Paid for by:
Back-to-school season is here, and so is the annual request for designer backpacks and trend-setting trainers. Before you foot the bill for those premium upgrades, why not turn their wish lists into a lesson in hard work?
This summer, we’ve teamed up with GoHenry to help you challenge your kids to earn and save for their own back-to-school upgrades this year.
Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.
Get startedObviously, there are items that you’ll need to buy for your kids for the new school term. Before you start the challenge, sit down together and lay out some ground rules. Here’s an example of what you could discuss.
There may be some grumbles, but this type of setup will empower your kids. Involving them in the process is part of the challenge, so take a look at how much an unbranded school bag will cost and compare it to the North Face bag they’ve got their eye on. The difference in price is their target to earn or save.
How GoHenry can help
Simply add this as a savings goal in their GoHenry app. Kids can name their goal, set their target amount, and pick a deadline. Even better, GoHenry’s autosave feature can automatically transfer money from their weekly allowance straight into their goal the moment it hits their card.
With no school keeping them busy, kids can take advantage of the extra time to earn some money by doing summer holiday chores. These are higher-value chores that they may not usually have time to squeeze in with their studies.
To get them started, write down a “menu” they can choose from, like this:
Washing the car – £5
Weeding the garden – £3
Organising the kitchen cupboards – £5
Pairing the family socks – £2
Cleaning the fridge – £5
Doing a clothes audit – £3
Power washing the patio – £3
Obviously, it will depend on the age of your kids as to what’s appropriate for them to do, so make sure to keep that in mind when you write your own list.
How GoHenry can help
Use GoHenry’s tasks features to tick off chores. Within the tasks section, add a chore for the week, including the amount you’ve agreed to pay. Your child can then complete the chores you’ve set, and you can send a reward for each one they tick off.
Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.
Get startedThe summer holidays are a great time for a reset. Encourage your kids to go through their bedrooms and dig out any old toys, books or clothes. Go through what they’ve found together and identify those that you think they can sell online through sites like Vinted or eBay.
If you have older kids, let them take the photos and list the items. By handling the descriptions and packaging the parcels, they’ll understand the work put into earning a few extra pounds for their favourite old jumper.
How GoHenry can help
Most online selling platforms will require an adult’s bank details for payment. However, as soon as that money hits your account, you can transfer it straight across to your child’s GoHenry card, including a custom note like “Vinted payout: Nike shoes” so they can track which items have been sold.
This challenge is not only about saving and earning money, but also about spending it wisely. Now that your kids have hit their target, it’s time to help them sniff out a bargain. Here are a few tips they can use to hopefully keep costs down:
How GoHenry can help
GoHenry’s debit card can be used for online purchases, and you can set spending limits so your kid doesn’t go overboard. You can also set up real-time notifications, so you can see how much they’ve spent and where.
GoHenry: where kids go to learn money
Kids learn to earn, save, spend and invest with pocket money, custom savings goals, gifted money from family and friends, gamified lessons and more. Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.
Join today!*T&Cs apply. GoHenry Interest Savings is provided by Bondsmith Savings Ltd, authorised by the Financial Conduct Authority. The GoHenry card is issued by IDT Financial Services Limited, a principal member of VISA Europe.
In this guide we walkthrough 5 fun, safe and practical “side hustles” your kids can start this summer to supercharge their pocket money. (Paid content)
We’ve partnered with GoHenry for your ultimate guide to typical pocket money by age. (Paid content)
We’ve partnered with GoHenry to help you boost your child’s money confidence, whatever age or stage they’re at. (Paid content)
New to NatWest Rooster Money? See if you can keep some more money in your pocket with our promo codes and special offers.
Learn more about GoHenry and Starling Under 16s and find out which is the better prepaid card option for your child.
Learn more about the Halifax Expresscash account to see if it’s right for your child.
Find out all you need to know about the Starling teen account.
This guide looks at how Halifax’s child accounts work, whether they make a good choice to teach kids about personal finance, and and how to open one.
Digital challenger bank Starling has a children’s debit card and app for Under 16s, which comes with parental controls. We check it out.