Get Started With Bankaroo

ObjectiveTo open a Bankaroo account, get familiar with it's features and start getting your kids using Bankaroo.
Description Bankaroo

Bankaroo offers free online and mobile services to help you teach your kids how to monitor and manage their money. It is not an actual bank account but an application which your children and you can use to track income/expenses in a fun, interactive and mobile way.

Steps:

1. Go to the Bankaroo site and start an account for yourself.

2. Then start child accounts for each of your children.

3. Take a couple of minutes to get acquainted with the features of Bankaroo, and download the mobile ap to your phone (this will make following Bankaroo activities easier for you).

4. Gather income and expense information for each of your children. Receipts from things they bought, decide how much to give for allowance (or think of ways your children can earn an income) and write down any other income your child has (tooth fairy money, holiday/birthday money, income from returning bottles . . . things like that).  

5. Take a couple of minutes with each of your children (separately if you have more that one child) and start inputting the following numbers:

  • Ask your child how much he/she gets in allowance each week. Set up a reoccurring payment or have your child set up the payment. Explain that allowance is an income and ask if your child knows what an income is. If he/she doesn't know, explain.
  • Ask your child how much he/she received from Birthday/Christmas/Holiday Money and enter a one time payment for that amount.
  • Ask your child how much money he/she made from other sources (lemonade stand, tooth fairy etc.)
  • Ask your child if he/she has bought anything with the money they have. If they have bought anything then enter the expense (or have your child enter the expense). Explain that spending money is an expense. As your child if he/she knows what an expense is. If he/she doesn't know, explain. 
  • When you have entered all of the income and expenses your child should have an idea of how much money he/she has in his/her "bank account".

 

 

Complete When

Mark this activity as complete when your child has a Bankaroo account set up and when he/she has a good understanding of income and expense.

Track your progress and earn badges!

This activity is included in the following:

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Age Range 4    5    6    7    8    9    10    11    12   
Activity Type Routine
Tags Expenses  Income  Personal Finances  Banking  Allowance 
CreatedCindyCindy
Last ModifiedRobRob

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