How GoHenry Can Help You Teach Your Kids About Money Management
Hey there! It’s M, and today I have something special to share with you - GoHenry, a revolutionary debit card and app designed to help you instill healthy financial habits in your kids.
We all want our kids to have a better understanding of money than we did at their age, right? To avoid the pitfalls of debt, overspending, and not saving enough. But teaching them about money can be tricky.
Enter GoHenry, a clever debit card and app that allows you to give your kids pocket money, set spending limits, and check their transactions, all while teaching them valuable lessons about budgeting, saving, and earning.
How Does GoHenry Work?
Designed for kids aged 6 to 18, GoHenry is incredibly user-friendly. Simply sign up online, order a card for each of your kids, and link it to your bank account. From there, you can set up a weekly allowance, decide where they can spend their money, and even create tasks for them to earn extra cash.
Your kids can use the app to check their balance, track their spending, and manage their savings. They can even personalize their card with their name and a cool design.
Is GoHenry Safe?
Absolutely. GoHenry gives you full control over your kids' money. You can lock or unlock their card at any time, receive instant notifications of their transactions, and block certain merchants or categories. Plus, you can set daily, weekly, or monthly spending limits and decide how much cash they can withdraw.
And because GoHenry is not a bank account, there are no overdraft fees, no credit checks, and no debt. It is a prepaid card that works like cash but with added benefits.
What Does GoHenry Cost?
GoHenry costs $3.99 per month per child, with no minimum balance or contract. You can cancel at any time if you are not satisfied. Plus, if you sign up now, you will get a free one-month trial and a free personalized card for each of your kids.
Pros and Cons of GoHenry
Pros
- Educational: Instructs kids about money in a fun and practical way.
- Control: Gives you full control over your kids' spending.
- Convenience: Makes managing your kids' money easy and stress-free.
Cons
- Monthly Fee: Costs $3.99 per month per child.
- No Interest: Does not earn interest on savings.
FAQs
1. Is GoHenry available worldwide?
GoHenry is available in the UK and the USA.
2. Can I set up a GoHenry account for more than one child?
Yes, you can set up an account for each of your children.
3. Can my child use their GoHenry card abroad?
Yes, the GoHenry card can be used worldwide, wherever Mastercard is accepted.
4. Is there a maximum balance for the GoHenry card?
Yes, the maximum balance is $6,000.
5. Can I link my bank account to more than one GoHenry account?
Yes, you can link your bank account to multiple GoHenry accounts.
6. Is there a minimum age requirement for GoHenry?
Yes, the minimum age requirement is 6 years old.
7. Can my child use their GoHenry card online?
Yes, the GoHenry card can be used for online purchases.
8. Is there a fee for ATM withdrawals?
Yes, there is a $1.50 fee for ATM withdrawals.
9. Can I set spending limits on the GoHenry card?
Yes, you can set daily, weekly, or monthly spending limits.
10. Can I cancel my GoHenry subscription at any time?
Yes, you can cancel your GoHenry subscription at any time.
Final Thoughts
GoHenry is a fantastic tool for instructing your kids about money. It gives them a sense of independence and responsibility while giving you peace of mind and convenience. If you are looking for a way to make your life easier and your kids smarter about money, give GoHenry a try.
Disclaimer: This article is based on personal experiences and research. Always conduct your own research before making any financial decisions.
