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Piggy Banks Are Disappearing! | 4 Reasons to Switch to Digital Pocket Money

Cash-free world is no longer a far-fetched notion. Time to embrace digital pocket money & instil correct digital financial mindset in your child.

One day, our future generations will look back on banknotes and coins as antiques. Indeed, a completely cashless world is foreseeable. According to a Bloomberg article, even churches began receiving donations via mobile payment!

While children are growing up in a digitally connected world, as parents, we shall transform the way we provide kids pocket money. It is always wise to prepare our little ones for a cashless future as early as possible, so they won’t face problems dealing with digital money as they step into adulthood. 👣


4 Reasons to Change from Physical to Digital Allowance:

1. SAFETY

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Has your child ever come to you saying “Mom… I lost my money 🥺”? Well, it is not uncommon for kids to be careless as it is easy for notes and coins to fall out of the pocket when they are out and about playing with their peers. Now with Mellow, children are able to spend with a mobile-connected debit card, therefore the occurrence of losing small thin pieces of banknotes can be eliminated. Even though there is a risk of your kid losing a card, it only takes seconds ⏱ to freeze it without any further losses. Cash, on the other hand, has no way to be retrieved once it’s gone! 💸

So… the next time you need to give a fairly large amount of allowance to kids for tuition fees or school trips, do you feel safer giving cash, or does Mellow digital pocket money sound more promising 💡?

2. CONVENIENCE - for you and your child.

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Digital pocket money enable parents to transfer funds to child account instantly with just a few clicks 📲. Some even enable a fixed amount to be automatically transferred to kids' accounts periodically! That way, parents can focus on other priorities without the hassle of remembering about giving pocket money, or facing the struggle to find small changes for kids’ allowance. What a huge parenting saviour! 🤩💆

With more and more services accepting cashless payments, kids can make contactless payments nearly everywhere with just a phone or card. Some shops even offer discounts and cashback 🤑 if payment is made via digital payment. Definitely a win-win situation for both you and your kids!


3. DEVELOP BUDGETING SKILLS EFFECTIVELY 🧮

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Kids always spend their cash as soon as they receive them (sigh! 😥). However, with Mellow digital pocket money, kids are able to see their savings building up bit by bit, giving them a sense of excitement and pride as if they’re waiting for their little plant 🌱✨ to grow! This makes them more aware of the value of money and serves an encouragement for them to save, training their ability to refrain spontaneous spending and delay gratification.

4. EMPOWER KIDS’ FINANCIAL INDEPENDENCE... but you know where their money goes! 🤫 🧐

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We all know that providing pocket money is a fundamental stepping stone in kids' journey towards financial independence. But with cash, it is always hard to trace where their money went… is money spent on books & stationeries, or a bunch of unnecessary junk food and games?! 😠

With Mellow, your little ones will feel matured to be in control with their money, but the best thing is that you can also retain parental supervision 🧐 on their expenses. In other words, you can transfer pocket money instantly and monitor your kids' expenses all in one app. Mellow-connected debit cards do not allow overdraft, therefore kids won’t be able to spend beyond their limits. Making children be accountable for their finances boosts their confidence 🚀 in decision making, which can be reflected in many more situations in their lives! Perfect for your kids, perfect for you.

Key Takeaways:

Digital pocket money gives peace of mind to parents like you, yet empowers kids to take initiative in managing and saving money themselves. Let’s eliminate the worry of cashless payments on your kids and turn digital with pocket money! Whether it is digital or physical cash, it still involves ‘real’ money, so why not choose the one with way more additional benefits? 🤗



Mellow - Your kid's best money app to budget, save, earn & spend. Now available on App Store‎ and Google Play

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