In this RoosterMoney review, you will find out how this mobile application helps parents in encouraging their children to save, spend wisely, and give to certain charities.
The United States is the richest country in the world. But, economists estimate that approximately half of the American people won’t retire with enough money saved to be able to keep their current lifestyle.
This means there’s a lot of work to do in order to break the chain. The best way to do that is, of course, to ensure that the younger generations do not commit the same mistake.
Interventions should be made. Trends must be changed.
Where else this should start but within the family, right? The homes should be the primary place where kids learn about how to handle their finances properly.
However, according to the 2014 Stress in America survey conducted by the American Psychological Association, it was found that “money is consistently among the top sources of stress for Americans year over year.”
More so, the same survey revealed that “parents of children under the age of 18 are more likely than adults with no children to having higher financial stress and are less likely to feel financially secure.”
Furthermore, the survey results indicated that “36 percent of Americans are uncomfortable talking about money, and 18 percent say money is a taboo subject in their families.“
For many American families, money talk is a sensitive topic to discuss.
If we want our children to be responsible for managing their money, though, we, parents need to step up. We need to start talking about money within our families and start teaching our kids to become financially literate.
We understand the task is not easy.
The good news is, parents nowadays have lots of options to choose from in order to teach younger ones about financial literacy.
There are lots of tools and platforms available that were specifically designed to help parents teach their kids to be financially responsible.
One of the many tools available in the market today is RoosterMoney.
RoosterMoney is a mobile application that serves as a virtual allowance tracker. It is specially designed to help parents teach their kids how to handle their money wisely.
If you want to know more about this app, then, continue reading on. In this in-depth review, you will find out what makes RoosterMoney stand out from other financial apps of similar make.
Specifically, we are going to tackle the following:
- What is RoosterMoney?
- Who is RoosterMoney best for?
- What does RoosterMoney offer?
- How does RoosterMoney work?
- Are there fees involved?
- How to open an account with RoosterMoney?
- Is RoosterMoney safe?
- What are the upsides of RoosterMoney?
- What are the downsides of RoosterMoney?
WHAT IS ROOSTERMONEY?
RoosterMoney was created in 2012 by a group of parents with one goal in mind — to enable their kids to learn the value of money, and how to budget and save from such a young age.
RoosterMoney is a mobile application, at the same time, a basic bank accounts specially designed for children. It helps to encourage young people to save, spend, and even give to certain charities,
The app offers separate accounts for both parents and children.
With the parent account, it allows parents to set up automatic allowance payments as well as split payments into different categories, which include saving, spending, and giving.
Meanwhile, the children’s account allows kids to check their balances using the app. They also can decide how they want to use their money.
Unlike other financial management apps for kids, RoosterMoney offers a Rooster PLUS account, which allows users to unlock more features like paying interest, adding chores, and making regular deductions for expenses.
To know more about the RoosterMoney app, check the video below:
Since the app is an allowance tracker, parents cannot send money to their kids through the app. Instead, they need to do it on their own.
What the app does is that it helps parents stay on top of how much they’ll give depending on the currency of your choice.
RoosterMoney also includes educational content, which includes articles, worksheets, challenges, as well as activities to help your children improve their financial literacy.
Additionally, the RoosterMoney app offers a Rooster Card plan that comes with a Visa debit card for an additional fee. This allows children to spend in stores or online. Even so, this is still 100% controlled by the main parent account.
However, the said plan is only available in the United Kingdom. The plan is ideal for children aged six years old and above.
With RoosterMoney, once the account has been created by a parent, he or she can add a child or multiple children and set up each account according to their needs.
Although originally established in the United Kingdom, RoosterMoney is also available in the United States and Australia.
WHO IS ROOSTERMONEY BEST FOR?
RoosterMoney is an app that helps parents instill good money habits in their kids.
Thus, making it an ideal choice for those who want to teach their children how to value money.
The app also allows parents to set up chores in return for “pocket money” payments. This helps children learn how to earn money, and gives them a rough idea of how it is in the real world.
The app should appeal to families with one kid or more. RoosterMoney allows parents to set up multiple accounts with just one major account.
