Financial literacy is an important skill for kids to learn in this tech-driven world.
Mydoh, a money management app made just for teens, tries to meet this need by giving teens a place to learn about money and useful tools for managing it.
In this review, we’ll talk about the main features, ease of use, and general usefulness of the Mydoh app for helping teens with their money matters.
What is Mydoh?
Mydoh is a financial app owned and operated by the Royal Bank of Canada (RBC).
It is designed to teach teenagers essential money management skills while providing a platform for them to practice responsible spending. Specifically tailored for teenagers, it offers a collaborative approach between parents and their teens.
How does Mydoh work?
Mydoh works by allowing parents to set up a joint account with their teen.
Parents can set tasks or provide an allowance, enabling their children to learn how to earn, save, and spend money.
Anytime a child uses their card, the parents get a message telling them about the purchase and where it was made. In this way, parents can keep an eye on their kids’ financial actions. This method allows parents to work together with their kids and teach them how to make smart money choices.
From your parent account, you can:
- set up tasks and allowances for your kids
- send your kids money instantly
- track your kids’ earnings and spending
- react to your kids’ transactions with emojis
- lock and unlock kids’ cards
Your kid’s account allows them to learn, earn, and spend. From their account, they can:
- manage their tasks
- mark tasks as complete
- spend with their Smart Cash Card up to the allowable limit
- track earnings, spend, and see the balance
Key Features of Mydoh App
1. Parent-child collaboration
Mydoh emphasizes a collaborative approach between parents and teens. The app allows parents to set up a joint account with their teen, offering a transparent view of transactions and teaching financial responsibility.
2. Debit card
One standout feature is the provision of a prepaid debit card for teens. This enables them to make purchases both online and in-store, fostering a sense of independence while still under parental supervision.
3. Customizable allowances
Parents can set up regular allowances for their teens, automating the process and encouraging budgeting habits. This feature helps teens understand the concept of budgeting by allocating funds for spending, saving, and other financial goals.
4. Expenses tracker
Parents receive real-time notifications for every transaction their teen makes, offering a level of oversight that ensures financial safety. This feature allows parents to discuss purchases with their teen, turning each transaction into a potential learning opportunity.
5. Customizable debit card
Mydoh allows your kids to design a custom card by uploading their favorite image or choosing one from the Mydoh gallery. This service comes at a cost of $6.99.
6. Refer a friend program
You can earn extra cash through Mydoh’s Refer a Friend program.
Here’s how it works:
- Tier 1: For the first two people you refer, you’ll get $10 in your Mydoh Wallet.
- Tier 2: Get $20 for each of your next four recommendations.
- Tier 3: After that, you’ll get $30 for every 10 people you suggest.
This means that if you get 16 friends or family to join, you can earn up to $400.
When a friend or family member signs up using your referral code, they will get $10 in their Mydoh Wallet. This is after they sign up, make an account for their child, and add money to their Mydoh Wallet.
But! You can’t take money that you won through Refer a Friend out of your Mydoh Wallet for 30 days after you get it.
How to Apply for Mydoh
To sign up for Mydoh, both parent and child must download the app on their phones.
For kids to get the Mydoh app, all they have to do is download it from the Apple App Store or Google Play. For the next step, choose “child sign up.” Then, enter their invite code or the link they got in an email to confirm their account.
Following that, they will need to:
- confirm the account
- give their personal information
- make a password
- agree to the terms
To complete registration, children must present a passport, birth certificate, or social insurance number.
Parents must select “parent sign up” and then follow the prompts. To complete the sign-up process, parents have to use an existing RBC bank account or show a government ID for verification.
Do I need to have an account with RBC?
You don’t have to have an RBC account to use the app. Any Canadian bank can process payments through the Mydoh app.
How do I fund my Mydoh account?
To add money to their child’s Mydoh account, parents can use a debit card, e-transfer, or by going into their RBC bank account.
After the parents add money to their wallet, they can directly move any money that’s left in that account to their child’s wallet or set it to do it automatically when chores are done or allowance is due.
How much does Mydoh cost?
If you sign up your family for Mydoh, you can try it for free for 30 days.
Once the trial period for your family is over, you will only be charged $2.99 a month. This is a flat fee, regardless of how many kids or adults you register on the account. The subscription payment is automatically withdrawn from your Mydoh Parent Wallet.
Does Mydoh charge cancellation fees?
Mydoh does not charge cancellation fees. You can close your account at any time.
Pros of using Mydoh
- easy to use
- can send money when your child needs it
- children can earn money when they complete chores
- kids learn money management skills
- controlled spending
- you can see what your child spends money on
Cons of using Mydoh
- monthly fee
- your kids may not like the constant monitoring of their spending
- sometimes the app has technical glitches
- you have to be on Wi-Fi or have data to use the app
- the app is only available in Canada
The Mydoh App: Final Thoughts
By combining financial education with real-life use, Mydoh is a great app for kids that helps them learn about money.
Its features promote financial responsibility, independence, and regular contact between parents and teens.
By putting these things together, Mydoh becomes a useful tool for teaching kids good money habits and getting them ready for a future where they are aware of money matters.
Photo by KOBU Agency on Unsplash