All your questions answered about Parent Account Setting.
Once you register as a Parent, you can add the Child on BIRDFIN specifying other details based on the age. The child can also request for his/her account creation if they have a Smartphone/or receive an invite from his/her friend. This money management app for kids is not just to monitor their tasks but their behavior as well.
Step 1: Go to Tasks.
Step 2: Select the child you want to assign the task(s) to
Step 3: Select the age group
Step 4: Select the task(s) from the Task Library
Step 5: Select the frequency of the task(s)
You can also add Instructions for each task you assign, one of the features that make Birdfin the best money app for kids. There is also a provision of creating your own customized task.
It is a chore app for kids1 so for every chore the parent assigns to the child, crystals are to be assigned as well. A range is provided to the parents, to choose the number of crystals to be assigned for a particular task. This range or limit depends on the age-category and the type of task.
Your child has access to request the conversion of crystals to money at any point in time. Upon receiving the request, you can approve and confirm the same.
You can access the inbuilt conversion table where you can set your customized conversion rule by setting your own crystal value. Though it's one of the best financial literacy apps for kids, the design has made sure that the entire authority of all the transactions is in the parent’s hands.
If the child’s savings account is opened with ICICI through BIRDFIN, there is an option to enable automatic credit for transferring the converted value of crystals.
If not so, the money can be transferred manually to the child’s savings account. It is advised to log these transactions on the BIRDFIN Digital Diary, unlike other money management apps for kids, to effectively track the transactions on a monthly basis and ensure that 30% of the converted money is credited to the child’s savings account.
Yes, for any child to be eligible for his/her own POCKET Wallet, the approved age is a minimum of 14 years.
If a child is not eligible for the POCKET Wallet, the parent(s) can download a POCKET Wallet on their behalf for transactional purposes. This kids money app is available on all devices.(Add link)
You can alternatively use any existing Digital Wallet like Paytm, Paypal, Google Pay etc for transactions. However, it is advised to log all these transactions on BIRDFIN’s Digital Diary for better and easier tracking of transactions made.
Yes, the crystals are awarded to the child based on the tasks they have completed. This kids allowance app is well thought and designed to help children learn the importance of hard work and rewards. However, pocket money is a buffer amount which the parent can credit on a weekly/monthly basis in their child’s account.
BIRDFIN will help your child manage his/her pocket money better through its transparent transaction tracking and also a clarity of where and when is the money being spent. The idea is to help children spend money wisely.
Transferring pocket money to your child’s account requires you to follow the below steps:
Step 1: Add a payment method & the necessary details
Step 2: Go to the Transfer Money section and select the payment method
Step 3: Go to the Transfer Pocket Money Section
Step 4: Select the child you want to transfer the money to
Step 5: Select the Amount, Mode, Frequency and Date of transfer
Step 6: Click on Transfer and you are good to go!