We know you have questions, and we've got the answers. We aim to be as honest and straightforward as possible. Check out our FAQs here to find out more!
PocketMoney.app is available to everyone. The site is designed for parents to register in the first instance.
You can create an account by clicking on "Sign up" on the homepage.
Once the parent has registered they can create a family group and then add children and other parents to the family.
Please note users cannot be added if their email address has been already registered with PocketMoney.app.
The parent creates a family group by selecting add family. They will be prompted to enter the family's name and default currency. Once the family has been created they can then add family members.
The user creating the family is deemed the family administrator.
At the moment, a user can only be registered with one family group at any point in time.
There are three user types:
The family administrator will add family members to the group by registering email address and their user type (parent or child). The new users will receive an email invite and will be prompted to enter a new password. Once logged in they can use PocketMoney.app.
The family administrator will be able to see if the new family members have accepted the invite.
Each child registered with the family will be assigned three accounts (savings, current and charity) and these will be linked to one parent account. There will be an account to save money, one for general spending, and another to use for saving for a charitable activity. Additional accounts can be added a child's profile and these are called goals.
The balance of the parent's account will agree to the sum total of each child account. The parent account will keep track how much money is owed to each child in total.
The family parent administrator can add an unlimited amount of children and other family members to the family group.
Click on edit family currency to change the default currency. All transactions within a family group are assumed to use just once currency at this moment in time.
Click on edit family timezone to change the default timezone. If the family timezone is correctly set allowances will run at the appropriate time.
You can reset your password from the login page. Click on the forgotten password link and enter your email. You will be sent an email requesting you to reset your password. You will be required to reset your password within 1 hour. If you do not reset your password within 1 hour the reset email becomes invalid and you will be required to restart the process.
You can change the following items in your Profile: name; image; email; bioThis is simple to do by using the options in the profile section. Please note your profile image needs to be less than 5mb in size and that email addresses can only be changed if it has not already been registered with PocketMoney.app
There are two types of users: 1) Parents and 2) Children.
Children
Children will have three default accounts (savings, current and charity) and up to 4 active goals. These will be linked to one parent account.
Parents
Each child will be linked to an unique parent account. The balance of the parent's account will agree to the sum total of each account owned by that child.
The parent account will keep track how much money is owed to each child in total.
Next to each account you will see a deposit option. This will allow you to deposit money into an account.
Next to each account you will see a transfer option. This will allow you to transfer money between accounts. Transfers can only be done between accounts owned by the same child.
Next to each account you will see a withdrawal option. This will allow you to withdraw money from an account.
If a transaction is done by a parent it is automatically approved. If done by a child it is unapproved until it is accepted by a parent. Parents will be able to see unapproved transactions on their home page. They can approve or reject the transaction by clicking on appropriate option. If approved, the transaction will be marked as approved. If rejected the transaction is deleted from the system.
The account's balance is the sum of total approved transactions. The account's available balance is the sum of total approved and unapproved transactions.
Transactions need to be entered as positive numbers between 0 and the maxmimum transaction limit of 1000.
For deposits the limit is the maximum transaction value.
For withdrawals and transfers the transaction limit is equal to the account's available balance.
An account statement is obtained by click on the statements option next to the account. The statement will list all approved and unapproved transaction and will display the account's current balance and available balance.
A goal is an account linked to a particular activity for example saving towards a new toy. A goal can be created by a parent or by a child. If created by a child it needs to be approved by a parent before it becomes active.
A goal is a new account and one can make the usual type of transactions (deposits, withdrawals and transfers).
We believe that goals are an important feature and allows children to appreciate the value of money. It is up to children how they allocate funds to their goals.
A parent or child can add a goal by clicking on add goal from the homepage. You will be required to name the goal and detail the goal's saving target.
If a child adds a goal, it needs to be approved by a parent before the goal becomes active. Transactions to a goal can only occur once a goal is active.
A child can only have 4 active goals at any one time. Having too many goals limits the child's focus. Once the child has 4 active goals they will not be able to add an additional goal.
Transaction to goal accounts can only be done by children and cannot be done by adults. We believe this allows children to feel ownership and responsibility for their own goals.
Goal accounts operate the same way as other accounts by using the appropriate functions (deposit/withdrawal/transfer) and are limited by the same transaction limits.
Goal transactions done by a child are marked as unapproved until reviewed and approved by a parent.
Once the goal has been achieved funds can be withdrawn using the withdrawal option. If the goal has been achieved it can be marked as complete once all funds have been withdrawn or transferred to another account.
A listing of completed goals will be retained to show a child's successes.
If the details of the goal have changed, you can change them by selecting edit goal from the homepage. You can change the goal's name, savings target and picture at any time.
If the goal is no longer required it can be removed once the goal's account balance is zero. This means that all transactions within the account must be approved. Once the account has a zero balance, you will be prompted to confirm if you want the goal to be removed. Once you have confirmed to remove it the system will remove it from your homepage.
An allowance can be created by any parent from their settings page. From there the parent can add, view and amend existing allowances. The frequency of an allowance can be set to be monthly, fortnightly or weekly. Children are not able to add or amend existing allowances.
The allowance will run based upon the set frequency based upon the family's timezone.
If an allowance requires to be suspended due to an unforseen circumstance you can go to the allowance settings and click "suspend" on an existing allowance. The allowance will be suspended until the suspension is removed from the allowance. The parent and the child will be see the allowance is suspended from their homepage.