Mydoh App: A Review

Teaching kids the value of money is so important. The sooner children understand how to manage their money, the more likely they’ll be to avoid financial struggles as adults. 

Thankfully, there are tools available that make it easy for parents to help their kids develop solid financial habits early on, including Mydoh.

The Mydoh app is a tool designed to help parents teach their kids how to spend and save responsibly. It also comes with a reloadable debit card for kids to use to make purchases. Given how technologically savvy kids are these days, they should find Mydoh easy and fun to use. 

Let’s go into more detail about Mydoh and how it can help make teaching kids how to be smart with their money easy and enjoyable.

Key Points About Mydoh

• The Mydoh app is a financial management tool designed to help kids and teens develop financial literacy.
• The app was created by RBC.
• The app combines a digital app with a physical and virtual card.
• Kids can receive allowances and be paid for completing tasks, while parents can help control their kids’ finances and teach them how to responsibly manage their money.

What Is Mydoh?

Launched in 2021 by RBC, Mydoh is a money-management app that was created to help kids develop smart financial habits. The app is available on both Apple and Android devices to residents in Canada, including Quebec.

Kids and their parents can download the Mydoh app and receive a Visa Debit card. Parents can control the card via the app, deposit funds into the account, and assign weekly tasks for their kids to complete. 

Upon completion of the assigned tasks, kids are free to access the money made available by their parents on “payday.” Parents can also place spending limits through the app.

How Does Mydoh Work?  

Once the Mydoh app is downloaded, you can set up your Mydoh Wallet, which serves as your account. After that, you can have your child open up their own linked account by sending an invite. 

For Parent 

As a parent, Mydoh allows you to do the following:

• Assign tasks that your child can work towards and get paid for once completed
• Send money to your kids
• Receive money from family and friends
• Track all earnings and expenditures
• Lock and unlock your child’s card

For Youths

Your child can use the Mydoh app to do the following:

• Manage their assigned tasks
• Track their earnings and spending
• View their balance
• Play money trivia to learn the basics about spending and saving
• Access and spend their money via the Mydoh Smart Cash Card (a prepaid card by Visa) which can be controlled through the Parent account.

Features That Come With Mydoh

Mydoh comes with the following features to help kids learn about managing money early on while giving parents the tools to guide their kids along the way:

Mydoh Tasks 

Parents can use their accounts to create tasks for their children. Once these tasks are complete, kids can check them off their list.

To assign a task, either choose a task that’s already been created, or make one of your own. You can then choose a due date for each task and the amount your child will earn for completing them. You’ll also be able to see whether your kids are on track to complete each task on time and whether the tasks have been completed. 

All earnings for each task completed are automatically moved from the parent account to your child’s account on payday, which is every Saturday.

Mydoh Allowance

The Mydoh Allowance feature lets you set up a weekly allowance that’s automatically sent to your child’s account every payday. They don’t necessarily have to complete chores to receive their allowance. You can choose the amount you want to give your kids.

Mydoh Smart Cash Card  

The reloadable Visa Prepaid Mydoh Smart Cash Card is available in both physical and virtual format that is linked to your child’s account. Your child can use the card for in-store or online purchases, they simply need to ensure Visa tap is an available payment option. Kids at least 13 years old and older can also add it to their Apple Wallet and use it wherever Apple Pay is accepted.

Using the Mydoh Smart Cash Card can help kids start developing healthy money habits and keep tabs on their earnings and spending. Since there is a dollar limit, kids can’t spend more than what’s available. 

How Much Does Mydoh Cost?

There is no cost to use Mydoh. Up to two parents and five kids can register for one account for free with no monthly subscription fees. That means you can keep more money in your pocket, and put it towards helping your kids earn, save, and spend money responsibly.

Is Mydoh Available All Over Canada?

Yes, Mydoh is available all across Canada, but only recently has this been so. Since its inception, Mydoh has been available to most Canadians, but not Quebecers. 

Fortunately, that changed recently, as Mydoh recently launched in Quebec. Now, Quebec families can use this helpful resource to build healthy financial habits together.

Benefits Of The Mydoh App 

There are several reasons why you may want to use Mydoh:

• Helps Kids Develop Financial Independence. The goal of Mydoh is to help kids gain financial literacy. The earlier kids learn how to effectively manage their money, the more financially healthy they’ll be as adults.
• Gives Kids Experience Handling Money. Children can spend up to their allowable limits set by their parents both online and in-store using their Mydoh Smart Cash Card. The more experience they have spending money responsibly, the sooner they’ll be financially independent.
• Free To Use. There is no monthly fee to use the Mydoh app. In fact, there used to be a small monthly fee, but that has now been eliminated.
• Backed By RBC. You’ll have peace of mind knowing that the Mydoh app is backed by one of Canada’s most well-established banks.
• Parents Are In Control. While your child may be able to spend using their Mydoh Smart Cash Card, you’re ultimately in control. Once your account is set up, your kids won’t be able to do anything without you knowing about it, since it’s all reported to the parent account.

Drawbacks Of The Mydoh App  

While there are many perks of using Mydoh, there are also a handful of drawbacks to consider:

• No Rewards Program. Your kids can’t earn rewards points when they spend using their Mydoh Smart Cash Card, unlike some other debit and credit cards.
• Paydays Are Fixed. Mydoh paydays are every Saturday. If your kids need the money before then, they’ll still have to wait.

How To Sign Up For Mydoh

To register for Mydoh, follow these steps:

Step 1: Download The App

Visit the App Store or Google Play and download the Mydoh app to your mobile device. 

Step 2: Create A Parent Account

Once you’ve downloaded the Mydoh app, open the app and select “Create a Parent Account”. Then, enter your email address and create a password.

Step 3: Verify Your Email 

Mydoh will send a 4-digit verification code to the email address you provide, which you’ll need to enter for Mydoh to verify your email address. 

Step 4: Verify Your Identity

Scan a government-issued photo ID to help Mydoh verify your identity. This is a secure process, as Mydoh is required by law to keep your identity safe. 

Step 5: Invite Your Child

Follow the instructions to invite your child to Mydoh, and start using the app.

Alternative Budgeting Apps Like Mydoh 

There are a couple of other financial management tools and apps available besides Mydoh that may be worth considering, depending on your needs:

Mydoh Vs. YNAB

You Need A Budget (YNAB) is an app designed to help consumers develop better budgeting strategies, organize finances, and save money. The app is linked to your bank account and categorizes all transactions to help you see where you’re spending your money. 

The goal of YNAB is to teach you to be intentional with every penny you spend. 

YNAB is not free, however. The app comes with a monthly fee of $14.99 USD or an annual fee of $109 USD.

Mydoh Vs. PocketSmith

PocketSmith is a comprehensive personal finance tool designed to help consumers manage their money effectively. You can monitor your budget and net worth on the go, and create and personalize budgets to suit your financial goals. You can also use PocketSmith to predict your daily cash flow, even well into the future, helping you make better and more informed financial decisions.

PocketSmith can be free to use, though you can subscribe to more comprehensive plans for a monthly fee. 

Both YNAB and PocketSmith are more geared toward adults, versus Mydoh which is designed with kids in mind.

Additional Reading

Do You Have A Maxed Out Credit Card? Here’s What You Can do

Getting A Cosigner For A Debt Consolidation Loan

Dealing With Debt In A Marriage

Final Thoughts

Mydoh makes it fun for kids to learn how to manage their money effectively. It also makes it easy for parents to oversee and control how their children spend their money and encourage them to save. With no monthly fee, parents and kids can try the app and debit card for free without committing to a monthly subscription.

Mydoh FAQs