Teach your kids to love personal finance!

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What is The Bank of Mom and Dad?

The Bank of Mom and Dad is an app that helps your kids learn about personal finance in a fun and engaging way. The app helps you create a ‘virtual bank account’ for your kids. It helps improve financial literacy by intuitively showing your kids how saving and compound interest works.

Compound interest is one of the most important personal finance concepts and has been called “the eighth wonder of the world”.

The Bank of Mom and Dad also helps you have additional conversations about personal finance with your children. By using compound interest as a starting point, you can have broader conversations with your children about budgeting, saving, debt and more.

Why Every Family Should Use The Bank of Mom and Dad

Personal finance doesn’t have to be boring! We want children to get excited about personal finances.

Our goal is to help children between the ages of six and sixteen learn about the power of personal finance. Because a few good decisions at a young age can make a BIG difference in the future.

How Does It Work?

The Bank of Mom and Dad is simple, it helps you act like a bank. You accept “deposits” from your children and pay out “withdrawals.” You use the app to track transactions and record the balance. You can even use the app to pay allowance directly into your children’s account each week.

More importantly, rather than paying your children 1 or 2% interest per year like a real bank (Boring!), you can choose to pay your children 1 to 2% interest per month (Wow!).

Paying 1-2% per month helps your children see the power of compound interest much faster. When your child makes a deposit, they’ll see interest grow daily! This helps make saving fun and continually provides positive feedback.

 

Note: The Bank of Mom and Dad does NOT take deposits or pay interest. Parents are responsible for holding deposits AND paying interest. The app only helps parents track deposits, withdrawals, and calculate compound interest on a daily basis.

A Starting Point For Other Personal Finance Conversations

Using The Bank of Mom and Dad with your child creates a natural opportunity for conversations about debt, budgeting, saving, income and expenses, balancing needs vs wants, etc.

You will also receive tips on how to have other personal finance conversations with your kids, building upon the excitement your children feel when they see their “bank” balance grow daily.

Start teaching your kids to love personal finance!