How does RoosterMoney work?
Our mission at RoosterMoney is to help parents teach their children the value of money in a digital age.
We want to transform the way you manage money with your family by using the latest technology to bring to life all the sound traditional financial principles we were brought up with (or wish we were!) and make managing money relevant and smart.
RoosterMoney acts as a tracker that helps you and your children manage pocket money and allowances. The physical money is kept safe by you and remains with the Bank of Mum and Dad until they want to spend something. So there's no actual deposits or transfers made within the app.
RoosterMoney provides a flexible framework which can be used to suit your family's needs, whether you want to track stars with the little ones, support an allowance routine or teach your children the importance of earning with chores (see PLUS below).
RoosterMoney's Foundation features allow you to:
- Set up an automatic allowance to get delivered to your child's account at the frequency you choose. This means you don't have to give your child physical money, but instead track what is owed digitally in the app, keeping their money safe with you and helping you easily remember what is owed to them.
- Track their earning and spending with Boosts and Removes. For example, when you're out in the shops and your child wants to buy something, you can check if they have enough money in their RoosterMoney account, and use the 'Remove' button to deduct the amount for the item you've bought for them.
- Teach your child the value of Saving by encouraging them to set money aside in their Save pot. You can start to have conversations about why saving is important and the value of setting aside some money for a rainy day, and you can even set up a Split Allowance to automatically send a % of their allowance straight to Save on allowance day.
- Set saving Goals for things your children really want but don't have enough money for yet. Adding their goals with the amount and an engaging photo, helps motivate your children to save and they can move some or all of their regular allowance towards them until they finish saving for their goals.
- Save towards a cause or charity using the Give pot, with the option to make direct donations with our charity partner JustGiving.
- Customise your child's dashboard so you can focus on the things you find important. You can hide any of the pots (except for Spend where allowance gets delivered) from your Pot settings within your child's account.
- Track ins and outs with your children so they understand where their allowance is going, and how much they are earning. The Rooster graph within the Spend, Save and Give lets your child scroll through previous transactions to see their progress and the impact of removing or spending money. A more detailed account can also be found in their Statement and pot's History.
You can find out more about how to get started using RoosterMoney in our Getting Started Guide.
You can unlock additional features with our RoosterPLUS subscription. These include the options to:
- Tie your child's allowance to chores with Allowance Jobs. Allowance is calculated by the Jobs your child completes in their allowance period. You have options to pay them all, none or a percentage of allowance based on the number of chores they complete.
- Give them the opportunity to earn more with Extra jobs. You can attach a monetary value to tasks which they can earn when completed.
- Set an Interest rate to the Save pot to encourage long term saving.
- Set Regular outgoings to encourage budgeting for things like subscriptions or phone bills.
You can find out more about RoosterPLUS here.