By using RoosterMoney, it will help encourage good saving habits, which kids can carry with them as they grow old.
RoosterMoney is ideal if you want your child to develop budgeting skills.
Specifically for the Rooster Card plan, it is suitable for children aged between 6 and 18 years old.
Finally, RoosterMoney should appeal to parents who are willing to pay monthly fees to enjoy additional perks. The app’s virtual tracker is available for free, which is a great option for parents who are on a tight budget.
WHAT DOES ROOSTERMONEY OFFER?
RossterMoney is an app that was designed to help parents in raising kids who are financially literate.
RoosterMoney offers the following options:
- Virtual Tracker (Free Version)
- Rooster PLUS
- Rooster Card
Virtual Tracker (Free Version)
With the app’s virtual money tracker feature, parents get to track allowances.
They can set an amount and how often their children should receive it. The payment frequency options include weekly, monthly, and fortnightly.
If you want to unlock and enjoy more features, you have the option to upgrade to Rooster PLUS.
By upgrading, you can tie your kids’ allowance to Chores to encourage your kids to earn, set up an Interest Rate to incentivize your kid’s savings, set up Regulars for items like magazine subscriptions to help develop your kid’s budgeting skills, as well as use the Add Unlimited Guardians feature to get the whole family (including grandparents) involved.
The Rooster PLUS version is a paid plan, which costs $2.99 per month or $18.99 a year. The plan offers a 1-month free trial, though.
The Rooster Card plan is currently available for RoosterMoney users in the United Kingdom only.
This plan allows parents to load the card with money and let kids fully manage their money through the app.
The Rooster Card plan comes with a Visa debit card.
Similar to the Rooster PLUS plan, there is a cost to be able to avail of this plan. Since it is only available in the UK, the cost is 24.99 British pounds per year or 2.08 British pounds per month.
It is important to know, though, that the cost only covers one child. Additional cards will cost 19.99 British pounds per year.
What’s nice about it is that this plan provides parental controls for kids aged 6 years old and above. Also, by availing of this plan, your get to enjoy the Rooster PLUS features for free.
HOW DOES ROOSTERMONEY WORK?
The RoosterMoney app is very straightforward to use. Once you head into your account, parents will be presented with a dashboard. There they get to control their kids’ accounts, which include setting up saving goals and weekly budgets, as well as approving transactions.
The app was designed to prepare kids for the future. Thus, this allows children to keep on top of their finances by offering itemized statements similar to what real bank accounts offer.
With the features that the app provides, after a few months, your kids will eventually learn how debits and credits work, which is something essential in life but is not taught in schools at an early age.
By the way, the RossterMoney app is available for both iOS and Android devices.
ARE THERE FEES INVOLVED?
By now, you probably have an idea already how much it costs to use the RoosterMoney app.
As mentioned, there are three choices available — although the third one is not available yet in the United States.
For users in the US, you have the option to avail of the free version or opt for the paid plan called Rooster PLUS.
The free version includes features like a virtual tracker, allowance scheduling, saving, giving, pots for spending, as well as goals and educational content.
The Rooster PLUS offers lots of helpful features. To avail, it will cost you $18.99 per year or $2.99 per month.
Meanwhile, the Rooster Card, which offers Rooster PLUS features for free costs 24.99 British pounds per year or 2.08 British pounds per month.
As mentioned, the amount only covers one child. Additional cards cost 19.99 British pounds per year.
HOW TO OPEN AN ACCOUNT WITH ROOSTERMONEY?
In this part of our RoosterMoney review, we are going to talk about how to actually open an account with RoosterMoney.
To get started, all you have to do is visit the RoosterMoney website and click the “Get Started” button.
Primarily, you will be asked to provide your complete name, email, and your preferred password.
You will also be asked about your country of origin as well as your preferred plan. Again, you can choose from Virtual Tracker, Rooster PLUS, or Rooster Card plan.
IS ROOSTERMONEY SAFE?
Technically speaking, RoosterMoney is not a bank, which means there is no Financial Services Compensation Scheme protection.
