I love seeing entrepreneurs embracing the need to help families with some of their toughest tasks. Folks who have created online calendars, iPhone apps, allowance programs and more can bring important tools to families.
The latest tech-based tool for families to teach financial responsibility is Tykoon.com. I love the concept here. In essence, parents can set up chores, responsibilities or behaviors that they would like to reward and post them on Tykoon. As their kids accomplish something that has a reward established (financial or otherwise), the login and record their accomplishment. When financial rewards are attached to the behavior, the child builds an account from which he can save, spend or give to charitable causes.
Tykoon is incredibly easy to use and they have built lots of security protections into the program. Parents can access Tykoon at the family computer, with a mobile app or anywhere via web browser. And kids can watch their savings grow and save for things they want to get or for supporting a variety of charitable causes.
So check out Tykoon and see if it can help you and your family learn more about being responsible stewards of your resources.
More on teaching financial responsibility at home:
- Getting out of debt in your family
- Finding money for college
- Top 7 financial habits for fathers and families
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I like that this app has the allowance component with or without chores. I personally don’t like tying allowance to chores. I don’t want my kid to tell me that they’ll clean their room for $5. Rather, I expect them to clean their room no matter what – and if they don’t then I take privileges away.