COVID-19: Back-to-School Plans in Canada

After the long summer break, many parents consider back-to-school as “the most wonderful time of the year.” However, the upcoming 2021-2022 school year is unlike any other. Parents and kids are unsure of how the school year will play out. Are kids heading back into the classroom, will there be digital learning – or a combination of both?

Mydoh is all about learning. With that in mind, we rounded up some resources to keep you informed on back-to-school and the changes parents, and kids across Canada might expect.

Changes to the upcoming school year in Canada due to Coronavirus 

We’ve broken down what back-to-school could look like in your province when they reopen in September. Keep in mind that local boards and individual school protocols and open dates will vary by region. The below information is accurate at the time of publishing, and parents are encouraged to check their children’s school for the most up-to-date and accurate information for their own situations.


Alberta plans to fully reopen schools for all students. Additional measures include enhanced cleaning, reorganizing classrooms to increase space between desks, hand hygiene, and access to hand sanitizer. Masks will be mandatory for kids in Grades 4 to 12, where physical distancing can’t be maintained. Mask use for children in kindergarten to Grade 3 will be optional. Students who take the school bus will be expected to sit in the same seat each day.

British Columbia

The first day for kids in B.C. has been pushed back to the second week of September, giving teachers and staff two days to prepare for the new school year. Students will be sorted into learning groups of no more than 60 people, including teachers and educational assistants. Learning groups will remain together throughout the semester. The province’s back-to-school plan includes enhanced health and safety measures, including a health policy for students and staff. The province will also provide every student with two masks when they return to school, although masks are not mandatory for elementary school students in B.C.

For more information, visit B.C.’s back-to-school plan.


School is set to go back for kids in Manitoba in September for full days. However, some high school students may also have part-time distance learning. Masks will be mandatory for students taking the bus, and while the province isn’t mandating the use of masks in the classroom, it strongly recommends kids in Grades 5 to 12 wear a mask. Schools will also be staggering breaks and organizing students into groups of no more than 75 as an additional safety precaution.

New Brunswick

Students in kindergarten to Grade 8 will return to school full time, while high school students can expect a combination of in-class and distance learning. In order to keep students safe, the province has announced plans to reduce group sizes for kids in kindergarten to Grade 5. Each student will be required to bring a face mask to school each day, but they are not mandatory in the classroom. Students in Grades 6 to 12 will be required to wear a face mask in common areas, such as hallways and on the bus, while younger students are encouraged to follow suit. Arrival times to school, as well as breaks, will also be staggered. On school buses, students will be required to sit in the same seat every day, and the bus will be equipped with a curtain to separate students from the driver.

For more information, visit Return to school: Guide for parents and the public.

Newfoundland and Labrador

The province has created three back-to-school plans, depending on the risk of infection, including in-class learning, remote learning, or a combination of the two. Schools will aim to physically distance students, and there will be a “no sharing” policy for school supplies between students. Currently, the wearing of masks is not mandatory for any students, though students who choose to won’t be stigmatized.

For more information, visit the province’s K-12 education reentry plan.

Northwest Territories

The territory is planning to offer in-person education where possible, with the possibility of teaching children in shifts if there isn’t space to properly distance as well as remote learning. Students in kindergarten to Grade 6 will be assigned classroom “bubbles,” while older students will be asked to socially distance. Masks will be required for all students where social distancing can’t be practiced.

For more information, visit the province’s back-to-school plan.

Nova Scotia

School returns full time for kids in Nova Scotia in September, with measures to physically distance students. Students in Grades 4 to 12 will be required to wear masks unless they are two metres apart and facing the same direction, and the province will provide students with two free cloth masks. Masks will also be required on school buses. The province has also announced that if a further outbreak occurs during the school year, classes will be reduced, and students will move to a blended learning model of in-class and at home, as well as remote learning for older students.

For more information, visit Nova Scotia’s back-to-school plan.


Elementary schools across Ontario will reopen near the beginning of September, five days a week for in-class learning, and children will be grouped into cohorts. Meanwhile, most secondary school students may be required to adapt to part-time distance learning and part-time school attendance to keep class numbers low. Masks will be required to be worn by all students from Grades 4 to 12 at school and on the bus. Parents also have the option to enroll their child in remote learning, rather than attend the classroom.

