Earlier in the year, the boys participated in a Family Investments project. Since then we had continued to use copies of their monthly savings planner. But now we have gone high-tech and set them both up with an online piggy bank on Qwiddle.
Basically you can pay your children’s pocket money via paypal into their Qwiddle piggy banks. It helps children to manage their own pocket money by setting goals of what they want to save for. They can also record tasks they have done or intend to do.
I had a few teething issues getting their accounts operational, but all is working well now. Vanessa the MD of Qwiddle gave me some assistance, but with hindsight, I would say the best thing to do after setting up an account for your first child is to check you have logged out of paypal before commencing to set up accounts for any siblings.
Similarly to a paper savings planner, the boys can record a goal that they are saving for. Either I can add jobs that I would like them to do or they can add jobs that they have done.
One comment is that usually but not always there seems to be a delay between me paying money into their accounts, to it appearing. This is slightly frustrating if the boys are sitting next to me waiting to see their total increase.
Also I found it strange that although son1 logged out after requesting a withdrawal which generated an auto-email to me, when I then clicked on the link in the email, it automatically logged son1 back in. So I had to log him back out again, before logging in with my own parent account.
The boys love using the computer to play games, so I thought they would be more interested in using this than they have been. In fact, after the initial sign-up, they have mostly left everything up to me. So I’ve paid in pocket money and withdrawn money when they have spent some.
However after getting past the initial set-up glitches, I am sold on the idea myself. I much prefer it as I don’t have to rummage around to find the right change for pocket money. I think the boys need more time to get used to it. I’m sure it would appeal more to older children.
But there is a fair amount of admin involved. I have to remember my own password, plus a userid and two passwords each for the boys. They don’t know the second password as that is for the paypal side of things. Also I seem to be bombarded with loads of notification emails every time it is pocket money day.
The boys both reached their saving goals whilst we were trialling Qwiddle. Son2 is very happy with his new Club Penguin membership. Meanwhile we couldn’t find a Manchester City kit the right size for son1, so he chose pyjamas instead and still has over £30 in his account.
And I have an offer to share with my readers. Sign up to Qwiddle by clicking on the following link from my blog and you will get a free £5 credit to your Qwiddle account.
I would love to hear what your child will put the free £5 towards?
Online piggybank Qwiddle, which helps children to manage their finances in an online environment have conducted research with YouGov about children spending online with out their parents knowledge. Click on the infographic below for details.
Disclosure – I will receive a £5 credit to my son’s Qwiddle account after this post is published.