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Does MyDoh Work? MyDoh Smart Cash Card
Teaching your kids about financial responsibility will go a long way to help shape their financial future. While your children will likely thank you later for teaching them important financial lessons, the right financial literacy program will make them thank you today. For Canadian parents, MyDoh doubles as an allowance and chore management software to help you pay your kids while instilling values like work ethic and economic prudence.
What is MyDoh?
RBC created the MyDoh Smart Cash Card, a reloadable prepaid visa card, to help you teach your children financial responsibility. From the MyDoh mobile app, you can set chores for your children. In turn, your child views the app on their device and completes the chores for any sum of money that you choose. Once your child receives the money, they are free to spend it how they wish. They can pay for goods using the MyDoh app or you can choose to give them a physical card for their convenience.
Once your child receives the money, the two of you can view your child’s spending habits. You can simply let your child learn the lessons set by RBC, or you can step in and teach financial lessons yourself at any time. Best of all, the app is very clear and easy to use for your children, though less technically savvy parents might have trouble navigating the app on their end.
How does MyDoh work?
The MyDoh card works in tandem with a mobile app, which you can download on Android and iOS. After you’ve downloaded the app, you can create your account in minutes. If you want, you can enter their 30-day free trial before paying. To keep your account active, MyDoh costs $3 per month for RBC users and $5 a month for everyone else.
Once your account is set up, send your child an invitation code via email. You can load money into the account via your RBC account or Interac e-transfer. Then, you can set up tasks that your child must complete to receive their weekly allowance. Once you confirm that the tasks are finished, the money is released to your children instantly.
You also have many opportunities to coach your children on everyday fiscal responsibility. For instance, MyDoh offers “Play Mode” which teaches your children about budgeting responsibilities, like groceries.
Is MyDoh good for improving financial literacy?
While this tool might seem like a dream to parents looking to hold their children accountable for chores around the house, it remains to be seen how this tool will improve your child’s financial literacy.
MyDoh Pros
- Systematically and reliably pay your kids an allowance for completing tasks.
- Monitor your child’s spending to give them helpful tips.
- If your child loses the MyDoh Card, their old balance is placed on their new card automatically.
MyDoh Cons
- Your child must have regular access to a phone to be able to use the app properly.
- As a parent, you must be comfortable setting up tasks and lessons on the MyDoh app.
One notable advantage to the MyDoh app is that it lets you track all your child’s spending. This means that any money management advice that you give to your child is no longer an abstraction. Rather, you can train them into becoming more frugal with concrete written examples and directions.
At the end of the day, the success of this platform also depends on how willing your child is to listen to your instructions. While these types of accountability tools might work at first, it’s easy for your kid to stop using this tool out of laziness.