Download Moolah It, and stick to your New Year’s Resolution!

Hello to all our friends in the Moolahverse!

It’s that time of the year again, when we’ve made our new year’s resolutions about smart saving, money management, and spending within our means.

We at Playmoolah are trying to restrain ourselves and stick to our financial goals, especially with all the post-New Year sales around. It isn’t always easy, with so many beautiful distractions in the shop windows! Right now, we need real self-control to prevent ourselves from impulse  spending. We’re setting our New Year’s Resolution: to only buy things we really want, AND that are also within our budgets.

Keeping to a resolution is hard enough for adults â€" so how do you explain this concept to kids?

We’re excited to share with you Moolah It, a new app that will help your child learn to budget and prioritise the items on his wish list.

How to use Moolah It?
1. Download the app [1] . It’s free!
2. Agree on a budget with your child, for a period of time. This could be his New Year’s Resolution, e.g. “Spend less than $50 a month on toys.”
3. When you’re out shopping, and anytime your child says “Mommy, I want that teddy bear! I want that Lego! I want, I want, I want…”, get them to take a picture of the toy and input its price. Here’s the trick â€" capturing an image keeps kids occupied, inputing prices makes them aware of how much something costs, and finally ranking the choice forces them to prioritize when they exceed the budget.

Other tips:
- Start a discussion about additional chores they can do to earn more pocket money.
- Make grocery shopping fun, by snapping pictures of everyday household items.
- Get kids to sleep on their decisions and ask them again the next day. It helps them figure out if really want a particular toy!
- Do some simple mathematics games, to learn addition and subtraction. “If you buy the Lego at $10 instead of the teddy bear at $5, how much more money do you have left?”

Moolah It! Empowering children to choose through impulse control and delayed gratification.

Moolah It is currently available for iPad and iPhone. Download it for FREE here [2] , or by searching the iTunes store for “Moolah It”.

Links

1. ^{^} Download the app (itunes.apple.com)
2. ^{^} here (itunes.apple.com)

source: playmoolah.com