*This conversation is sponsored by MyCheQueMate.com. All opinions are my own.
With most adults relying heavily on debit cards, Paypal, mobile banking and/or direct deposits, it’s common for children to not see their parents using physical money very often. When kids don’t see money, it makes budgeting and finances an abstract concept for them. They see their parents swipe a card to buy things, without ever seeing a bank statement so children can get the impression that debit cards are a magic source of endless money. It’s common for modern teens to get their first job without a full understanding of bank accounts, debit cards or budgeting.
MyCheQueMate.com is a website that is designed to show kids and teens ages 6-16 how banks and budgeting really works in the modern world. Parents create a bank owner account for their family, and a bank user account for each of their children. The site basically is designed to simulate a bank account and ATM for kids. You can use MyCheQueMate to add “money” to your child’s account either through a deposit on a weekly, biweekly or monthly basis which is great for showing your child their allowance or using it to symbolize getting paid from a job.
As the bank owner you can choose how your child has to use their money – so you can add a set amount to their account such as $10 a but you can separate that amount into spending, saving, giving and future which can help your child budget their money and also show them that parents budget in this way as well.
For older kids, you can even give your child a loan with scheduled deductions, expectations (such as duties or behavior) and consequences.
If you want to use your family’s financial system as a behavior modification system, you can utilize star points which can be earned through positive actions or behaviors or removed for negative behaviors or actions. If you want to involve regular chores into the system, you can simply add your child’s chores and how often the task needs done (daily, select days per week, weekly, etc). Once completed you can rate your child’s results such as excellent of they completed the chore perfectly, or “not acceptable” if they didn’t focus on doing the job very well.
The MyCheQueMate system allows kids and parents to send messages to each other as well, so you can discuss their budget, chores and more.
I recommend that parents try out the site on their own and create accounts for their children before going over the system with their kids. Using the account from the position of a bank owner and from the child’s account can get you accustomed to the system. If you hover over buttons on the website, a pop-up and explanation will come up to guide you through using the site. The website is a bit visually overwhelming at first because it uses very realistic images of an ATM, a check, etc instead of a blank background with plain text on top like we usually see on the web. While it took getting used to visually, I like how it helps kids make the connection between the MyCheQueMate system and real world bank accounts, checks and ATM’s.
The site is still new, so if you get stuck, have questions or ideas for improvement use the contact form to share your thoughts with the website owner.
Do you feel like your children have a solid grasp on how budgeting and finances works in the modern world? Do you think having a simulated bank account for them would help make the concept less abstract?
Visit MyCheQueMate.com to sign up for a free account.
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Hi there! I am Emily Evert, the owner of Emily Reviews. I am 28 and live in a small town in Michigan with my boyfriend Ryan and our two pugs. I have a large family and I adore my nieces and nephews. I love reading memoirs, and learning about child development and psychology. I love watching The Game of Thrones, Teen Mom, Sister Wives and Veep. I like listening to Jason Isbell, John Prine, and other alt-country or Americana music. I created Emily Reviews as a creative outlet to share my life and the products that I love with others.
This post currently has 13 responses.
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Anne Taylor
This sounds like an excellent way to teach kids about budgeting etc. Thanks for sharing, I’m off to check it out further!
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Joanne Gregory
It does take a while for children to grasp the concept of money management. Some later than others, and some seem to be born accountants.
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Sarah L
This looks like a great way to get some money concepts for kids. (I know some adults who could use this)
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This looks great! Wish they had this when I was a kid! Money management is so important!
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Amanda Schaeffer
I love this it is so important to teach children about saving and money management.The earlier you start teaching the better.I really should be teaching my kids about money management this review was a great reminder to start doing this I will be checking this out later tonight it sounds really realistic and like a great teaching tool to get my kids better prepared for the real world 🙂
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cassie
I love this. I think many parents underestimate how crucial it is to teach your kids healthy finance practices. Although my dad is frugal, I never had any sort of financial education and ended up in that same debt boat as so many young folks do when they get out on their own.
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Deb E
This would really appeal to the kids in the digital age. We had flash cards to learn about math and my dad was strict about practicing every week. This looks more like fun!
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Dandi D
This is great, because we are just starting to teach our son about money.
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DJ
This looks great! I really need to share this with my kids.
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Thank you for all of your kind comments about MyCheQueMate. The Banking System has been a labor of love for us and we’d like to share it with parents everywhere. The Banking System was designed by parents for parents. We invite you to open up a new Bank and then add your children who will be your customers then let the fun begin. You can find the instructions on the About link on our home page or click on the YouTube link to see the video instructions. Feel free to contact us with any questions, concerns or problems you may have. We’re still in the process of fixing any remaining glitches. And if you like MyCheQueMate please pass the word for us. Thanks once again.
Team MyCheQueMate -
kathy downey
It can be difficult for children to understand the concept of money management,but the sooner they start earning it the faster they learn
This is an excellent concept, and it is flexible enough to tailor it to different ages and needs – cool! Don’t have your kids learn until they are out of school or in college!