A teenager views his savings goal in the Mydoh app

Saving made easy

Empower your kids to make smart money decisions and turn their wish lists into reality with Mydoh’s Savings features. Whether it’s the latest gaming console or tickets to that must-see concert, your kids are now in the driver’s seat to make their own money decisions.

Get Mydoh today

A child views her progress towards her savings goal in the Mydoh app

Four ways to help build better savings habits

General Savings help your kids plan and save for something specific. They can set up to three goals, save towards them, track their progress visually, and feel the satisfaction of achieving their goals. Along the way, they’ll build skills that will stay with them like commitment, patience, and persistence.

Savings Goals teach your kids to plan and save for something specific. Kids can set up to three goals at a time, save towards them, and track their progress visually, giving them the satisfaction of achieving their goals step by step. Along the way, they’ll also build skills like commitment, patience, and persistence.

Round-up is our way of giving back a little extra by saving your kids’ spare change automatically. Every purchase is rounded up to the nearest dollar and moved directly into their General Savings.

Savings Boost lets parents super charge their kids’ efforts and send a little extra as a reward for their progress. It’s a great way to celebrate their wins.

A teen siting on a sofa tracking her saving and spend balance in the Mydoh app

Auto-Save

Paying yourself first is a habit worth starting early! With Auto-Save, you can help your kids put a portion of their weekly allowance directly into General Savings.

Just set it, forget it, and watch their savings grow!

FAQs

Is Mydoh a child savings account?

No, Mydoh is not a child savings account. Kids and teens do not receive interest or any other earnings on their Savings buckets or on money in their Mydoh Wallet.

How do I know when my child has reached their Savings Goal?

To know when your kid has achieved their Savings Goal, log into your Mydoh parent account and tap on your child’s name on the home screen. Then scroll down and select “Savings Goals.” From there, you will be able to see an “Achieved” tag on the top right hand side of the screen, which means your kid has reached their savings goal.

Does Mydoh offer a savings calculator?

Yes, Mydoh offers a free savings calculator for kids even if they’re not a Mydoh customer. Our Savings Goal calculator takes into account your kids’ income and spending to show them how long it will take to reach their Savings Goals. They’ll receive a personalized savings plan to show them how long it’ll take to save up for what they want.

When should my child use General Savings?

If your kids don’t have a specific goal to save for, but still want to put money away for a rainy day, then they can use the General Savings feature. General Savings is a great tool to help kids and teens develop the habit of saving money regularly. The money won’t be available to spend, until kids move it from General Savings into their wallet.

How can parents encourage their kids to save money?

Parents can encourage their kids to save money by encouraging them to set a savings goal, giving them an opportunity to make money through Chores and Allowance, and give them a place to save money—like in Mydoh’s Savings Goal feature.

Why is it important to save an emergency fund?

Everyone, even teens, should have money saved for an emergency fund. Saving for an emergency fund means they’ll have funds available to cover the cost if something goes wrong, without having to go into debt. It’s a valuable skill to learn now when your teens’ idea of an emergency is a cracked smartphone screen and not paying to replace a roof.

How do I teach my child to budget money?

Parents and caregivers can help teach their kids to create a budget by having them calculate their income (like a part-time job or allowance), decide how much they want to save, then calculate their expenses (like buying a new game or going for takeout with friends). Our savings calculator will take kids and teens through these steps.

See more FAQs