However, the app is licensed by the Financial Conduct Authority (FCA) to deal in electronic money and keeps all client money in a segregated account.
If you avail of the Rooster Card plan, your child can only spend the money that is available on his or her card. Thus, there is no chance of going overdraw or getting into debt.
More so, parents can see every transaction their kid makes directly on the app.
Should there be attempts to make transactions from merchants that sell products for over 18 years of age will be blocked. Additionally, parents may opt to disable the cash withdrawal option if they find it necessary.
In addition, the app generates a new CVV code every time your child uses the card to pay for purchases made online. This feature adds an extra layer of security to the account. Also, parents may freeze the card from the app in case it gets stolen or lost.
WHAT ARE THE UPSIDES OF ROOSTERMONEY?
This RoosterMoney review will not be complete without sharing with you a list of the app’s pros and cons.
Let’s begin with the advantages first.
By using RoosterMoney, you get to enjoy the following benefits:
- Accounts for Parents and Kids – RoosterMoney allows both parents and children to have their respective accounts. But the thing is, parents can set up their kids’ account using their own device.
- Parent Gets Full Control Over Allowances – With RoosterMoney, parents get to take full control of their children’s allowances. They get to see their kids’ balances as well as have the ability to move money between their save, spend, and give pots.
- User-Friendly App – The RoosterMoney app has a slick, colorful, and entertaining design that kids will surely enjoy. Needless to say, it would be a lot easier for them to see what chores their parents want to do to be able to earn money.
- Free Version Available – Unlike other kids’ financial apps out there, RoosterMoney offers a free version specifically its virtual tracker, which is very much ideal for parents who are on tight budgets.
- Educational Content – Apart from the allowance-tracker, RoosterMoney users get to access educational content, which includes educational primers on different subjects like payment methods, compound interest, and earning money; money challenges; printable worksheets; as well as tips on using the app.
- Supports Multiple Currencies – Although RoosterMoney was made by a UK-based company, parents from different parts of the world can use it. Parents can choose from any currency in the world for their children’s allowances.
- Free 1-Month Trial for Rooster PLUS – Rooster PLUS offers additional helpful features. Although it comes with a monthly fee, once you subscribe, your first month is free of charge.
- Interest Rates – Like typical banks, parents can set up interest rates. This is a great idea to encourage kids to save money and earn.
- Allows Kids to Earn Extra Cash – RoosterMoney comes with a chores feature. This enables your kids to earn extra cash from doing certain chores.
WHAT ARE THE DOWNSIDES OF ROOSTERMONEY?
In the previous section, we talked about the upsides of RoosterMoney. This time, we are sharing with you some of the downsides of the app. This includes:
- Free Plan is Limited – Although it’s nice knowing that RoosterMoney comes with a free version, the features of it are very limited, which means parents will most likely avail the paid plan to take full advantage of what the app has to offer.
- Monthly or Annual Fees – While it may not be a concern for some parents, the monthly or annual fee may add up to families’ budgets. Thus, it may not be ideal for those with meager budgets.
- Not Ideal for Multiple Kids – Unfortunately, the Rooster Card plan is limited to one child. If in case you have more than one child, you may still enroll them, but that will incur an additional cost, which can be too much to add to your families’ monthly budget.
- Switch User Option – Ideally, each child must have his or her own smartphone to access the RoosterMoney app. However, if this is not possible, the app does have a switch user option so your child can use your device in accessing the app.
- Rooster Card is Only Available in the UK – Unfortunately, the Rooster Card plan is not yet available in the US, which could be a great drawback given the fact that most of the app’s competitors offer that option already. But then again, who knows, maybe the company is already working on it as we speak.
FINAL THOUGHTS ON ROOSTERMONEY
RoosterMoney is a virtual allowance tracker. It is an app that allows parents to teach their kids how to be financially literate.
Unlike other apps of the same type, RoosterMoney offers three plan choices – one of which, however, is not available yet in the United States. The plans include a free version, the Rooster PLUS (additional features apply), and the Rooster Card, which gives access to a Visa debit card.
Given all the information provided, are you considering RoosterMoney over other financial apps of the same type?