there’s no option to change this setting. Every Saturday, the tool moves funds from your account to your kids’ accounts for completed tasks. While not entirely a disadvantage, some flexibility would have been welcome.
In this section of the Mydoh review, we will explore the products and services. Yes, it is not a standalone product but it consists of two key components. These products include the following:
Let us delve deeper into this Mydoh review and see how it works.
The application is the primary tool in your money management strategy. It is where you set up tasks for your kids and an accompanying allowance as they tick the checkboxes. Also, it contains trivia your kids can play to learn about money and tips on better financial management.
One important thing to remember from this Mydoh app review is that you need a smartphone or iPad. Your kids must have theirs, as it will create a seamless flow. You set the tasks there; your kids see them, get to work, and mark them as done.
The Visa card you will learn about in the subsequent section works with the app. Once you approve payments, the card receives the funds, and your kids can spend their money. We will discuss how to get started further down this Mydoh review.
The Smart Cash Card is a Visa prepaid card, it is not an actual credit card. Your kids will receive it through the mail once you set up their account. Of course, that comes with your initial setup and approval.
The smart cash card can be digital or physical; it depends on your preference. Your kids can use it for online and in-store purchases, provided the Visa card is accepted.
Getting this card for your kids will cost you $2.99 per month. Also, you can add up to five children to one plan. The first 30 days of using Mydoh are subscription-free.
We will talk more about setting everything up later in this Mydoh review. In the meantime, let us point out a few things before we put the wraps on this Mydoh Smart Cash Card review.
The Mydoh app is essential to teach your kids practical skills for money management. In today’s world, where Canadians recorded $56.3 billion in debt in the second quarter of 2022, you can teach your kids prudence.
This app gives you the opportunity. It is a high-quality platform with Royal Bank of Canada and Visa backing.
We could stop this Mydoh review here, having mentioned RBC and Visa. Professionalism is top-notch, and quality is unrivaled. While you might not find the interface appealing, you will agree that it is a kid-centred design.
You can expect credit card encryption-level security on your kids’ Mydoh smart cash card. That secures your kids’ funds, and the app itself boasts SSL encryption for users.
The app will automatically log you or your kids if left idle for a while. That ensures only you have access every time your account is online. Also, you can lock your kids’ Mydoh app if you feel it is compromised.
Of course, we know you might worry about your kids’ purchases with their cards. The app will block purchases from merchant sites inappropriate for youths. That includes betting and alcohol purchases.
Mydoh offers excellent customer service. You will get a quick response once you reach out through their channels. That is, of course, after you’ve looked through their website’s long list of “Frequently Asked Questions.”
You can go to their office if you are in Toronto. There is a live chat option on the app for direct contact with a customer service representative. However, it is only available from 9 a.m. to 5 p.m., Monday to Friday.
Mydoh also has an email option. As seen in this Mydoh RBC review section, the tool offers stellar service.
Getting started with this tool is easy, but you will need the following:
*After a parent signs up for an account, the child can use the card with or without the phone.
The sign-up details for the app include the following:
Here are the steps to register:
Once you complete the registration and add your kids, they will receive an invitation to join. Let us break down this section of our Mydoh review into bits.
Do the following to add a task:
Your kids earn money after completing the tasks assigned to them. Since the funds come from you, there must be a funding process.
You can fund your Smart Cash Card wallet through an Interac e-transfer or directly from your RBC account or credit card. Once funded, you can automatically move funds from your wallet to your child’s card.
Before we wrap up, let us see some alternatives to Mydoh.
Greenlight started in 2014 and currently has about 4 million family accounts. It helps kids to learn about spending, saving, and investing while providing a secure debit card (MasterCard branded).
Parents can set recurring allowances or one-off payments, track their kids’ spending, set purchase limits, and add chores. One standout difference between Mydoh and Greenlight is the latter’s 1% savings reward.
GoHenry is another smart debit card for kids aged 6 to 18. You control your children’s allowances and spending, and you can also add your spouse or another guardian.
Unlike Mydoh, whose monthly fee covers up to five family members, GoHenry’s subscription is per child. You can fund your account with your debit card, then transfer funds to your kids’ accounts.
This platform features an educational, chore, and allowance app for kids. It can help them learn financial literacy with real work and earn experience. Let us not forget the fun they will have in learning.
The model of Treasure is almost the same as Mydoh. Mydoh, on the other hand, costs $2.99 for a monthly subscription.
Mydoh brings innovation to money management for kids, enabling parents to have oversight. You can continue your routine and allow your children to earn money correctly. Training them from a young age is a good move; this tool gives the ideal opportunity.
Opening an account and getting a Smart Cash Card is easy, as seen in this Mydoh review. You are a few steps away from giving your kids a smart money education. In addition, there is a provision to add an extra set of eyes on your kids.
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Mydoh is a money management tool available as a mobile app and comes with a smart cash card for kids. Parents set tasks for their children and attach allowances.
The application is free for the first thirty days, after which users must pay a monthly subscription of $2.99. Notwithstanding, the subscription is valid for up to five family members.
This tool uses the latest SSL encryption technology for data protection. Also, the Smart Cash Card uses the same credit card encryption you will find on other Visa cards.
You must download and sign up for the app or use the website. Then, invite your kids to register on the platform. When they do, you can set tasks for them and add allowances once they complete them.
Mydoh comes with the backing of the Royal Bank of Canada. It is also powered by Visa, one of the most prominent financial institutions in the country. These two companies provide the legal framework within which the tool operates.