For more information, visit Ontario’s plan for the safe reopening of schools in September.

Prince Edward Island

When PEI students return to school in September, they’ll be organized into cohorts to limit contact with others. Classrooms will be reconfigured to allow for social distancing. While masks won’t be mandatory, the province strongly encourages their use for students in Grades 7 to 12 and recommends kids in kindergarten through Grade 6 also wear masks when they can’t physically distance. Similarly, masks aren’t mandatory on school buses but are recommended.


All students are expected to return back to school in September. Students who are at high risk of complications from COVID-19 (or live with someone who is) can request to be exempt and learn remotely. Students will be in a bubble to limit interaction with others and will be expected to physically distance from any other students or teachers who are not in their bubble. Masks are required for students in Grades 5 and up in common areas in the school and on the bus, while younger children are encouraged, but not required, to wear a mask.


The start of school has been pushed in September, and students will be assigned to groups to limit interaction with other students. In addition, start times and breaks may be staggered to allow for physical distancing. While the Chief Medical Officer has advised students in Grades 4 to 12 wear masks in common areas and on buses, it will be up to individual school boards to set a policy on mask-wearing. Students taking transit will be assigned seating.

For more information, visit Saskatchewan’s safe school plans.


Students in rural parts of the Yukon will return to school full time, while high school students in Grades 10 to 12 will split their learning between the classroom and remote instruction. Class sizes may also be reduced. Wearing masks will not be required, but will be up to the individual.

For more information, visit Yukon’s planning for the 2020-21 school year.

Keeping kids safe at school

Binders, coloured markers, a new lunchbox – and a face mask? Back-to-school shopping will be a little different for parents this school year. Many provinces are making masks mandatory for kids in Grades 4 and up, while younger children are also encouraged to wear a mask, as it’ll help stop the spread of the virus. Canadian government guidelines recommend a mask made of at least two layers of tightly-woven fabric such as cotton or linen. It’s important their mask covers your child’s mouth and nose.

If your child doesn’t already own a washable mask, there are plenty of options available in-store and online. Etsy sells a wide range of masks for kids, from gamer designs to donuts to unicorns. Masks are available from a wide range of stores.

Another way to help prepare your child to return to the classroom in September is to talk to them about the changes in safety protocols ahead of time. Encourage physical distancing and frequent handwashing for at least 20 seconds (about the amount of time it takes to sing “Happy Birthday” twice through). Pack hand sanitizer containing at least 60% alcohol in their school bag and encourage kids to apply a dime-sized amount only and rub hands until completely dry, especially after sneezing or coughing. If your child is sick, they should stay at home.

Read more about the best daily routines for kids going back to school

How to talk to your kids about COVID-19

Understandably, some parents are nervous about sending their children back to school in September. Or perhaps you feel comfortable with the decision, but your child has questions about their health and safety. A disease outbreak of his magnitude is difficult for kids to comprehend. The Canadian Pediatric Society recommends you:

  • Reassure your child that doctors and scientific experts around the world are working hard to keep them safe.
  • Help your kids to understand, verbalize, and organize their own feelings around the pandemic.
  • Find out what they know and correct any misinformation they may have about the virus.
  • Be honest but positive. Reinforce that they are unlikely to get sick, but that it is still important that they do their part to keep themselves and others.

No matter what you decide/are comfortable with for this upcoming school year, Mydoh will continue to be here, helping teach kids about money and keeping them busy in those off-school hours. Sign up for Mydoh today and begin teaching your kids about financial literacy today. Whether they’re at school part-time, full time, or learning remotely, they’ll be able to earn money by doing chores or completing tasks and learn how to spend it wisely – and safely.

Download Mydoh today to learn more.

Settling in Canada: How to Set Your Kids Up for Success

Originally posted on RBC’s Discover and Learn

One reason many parents immigrate to Canada is to provide their children with a bright future and better education. While the thought is promising, trying to understand the differences in the Canadian school system and curriculum may be confusing and sometimes stressful.

