Go Henry is an amazing new tool that helps parents to manage their children’s pocket money using a prepaid debit card and smartphone. It’s one of the best-prepaid cards for teens.Teaching young people to manage their money is a very important task for parents. Developing the ability to save and plan purchases are life-skills that will serve children well as they grow in age and independence.That’s where GoHenry kicks in. This service gives young people their own card, a phone app to view and set goals for their finances that makes managing money suddenly a lot more fun.
GoHenry is an engaging idea allowing parents to create pre-paid accounts for their children( 9 years old and above) Parents can set rules for where they spend their money, appoint weekly limits, and might as well award bonuses for doing chores around the house. It is essentially a digital version of pocket money and chores, however, the accompanying smartphone apps add a layer of charm that could teach children to save for certain things while tracking their progress.
The way it works is that parents set up an account with GoHenry and then create sub-accounts for their kids. Funds are sent by bank transfer or standing order from the parent’s account to their children’s ones on set dates.
Of course, the money doesn’t stay in the app, as that would make it rather hard to spend, perhaps, GoHenry issues pre-paid debit cards for each child’s account. These act just like normal debit cards and can be used everywhere, anywhere that accepts VISA, which includes online and at cashpoints.The children don’t have access to their parents’ bank accounts, so they can’t run up any uncontrollable bills and only spend the money they have in their own savings. This can also be limited by spending caps designating the maximum amount of a single transaction, thus, parents have the ability to block certain shops if they feel that their kids really shouldn’t be blowing all his pocket money.
Everything is controlled and recorded via dedicated apps for the parents and children, so both know what was earned and spent, plus when the next pocket money payments are due. It’s a smart and easily understandable way to introduce the idea of managing money and income. There are is also a budgeting section in the child’s app allowing them to set targets for things they want to buy. They can allocate money to each target bit-by-bit while still having funds to spend on some other things.
A review of Go Henry app from a parent named Jess, 46 years old with 4 children, “I find this a fabulous tool for creating a fair system for children and parents alike for giving out pocket money, keeping an eye on it and helping them to understand money”