Say goodbye to impulsive spending! With ‘Savings Goals’, kids have the opportunity to make better money decisions.
There are three savings buckets where kids can save their money. They can save with a target date and amount in the ‘Goals’ bucket, for things they have their eye on (like a Nintendo Switch or tickets to Disneyland). They can also save for the future, with no target amount or date in the ‘General Savings’ bucket.
Savings goals is not a savings account and interest will not be earned on savings.
Kids can save by moving money from ‘Spend’ into either of their savings buckets (‘Goals’ or ‘General Savings’) and they can set up to 3 goals at a time.
Kids can also move money between each savings bucket, and parents can contribute to their kids’ savings goals by sending money. Whatever method is used to save, it’s a win-win!
There’s no need to stress over knowing the status of set goals as the goals are easily tracked within the app.
Kids can easily tell if their goals have not been completed, and how much money and time are left to complete them. They can also see if they have completed their goals or performed a feat by exceeding them.
A goal has just been achieved or exceeded. Awesome! Now, what next?
After a goal is achieved, the money must be moved to ‘Spend’ before it can be used for purchases. Purchases of up to $200 can be made with a physical or digital Mydoh Smart Cash Card, while purchases of up to $500 can be made with a digital one.
We’re so glad you asked! We believe that establishing financial goals are an important part of creating mindful spending habits and identifying reasons to save. Our goals feature aims to provide a visual representation of what it means to save money with a specific objective. It is not a savings account, but a way to discern how much progress your child makes with regards to a specific objective or “Goal” that they may be working towards.
It is a reminder, a calculator, and a progress report all in one! Kids can define what their goal is, particularly what they are hoping to save money towards. Until the goal is reached, kids will be able to view their goals by selecting ‘Savings Goals’ on the home page of their app.
Similarly, parents can view their children’s goals by selecting “Savings Goals” below their children’s name on the home page of their parent app!
If you have any questions, please don’t hesitate to reach out to our support team through the in-app chat!
Great question! ‘Savings Goals’ enables kids to allocate money they have earned separate from the money they will spend using their Mydoh Smart Cash Card 1. Within the Savings Goals feature, kids can allocate funds into General Savings, or, set up a Goal 2, which allows them to define and specify a goal that they are hoping to work towards – this can be anything from saving up for a specific item, or saving to donate to a charity of their choosing!
If you have any questions, please don’t hesitate to reach out to our support team via the in-app chat, or at hello@mydoh.ca.
Notes:
Setting goals is a very simple process that can be done through the child account! See below for more details:
1. Login to your Mydoh child account, and select the ‘Savings Goals’ tile on your homescreen
2. Select ‘Set a New Goal’ at the bottom of the screen, then fill out the information pertaining to your Goal
3. Select the amount of money you would like add towards your Goal, and where the funds should be moved from. If you would not like to add any money, select ‘Skip for Now’
4. Review and confirm the details of your Goal
5. All set! Your Goal has been created
Kids can set up to 3 Goals at a time. They can also edit, delete, and mark an existing goal as complete!
If you have any questions, feel free to reach out to our support team.
Notes:
1. Please note that your child’s ‘Savings Goals’ is not a savings account and will not receive interest or any other earnings.
The total funds a child earns between both Spend and Savings Goals will always be listed at the top of their home screen. When parents send their kids one-time transfers, or when kids earn money through task or allowance payments, the payments are always deposited to the child’s ‘Spend’.
From there, it is up to the kids to move the funds into their Savings Goals 1. Please see below for the steps to transfer funds from Spend to Savings Goals (General Savings or Goals):
If you have any questions, please don’t hesitate to reach out to our support team via the in-app chat, or at hello@mydoh.ca.
Notes:
Great question! To know when your child has achieved a Goal, simply log into your Mydoh parent account and on the home screen, tap on your child’s name. Below your child’s name, scroll down and select ‘Savings Goals’.
From there, you will be able to see how your child has divided up their funds between General Savings, and Goals! Goals that have an ‘Achieved’ tag written on the top right hand side means your child has reached their goal!
Your child can see their achieved goals by selecting ‘Savings Goals’ on their home screen, then scrolling down to see a list of all their Goals. If a Goal has been achieved, kids should see the message ‘Achieved!’ on the top right hand side of the Goal. Congrats! This means your child has reached their goal!
Your child can transfer the money out of a Goal and prepare to make their long awaited purchase by selecting the Goal, then selecting ‘Well Done! Tap here to Move Money”, and following the prompts.
Once a Goal has been achieved, your child can select ‘Set a Goal’ at the bottom of their “Savings Goals” screen to create a new one! To see other past goals, your child can also select ‘See Past Goals’ at the bottom of their Savings Goals screen.
If you have any questions, please don’t hesitate to reach out to our support team through the in-app chat!
Notes:
1. Please note that your child’s ‘Savings Goals’ is not a savings account and will not receive interest or any other earnings.
2. Kids can set up to 3 Goals at a time.
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*The 30-day free trial offer is activated on the date of completion of the Mydoh mobile app account registration process. After your free trial offer ends, a monthly subscription fee of $2.99 will be taken out of your Mydoh Wallet. You can cancel any time by contacting Mydoh. Mydoh reserves the right to cancel, modify or withdraw this offer at any time.
† The RBC Visa Prepaid Mydoh Smart Cash Card (“Mydoh Smart Cash Card”) is available as a physical and digital card that can be used to pay for purchases online or in-store anywhere Visa contactless (tap) is accepted.
1. The RBC Visa Prepaid Mydoh Smart Cash Card (“Mydoh Smart Cash Card”) is available as a physical and digital card that can be used to pay for purchases online or in-store anywhere Visa contactless (tap) is accepted.
2. Parents can load and kids can access up to a maximum of $500 per day on their Mydoh Smart Cash Card. When loading money to a Mydoh Smart Cash Card, there are limits to the number of transfers and dollar amounts. Please see transfer and transaction limits.