Katarzyna Jeziorska, her husband Jakob and their two young sons immigrated to Vancouver from Poland in 2014. Getting their children settled in schools in Canada proved to be more difficult than they expected. Part of the challenge was the steep learning curve when it came to understanding how the Canadian school system works. She was anxious about how to navigate the Canadian school system,

“It was stressful because you’re new to a country and there are so many things that need to be taken care of all at once.”

To help you and your family navigate the Canadian school system process, here are some tips and information to consider while reviewing your search.

Choice of school

In Canada, public schools are regulated at the provincial level, so your choice of school depends on the province you live in. Most people in Canada send their children to public schools, although there are many great private school options.

Languages taught in Canadian schools

Canada’s two official languages are English and French and both languages are taught in schools. You have three options when it comes to language:

  • An English school, where most of the curriculum will be taught in English.
  • A French Immersion school, where the curriculum will be in both French and English.
  • A French school, where almost all of the instruction will be in French.

Across Canada, all provinces offer French Immersion schools, English schools, and French schools, but they aren’t always open to all students. For example, in British Columbia you can only send your children to a French school if you speak French at home or if you went to a French school yourself, but anyone can go to an English or French Immersion school in that province.

Also, in Quebec there are rules around who can go to an English school. The rules allow students to go to an English school if certain relatives have attended an English school in Canada. For that reason, most immigrant families would not qualify to send their children to English schools in Quebec.

diverse group of friends going back to school

Cost of schooling in Canada

In Canada, there are public schools, which are free to attend, and private schools, which charge tuition. Public schools include both secular public schools and, in Alberta, Saskatchewan, and Ontario, ‘separate’ Catholic schools that offer students a publicly funded religious education. Private schools also break down into two categories – those that are unaffiliated with religion and parochial schools which teach both religious subjects and secular subjects and sometimes have lower fees than secular private schools.

The cost of private schools in Canada differs greatly. While some schools start under $4,000 a year, typically schools vary in price from $6,000-$12,000 annually. If you want to send your child to a boarding school, it could cost over $40,000 per year. Some schools offer scholarships to help offset the costs.

Learn more about Best ways to save for your child’s education in Canada.

Determining which grade to enroll your child in

When you enroll your children in a Canadian school for the first time, the school board will generally assess your child’s grade level from their country of origin, and assess their academic progress before deciding what grade to place them in. They will also determine whether your child needs English or French language support classes.

Registration and school calendar

In order to register your child in a new school, you should contact your local school board. Some school boards allow parents to have some choice or preference about which school to send their kids to, but most dictate what school your child will attend based on where you live. If you want to get into a particular school, the earlier you enroll your children the better. School registration opens at different times depending on the school board and so you should contact your board to find out.

Jeziorska was lucky that the school that she wanted to send her son to wasn’t a school where there was a lottery held to decide which students get to attend. In Vancouver, the school board allows parents to choose which school to send their kids to and the school is oversubscribed, the uses a lottery to decide who gets to attend.

The school year in Canada starts in September and continues until the summer. Students usually get one or two weeks off over Christmas in December and one or two weeks off in March for a vacation known as March Break.

Read more about Fun and cheap winter activities for kids.

Schools are closed on all bank holidays and also on professional development days – days during the year when schools are closed so that teachers can attend additional training.

Settling into a new school takes time

Starting a new school can be difficult for children. There are new teachers to get used to, new kids to meet. It can be especially hard to adjust when kids move to a different country. If English isn’t your children’s first language, that can make adjusting even more difficult.

Read more about Best daily routine for kids and teens.

While it can take time to get settled into Canada and a new school system, kids are remarkably adaptable. Using the Mydoh app can help them learn about the Canadian financial system and allows them to brush up on their English skills.

No matter what you decide/are comfortable with for this upcoming school year, Mydoh will continue to be here, helping teach kids about money and keeping them busy in those off-school hours. Sign up for Mydoh and begin teaching your kids about financial literacy today. Whether they’re at school part-time, full time, or learning remotely, they’ll be able to earn money by doing chores and learn how to spend and save money wisely – and safely.

Download Mydoh today to learn more.

Teaching Kids About Money: in Conversation with Bryan and Sarah Baeumler

Don’t eat modelling clay? An easy talk. The merits of diversification? Maybe not so much.

