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 an adult.
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 the job of teaching kids how to be smart with their money easy and enjoyable.
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, except 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.
30-Day Free Trial
You can test out MyDoh for one month with a 30-day free trial. You can add two parents and up to five children to the account. After the free trial is over, the cost is $2.99 a month.
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.
The parent account allows you to do the following:
- Assign tasks that your child can work towards and get paid for once completed.
- Transfer money to your kids
- Track all earnings and spendings
- Lock and unlock your child’s card
- Use emojis to react to transactions made by your child
The youth account lets your child 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
The youth account (a prepaid card by Visa) is linked to the Mydoh Smart Cash Card and is controlled through the Parent account.
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:
Parents can use their accounts to create tasks for their children. Once these tasks are complete, kids can check them off in 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.
The Mydoh Allowance feature lets you set up a weekly allowance that’s automatically sent to your child’s debit card every payday. You can choose your own amount, or pick from $10, $20, $30, $40, or $50 pre-set options. You can change the allowance amount at any time.
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. They 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.
|Can a Credit Card Help Build Your Child’s Financial Knowledge?||Learn More|
|Best Children & Youth Savings Accounts In Canada||Learn More|
|Should I Charge my Adult Children Rent?||Learn More|
|Should You Help Your Children Graduate With Less Debt?||Learn More|
Benefits Of The Mydoh Smart Cash Card
There are several reasons why you may want to download 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.
- Getting started is easy. The Mydoh Smart Cash Card makes it easy for kids to make smart financial decisions. Just download the app, set spending limits and tasks, and let your kids get started using money responsibly.
Drawbacks Of The Mydoh Smart Cash Card
While the perks of Mydoh are plentiful, there are also a handful of drawbacks to consider:
- Monthly fee. While the first 30 days are free, there is a monthly fee of $2.99 that will kick in afterward if you want to continue using the app.
- 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.
What Is Mydoh Play?
Mydoh Play is a feature that uses games and trivia to teach kids about a variety of financial tools and products, including the following:
- Cost of living
- Standard of living
- How money is made
How To Get The Mydoh Card
There are certain criteria you may need to meet to be eligible for the prepaid Mydoh Smart Cash Card, including the following:
- Be a resident of Canada and at least the age of majority in your province or territory
- Have an active bank account
- Your child must be between 6 to 18 years old and they’ll need a mobile device.
When signing up for the card, you may need to provide the following details and documents:
- Names, date of birth, phone number, email address and other information.
- Government-issued photo ID. You may be able to skip this step if you’re an RBC client.
If you meet these qualifications, you can apply for the Mydoh Smart Cash Card by following these steps:
- Visit the Mydoh website and create an account by clicking “Parent sign-up”
- You’ll need to provide some personal information as mentioned above. Once you’ve completed the application, you can submit it and wait for the approval.
- Following the approval, you can fund your Mydoh account by transferring funds from your RBC bank account or via e-Transfer.
- After that, you can add your child to Mydo by having them install the app.
There’s a monthly fee of $2.99 for the Mydoh Smart Cash Card, which allows up to two parents and five children to be on the plan. Currently, there is a 30-day free trial before the monthly fee kicks in.
You can cancel your Mydoh subscription at any time.
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 much more expensive than Mydoh, with a monthly fee of $14.99 USD or an annual fee of $98.99 USD.
Mydoh vs. Mint
Mint is another budgeting app that links to your bank accounts and categorizes all transactions. You can create budgets and track your spending and bill payments. Moreover, keeping tabs on your finances is easy thanks to Mint’s spending notifications and visually-appealing charts and graphs.
Unlike YNAB, Mint is free to use.
Both Mint and YNAB are more geared toward adults, versus Mydoh which is designed with kids in mind.
How old do kids have to be to use Mydoh?
Kids should be anywhere from 6 to 18 years old to use Mydoh.
Is Mydoh safe?
Yes, Mydoh is a secure app operated by RBC, so your money is safe. All data is encrypted, and every time money is moved around, there’s always a trail behind it to follow.
Do I need an RBC bank account to use Mydoh?
No, you don’t need to have an RBC bank account to use the Mydoh app.
How do I add money to my Mydoh Smart Cash Card account?
Parents can fund their Mydoh Smart Cash Card Wallet from an RBC chequing account or credit card, or via e-Transfer.
How do I contact Mydoh customer support?
You can reach out to a representative from Mydoh via the chat feature within the app or by email at email@example.com.
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 the 30-day free trial, parents and kids can try the app and debit card at no charge before committing to an affordable monthly subscription.