Why not just give them cash? Well, the great thing about goHenry is that it gives you some control over how their money is spent. You can set rules for how much, how often and where money is spent. And there’s no overdraft so getting into debt is not possible. You can also temporarily add more funds if they are going away on a school trip, or you just want to treat them for a special occasion.
The best thing, in my opinion, is that you can set tasks for them to complete. When done you just release the funds! Okay, not everyone wants to turn their child into a butler but its just another nice touch that makes this a cool tool for teaching them financial responsibility, even if it’s just encouraging them to build up a surplus by saving more and spending less.
Another good feature, though possibly a little “big brother” for some, is that you can keep an eye on their spending from your armchair or work desk using the website or mobile app in real time!
What’s the catch. Well, there is a £1.97 per child per month charge. This may seem a lot for some, and a little for others. It’s worth giving it a try though, especially as you’d have to stick with it for 6 months before you’ve even spent the £10 joining bonus.