Teaching your kids basic money skills is an important step toward building their financial confidence, and it doesn’t have to be complicated.

Discussing money with your kids isn’t difficult if you know the trick: Keep things simple and talk about what matters to them.

4 practical tips on how to teach your children about money

In raising four children, Bryan and Sarah Baeumler recognize the value in talking about money with kids. Here, they share some of the approaches they’ve taken to teach their children some fundamentals about money—fundamentals they hope will stick with them to adulthood.

1. The “spend some, save some” approach

Not all kids are super keen to put all of their hard-earned money into savings. Children—and adults too, for that matter—need some instant gratification. They like to have some kind of immediate reward for their work.

This is where you can talk about balancing spending with saving, and how compartmentalizing money earned can help them enjoy the fruits of their labour, while also saving for a bigger goal.

“Having a savings account might not be as cool as having the latest toy, but understanding the value of things in the short term versus the long term is important. And if you save and raise the money for something you really want, you develop a pride of ownership,” says Bryan.

As we get older and our financial responsibilities increase, compartmentalizing income is an important way to meet all of our goals—making it a great lesson to introduce to kids.

Learn more: how to help your kids learn better money saving habits.

2. The talk about compound interest

Don’t worry, this approach doesn’t involve complicated graphs, formulas or breaking out a scientific calculator. The general concept of compound interest is one that can open young eyes to the magic of saving—and one the Baeumlers introduced to son Quintyn when he wanted to spend money he had earned.

“Quintyn wanted to buy a skim board, which would have used up all his income. Instead, we sat down and watched a simple video about compound interest, in which he saw how much money he could earn if he invested that cash instead of spending it all.”

While compound interest might seem like a complicated topic, kids can easily understand it: Earn money (interest) on the original amount you save (principal), then gain more money on both the principal and interest earned.

The idea that money can grow over time—and doesn’t just sit there doing nothing—can be a powerful motivator, for kids and adults alike.

Head over to our Money 101 guides to help your kids learn money basics.

3. The siblings babysitting gig

When you’re 12 years old, the job market isn’t all that robust, so the opportunities for kids to earn money might seem limited. But that’s where you can get creative as a parent. For instance, 12-year-old Charlotte Baeumler wants a phone. And while she doesn’t have a job, Sarah talked to her about babysitting her 6-year-old sister, Jo-Jo.

“Giving your kids some measure of responsibility can teach them the concept of working for money. And when they work for cash — or for something they want — there is more weight and significance attached to the item purchased,” Sarah explains.

Babysitting is just one way to teach kids about money. Here’s a list of other chores around the house that you can do with your kids to teach them the value of money.

Learn more about how to introduce chores and allowance to your family

Start the money conversations early with Mydoh

At Mydoh we believe in teaching kids about money at virtually any age, and we understand the importance of tailoring the message to your child’s personality and level of understanding. With Mydoh you can start that conversation with your kids while making money an approachable, comfortable and fun topic in your home. Plus, it can help establish smart habits early in life, which can lead to more savings success in the future.

Download Mydoh today to learn more.

The Benefits of Buying Local and Supporting the Economy

Have you ever heard people say, “you should shop local”? Well, what they are actually saying is you should support your local economy. During times of uncertainty in the economy, it is even more important to show our love for family and local businesses.

If you already shop local – congratulations! Share your favourite places to shop and some of your favourite items with your friends and inspire them to shop local too.

What is a local economy?     

Our neighbours and community create local economies through the shops they own and operate in your neighbourhood. Not the big box stores which import products from other countries but the stores that focus on sourcing their products and items for sale from your neighbours and fellow Canadians. 

What does it mean to shop local?

Shopping local could look like buying your morning coffee from the local coffee shop versus going to a big brand. Or it can be buying your fruit, veggies and baked goods from the farmers market.

Why buying local is important

Shopping local creates a local and environmental stimulus. Let’s look at the farmer’s market example.

