Welcome to Moneydad

It’s a family network that unites all its members. There is a main account, called Moneydad, and subordinate accounts. The main one is created by a parent who will control all money operations and will include new members of the family network.

If you are a parent, please, choose green field called the Moneydad. If you are a kid, please, tab the grey area – the Moneykid.

For parents

  • To start you should create an account. Look here how to do it.
  • If you’ve done the point 1., sign in to your account.
  • If you are the other parent, you can join the existing account. Here you can see how to do it.

How to create an account

In order to use The Moneydad you need to create an account. For this do the following steps:

  • Write your family surname (for example, Hudson’s Family) or any name for your family and press the button “Next”.
  • Enter your phone number.
    • In order to enter a country code press the abbreviation US and choose your country.
    • Then type your phone number and press “Next”.
  • Write your name or nickname (for example, Tom Hudson or tom87) and press “Next”.
  • Create a passcode. It should be four numbers. Then type it and remember.
  • Do not tell the passcode other people because they‘ll get the access of your account!

  • Confirm the passcode, typing the number combination you’ve created on the step 4.

How to sign in

If the account has already been created, you can sign in.

  • Enter the phone number that was written during creating the account.
  • Write your name or nickname. If you forgot the username, click here and choose Send username. After that you will get it on your phone.
  • Type the passcode that has been created while creating the account. If you forgot your passcode, click here and choose Send Passcode. Then it will be sent to the account owner’s phone number. Afterwards you can change it in the Settings.
  • Pass the ID authentication, if you have it on your phone.

How to join to family account

If one parent has already created the main account, the other can join it by doing the following:

  • Enter the phone number of the account owner. In order to choose a country code press US and select your country.
  • Write your name or nickname (for example, Emily Hudson or emily89) and press the button “Next”.
  • Create the passcode (only four numbers). This will be your key to access the account.
  • Do not tell the passcode other people because they‘ll get the access of your account!

  • Enter the passcode you’ve just created to confirm it.
  • Pass the ID authentication, if you have it on your phone.
  • Now you should wait until the main account owner approves your join request.

Create Moneykid (child's) account

If you don’t have an account yet, but want to join the family network, please, choose “Create account”. You can get some assistance with this here How to create an account.

If you have already created the account, tap “sign in to your account”.

How to create account in the Moneykid

  • Enter the phone number of your parent who is the owner of main account. In order to choose a country code, tab the abbreviation US and select your country.
  • Write your name or nickname (for instance, Mike Hudson or mike08) and push the button “Next”.
  • Create a passcode consisting of four numbers.
  • Confirm your passcode entering those numbers you’ve entered on the step 3.

How to sign in

If it’s the first time you attend the Moneykid, please, create an account. Look here how to do it.

If you already have the account:

  • Enter the phone number of your parent who is the owner of main account. In order to choose a country code, tab the abbreviation US and select your country.
  • Write your name or nickname (for instance, Mike Hudson or mike08) that you wrote when was creating your account. Push the button “Next”.
  • If you forgot your nickname, ask your parent to remind you. For this choose “Forget username?” and tab “Need help!”

  • Enter your passcode that you used when was creating the account. If you forgot it, tab “Forgot passcode?” and choose “Send Passcode”. It will be sent to your parent account and then you can change it in the Settings.

How to work with Moneydad

Let’s consider the following example of using Moneydad application.

Determine child’s daily obligations

Explain to your child that he(she) has some obligations he(she) supposed to complete on a daily basis and that’s what he(she) gets pocket money for.

Determine child’s daily obligations

Everyday Moneykid gets $10 if he(she) completes the following tasks:

  • Do school homework
  • Clean up the room
  • Walking a dog

Explain that you also have some daily obligations at your work, and that what you get salary for.

We recommend to set daily amount of pocket money a little bit higher than you have been given before, e.g. if a child needs $10 for lunch, set it to $11 or $12. In this case your kid will start saving money and will have something too loose in case you do penalty for non-completed obligations.

Thus, based on the suggestions above, use the app as much as possible to take you child involved. For example, each morning at 7:00am create a Deposit transaction on your kid’s account for $12. When you give pocket $10 to you kid before the school, create Withdrawaltransaction for $10.

To create a Transaction, go to…

Your account. Pass ID authentication and enter the passcode. Choose the Moneykid account from the list for which you want to do a transaction. Then you can see the balance (after the name of your child). There are also two inserts “Transactions” and “Tasks”. To create a transaction tab “Add transaction”. Choose the type of it. Enter the amount of money and press “Save”. Afterwards you will see this transaction on the list in the insert called “Transactions”. The family account owner always gets a notice about other transactions created by other members.

At the end of the day, if your child has not completed some obligations you create Penalty transaction. You can set specific amount to each obligation, e.g. homework - $5, clean up the room $3, etc. but we recommend do not set a specific one or set it much bigger than his daily budget, otherwise your kid can say “I don’t want to do my homework today, charge me $5”. You can explain to him(her), that if, for example, you don’t do even minor obligation at you work, you won’t be charged some tiny penalty amount, you can be completely fired.

Adjust amounts and obligations based on your child, of course. There is no common approach to everybody.

Create tasks to let your child earn some extra

The other powerful side in motivating you kids is bribing them for some extra work they do on a daily basis. For example:

  • Wash car - $2
  • Cut the grass - $3
  • Walk with his(her) sibling on a playground for 1 hour - $4

To create a task, go to…

Your account. Pass ID authentication and enter the passcode. There are three pictures at the bottom of your monitor (accounts, tasks and settings). Tab “Tasks”. In order to create a task you can choose “Add task”. Then write a task description (for example, wash the car) and enter amount of money that a kid will get if he/she do your task. Then press “Save” and it will appear on the lists of your tasks. Afterwards your kid will get a notice about new tasks.

After your child marked a task as completed, you have to check if it’s really completed and confirm it in the app. A Task transaction will be created automatically and kid’s balance will be updated according to it.

Let’s imagine today is the first time you will pay your two children for some homework. All of you have already created accounts and ready to “play the game”. So, start with creating some tasks. How to create a task. For the first time create tasks with equal or almost equal rewards to give children to try how the new system work. Children got notices about new tasks and choose what they want to do. When they make their choice you will see to whom is assigned this or that task. If a kid does a task, he/she should mark it as completed. Then you should check the task completion and confirm it in your app. After that a task transaction will be created automatically and kid’s balance will be updated according to it.

Adjust amounts based on your kid’s involvement and your daily budget of course. Monitor you child’s reaction. May be, you can even set a lower amount for pocket money than you actually give to you child, e.g. create deposit of $9 and withdrawal of $10, so if kid doesn’t do any tasks, he(she) will have negative balance, e.g. no toys, no sweets. Everything depends on your child.

Try to create at least one task a day, if your child completes them. Don’t keep to many tasks at the moment. If your kid didn’t complete the task and it’s not actual anymore, you can delete it.

To delete a task, go to…

Your account. Pass ID authentication and enter the passcode. There are two inserts “Transactions” and “Tasks”. Choose the insert “Tasks”, find the uncompleted task on the list (it will be marked like not assigned to…) and slide it left. Then you can see “Delete” on the red background. Thus, you delete it from the list. If your child doesn’t have a device to create an account, you can do it by yourself, and track all transactions and tasks on his behalf.

To create a Moneykid account, go to…

The list of accounts on your phone. Tab the line called “Add account”. To registrate your kid you should:

  • Write his/her name or nickname (for instance, Bob Hudson or bob55).
  • Create the four number passcode and enter it two times to confirm. Thus, there is another one account on the list.

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