Teaching Your Child Financial Responsibility with Tykoon

The Tykoon website and/or app is helping my children learn about money and responsibility. It's an important lesson and one so many people missed out on considering the average American’s amount of debt is $10,000 (Money Talks News).  Tykoon is a fun way to teach about money and goes beyond How Much Allowance Money Should I Give My Child.

The user simply logs in to the website and sets up an account. From there, you add any or all of your children and set up an allowance for them, or set up how your child's earnings will be allocated. Like the book Three Cups, Tykoon helps teach children about saving, giving, and spending, and the user determines the percentage of earning to go to each of those three categories.

My kiddos loved the wish-list area where they were able to goal-set for more significant items or drop hints about what they wanted to earn. It stirred some great conversation. My eight-year-old wanted concert tickets to see Katy Perry, who is only performing overseas. Instead, we made it to the Katy Perry Part of Me Movie.

One of my favorite features is the feature to set up non-cash earnings such as staying up past bedtime, games, internet, and TV. We use a lot of these incentives already, and Tykoon makes it a fun way to earn.

The program makes chores fun. Mom and Dad set up tasks, such as taking out the garbage, making beds, bathroom detail, etc. You can set the frequency of each task and the reward (cash or non-cash incentive). It's a great way to monitor progress, hold accountability, and make learning about money and responsibility fun.

For those who aren't computer savvy (like me), Tykoon also offers tutorials in video format so you can see the bigger picture and navigate with ease.

There is a feature to make Tykoon a social place, allowing invitations for family and friends to connect with you on Tykoon. There is an incentive for referring five members who sign up under you of $25. It's not for everyone, but may be for you.

I think the Tykoon website or app is a great way to start a conversation with your kids and discuss money management.

Overall, we are enjoying Tykoon and hope you will check it out. After all, it's far easier now than waiting and encouraging your child to be financially responsible in college.

 

“I participated in a campaign on behalf of Mom Central Consulting for Tykoon. I received a promotional item as a thank-you for participating.”