Meet the Luxton family, they’ve been using RoosterMoney for 2 years now and wanted to share how it works for them. It’s fair to say the Luxton children – Mischa (10), Sam (8), & Henry (4) – are learning their financial habits from the best, with Dad (Tim), being a financial advisor in Perth, Western Australia 🇦🇺, so let’s see if we can pick up any tips…
1. Did you give pocket money before starting RoosterMoney? 💰
Yes. We tried cash pocket money on a weekly basis but it was getting difficult as we never had the correct change to give. Also, the kids didn’t usually bring their pocket money with them when we were out and about and so we found it difficult to remember how much they had earned and if they were actually able to spend it.
2. How do you use RoosterMoney in your family? 📲
We give a weekly minimal allowance to each child over 5 years old which gets added automatically every Sunday. And then there’s other money earned from chores, good deeds, acts of kindness and that kind of thing.
3. What are your favourite things about it? 🎉
We love that it’s a digital system, it’s user friendly, and the kids can manage their own money, see how much they have and keep money in separate areas. For example, the ‘Spend’ and ‘Save’ pots have helped them understand how these concepts work in the real world, and are hopefully setting them up with good financial habits for the future. We also really like the ability to set Goals and work hard towards funding them. Oh and removing money is straight forward once it’s spent too.
“The ‘Spend’ and ‘Save’ pots have helped them understand how these concepts work in the real world.”
4. How has RoosterMoney helped your family? 👨👩👧👦
It’s certainly made life easier in terms of giving the kids their pocket money and not having to use cash all the time. The kids are also more aware of what they have earned and what they can spend now.
5. How has RoosterMoney changed your kids' understanding of money? 💵
It’s definitely changed their behaviour towards money – I can see they have a better understanding of earning vs. spending, and they’re not always asking us for money to buy things – they’re now asking to spend their ownmoney!
“I can see they have a better understanding of earning vs. spending, and they’re not always asking us for money to buy things.”
6. Give us your top pocket money tip? 🐓
We like to reward random acts of kindness instead of just “chores” with the understanding that helping around the house is for everyone to share.
“We like to reward random acts of kindness.”
A massive thank you to the Luxton family for sharing their story, if you'd like to share your Rooster Story, please get in touch at hello@roostermoney.com