Kizzy has been using Roosterbank for a couple of weeks now. Not only has she had fun playing the games, she also has had several pocket money payments paid into her account. This means that she has enough saved to buy something from her wishlist.
She had 'The Hunchback of Notre Dame' picked out as something she wanted to buy (the kids are keen to complete their Disney DVD back catalogue!) She had it saved in her Saver Basket on her dashboard. Once she had saved enough virtual cash, she had the option to send her order through to me and her account balance was adjusted to show her spending. She also received a little message congratulating her on saving up enough money.
Once Kizzy sent her order to me, I received notification in my account in the Parent's Area. I then had the option to checkout the item. To do this, I was taken to the Amazon secure checkout where I paid for the item which will be delivered to our door free of charge. Kizzy then receives email notification that her request has been fulfilled!
The process really is easy. Roosterbank puts the item directly into your shopping basket ready for payment, so you only need to log in and pay. All purchasing is done directly through Amazon, and up until that point the money in the child's Roosterbank account is virtual.
I am really impressed with this simple but extremely clever idea. Purchasing through Amazon is secure and the stock levels are high, plus postage is free. Kizzy has watched her account balance go up and waited until she had enough cash saved to be able to request an item from her wishlist. This is teaching her about the importance of saving money and has given her real satisfaction.
The communication between Roosterbank and both Kizzy and myself as a parent is very good. Notification emails are sent when orders are sent through and approved. It is a really efficient service.
Money doesn't just have to be spent on things bought through the shop. The child can request money to be withdrawn or paid into a savings account using a similar process. The beauty of Roosterbank is that it manages pocket money in a virtual way that is perfect for parents like me who do not deal in cash. You only need to come up with real money or pay for things by credit card when your child sends you an order, and only when they have enough saved up.
Take a look at www.roosterbank.com ... it's free to join and no actual money exchanges hands until you approve your child's request for a withdrawal or to check out an item. It's educational, teaches saving and money skills and is a lot of fun!