I truly believe that we need to start teaching kids how to be responsible with money from the time they can say “I want”. Too many kids are growing up without any sense of what a dollar is, where money comes from, and how to create a budget. I know that your average five year old does not need to know how much money their parents spend on the mortgage, but they should realize that an ATM is not a magic cash dispensing machine.
I remember back when I was in college, a friend of mine was bewildered when her bank account was out of funds while she “still had checks left”. I laughed thinking she was making that age old joke until I realized that she really didn’t understand how to balance her checkbook. Come to find out, she didn’t keep track of how much she was charging on her credit card either and soon went over her limit. It wasn’t that she wasn’t a very bright girl, it was just that she had never been taught how to manage her money.
Tykoon is a great new tool that allows you to introduce the idea of earning and saving money to your child in a way that they can understand. Tykoon offers an easy to use dashboard that allows children to track their allowance, allocate funds for giving, spending and saving, and create wish lists to work towards. Tykoon allows just the right amount of parental control but also allows the child to exercise some financial freedom. Parents can also assign non-cash rewards for doing things like chores (things like computer time, TV time, and game time).
I love that Tykoon can be downloaded to LJ’s iPod (or iPhone or iPad if he had one of those too). That electronic component adds an added incentive for him to use it.
Once you try Tykoon, you’re going to love it and want to share it with all of your friens and family. Tykoon wants to reward you for that and will gift you a $25 Amazon gift card for every 5 friends you refer.
I participated in a campaign on behalf of Mom Central Consulting for Tykoon. I received a promotional item as a thank-you for participating.
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