Today on WSAV Tech Tuesday, we talk about Tykoon, a website that can help parents teach children about the basics of financial management.
What is Tykoon?Think of Tykoon as Allowance 2.0 but with more opportunities to help kids better understand the principles of earning, saving and spending.
How does it work?Parents start by creating an account for themselves and then separate logins for each of their children. Then they assign tasks to each of their children and setup rewards for each of those tasks.
What kinds of tasks and rewards can a parents assign to their children?Tasks can be anything from specific household chores to doing homework to using their manners. The rewards for these tasks can be monetary and can contribute to a set weekly/monthly allowance, or the rewards can be non-monetary, such as extra TV or video game time or staying up later on the weekends.
What makes this such a great way to teach kids about earning, spending, and saving?Say your child wants a new video game, bicycle, etc. You can use Tykoon to set a savings goal for that item based on how much the item costs. Using either the mobile app or the website, your child can see a pie chart that helps them see the progress they are making toward their goal.
How much does this cost and where can people get it?Both Tykoon.com and the mobile app are free to use, but right now they only have apps for iPhone and iPod...