Let us introduce you to a new app in town, Otly!, designed to take the headache out of managing your child's pocket money.
The Pocket Money Challenge
Do you give your child pocket money? Or would you like to but it never seems to happen quite how you envision?
If you are anything like me you find yourself spending time making sure you have the correct denominations to give out every Sunday. Then, when you have forgotten and do not have the cash available, you make the promise that you will give double the next week. And then you end up giving more on random days over the month due to your little one insisting they have not had pocket money for ‘ages’ (and you can't remember, so naturally give them benefit of the doubt). Or, when they ‘really need’ that comic that you told them they could pay for themselves, but as they have not brought their piggy-bank with them to the shops, you end up buying it and you then forget to claim the funds back!
I often wonder what message this behaviour is sending my children about money.
I would like to teach my children about the value and importance of money and about financial concepts such as earning, saving, spending, goal setting, and interest. Giving them smart money management skills now while they are young would go a long way towards setting them up for a stable and secure financial future.
Giving them smart money management skills now while they are young would go a long way towards setting them up for a stable and secure financial future.
Pocket money is part of the answer to teach children to be smart with money - but how can I manage it consistently and effectively without the stress it can involve?
Enter Otly!, the Pocket Money App.
Otly! is an Amsterdam-based startup, and the brainchild of two veterans of the Financial Technology (Fintech) industry. Lior Bornshtain, an Amsterdam Papa of 3 children, and Vedran Vego have used their combined knowledge and personal experience to develop a new free digital platform for managing pocket money that they call Otly!.
With Otly!, you as the parent are in control of digital funds that help you teach your children about managing their own funds via ‘the bank of mom and dad’ while taking the pressure off you to find the right cash to hand out on a Sunday! You can set up your child’s account to receive regular deposits and you can boost or remove funds as required. As Otly! is available for iOS and Android devices this can be done from your smartphone when you are out and about so your little one need never forget their piggy-bank again! Your child can also get an overview of their account via the OtlyJr! app. It is simple, clear, and easy for both parent and child to use.
Sophie; aged 8, has this to say about Otly! “it helps you know how much pocket money you have got, when you will get the money and it helps you to save and think about your spending.“
With more features planned such as goal setting, educational financial tips, and e-wallets, Lior and Vedran are keen for your ideas and feedback on Otly!. If you think Otly! could work for your family like it has for mine you can try it out (it’s free to register), and if you would like to have your say about it you can join the 'pocket money for digital natives' conversation and leave a message for Lior or Vedran on their Facebook page.
Note: Otly has paid to be featured on Amsterdam Mamas because they believe that their services would be of interest and benefit to our readers, and we think so too. For more information on sponsored posts and advertising on Amsterdam Mamas, please see ourAdvertising and Disclosure policy.
Becky Riddle is a full-time mom (and self-confessed jack of all trades yet master of none!) who has been living, growing, learning, and loving with her English family of 3 girls and husband in Holland since 2006.
All images used by permission