Infographic that shows the economic benefit of supporting local farmers markets
Local Farmer’s Market Lifecycle
  • 💚 First, we have our local farmer. He and his family grow strawberries, rhubarb, blueberries and raspberries in Ontario.
  • 🍓 In the summertime, when the strawberries are ready for picking, he hires a few students looking to earn some summer money to help him harvest the fruits and sell them at his stand.
  • 🧁 Using some of the strawberries and rhubarb, his family decides to make delicious muffins to sell at the stands too. Who doesn’t love a strawberry and rhubarb muffin!
  • 🚜 With the money he makes selling his harvest, he pays the students and asks his neighbour, who has a local repair shop to fix his tractor that broke.

The economic impact of shopping locally

The farmer created local jobs for the students, earned revenue from his community purchasing his harvest, and reinvested the profits he made into his neighbour’s local repair shop. Next summer, his neighbour will buy a few muffins and cartons of his fresh strawberries, continuing the cycle of the money staying within the community.

5 benefits of buying local products

You can support your community by shopping, dining or choosing fresh local foods. All these conscious choices help create jobs, supports economic growth, and injects much-needed dollars into the economy while rallying your community.

We’ve put together five key benefits of buying and dining locally:

1. Stimulates the local economy

Buying from local stores, restaurants, and farmers stimulates the local economy and makes it healthier by creating and supporting local jobs.

2. Keeps the money in the community

Buying local keeps the community’s money in the community, as local businesses are likely to be using the community’s services and buying their items. Keeping the money in the community helps it grow and be prosperous.

3. Creates unique items from the community

Shopping locally also creates a diverse array of local goods and services that are unique to that area. It also encourages entrepreneurship within the community. Our farmer from the example before who is focused on fruits may inspire another farmer to start growing and selling delicious vegetables.

4. Help the environment

Buying local reduces our impact on the environment since we aren’t paying for the goods to be shipped to us. Less air pollution and reduces our need for fossil fuels.

5. Support the community

Local businesses are more likely to take the initiative to support their community. This can be in the form of donating funds to non-profits or goods to events and those in need. Because local businesses are owned and operated by your neighbours, they are more invested in the well-being of their community compared to large conglomerates.

How can you and your family support the local economy? 

Supporting local businesses could be as simple as buying ice cream from your local ice cream parlour instead of the big brand grocery store.

There are many ways you can support your local economy and get your kids involved too. By shopping local, you can teach your kids the power their money has in shaping their community and can give them a sense of pride, knowing they can positively contribute to their neighbourhood. 

Find opportunities to change your shopping habits

Shopping and dining locally is about recognizing the strength and resiliency of all Canadians. By shopping locally, we all play a role in healing our communities and helping rebuild the Canadian economy.

Teach your kids the benefits of shopping local

Teaching your kids the benefits of shopping local is a great place to start! Getting your kids to shop local is a great way for them to get involved in the community and understand how their decisions can have a positive impact. Who doesn’t love the feeling of making a small business owners’ day when you make a purchase with them.

Mydoh can help teach your children the value of money and the impact their spending habits can make on the local economy. With Mydoh, your kids can manage their own money in the real world, making decisions to spend and earn while parents get visibility and the opportunity to have better money conversations.

Learn more about Mydoh and how it can help your kids build good money habits early in life.

Download the Mydoh money app for families

Get Shopping: 7 Reasons Why We Should Love Our Local Economy

People choose to shop locally for a variety of reasons. Some just really like the products their local shops sell, and for others, they know the benefits of buying local. During the pandemic, you’ve probably seen many posts online encouraging people to shop locally, and they aren’t wrong. Understanding the benefits of buying local will enable you to support your community during these challenging times. Not sure where to start? We’ve put together some ways you can support the locally-run business and services in your neighbourhood, and teach your kids why it’s important along the way.

Why you should be shopping local

Shopping local means supporting businesses that locally source their items, employ workers from the area, and sell to people who live in the area. There has been a lot of education online when it comes to buying local to support your community and family businesses.

7 Reasons to shop local

Local businesses need our help and support to remain open. Teaching your kids why it’s important to consider local businesses when making purchases is a lesson worth sharing while they are young. Here are a few reasons to help get them started!

💰 1. Money from the community stays in the community

When you purchase from a local or family business often, the business owner is also probably buying services and goods from other companies in the area. This continual cycle helps grow the local shops and create a more extensive tax base. That means even the tax dollars from these businesses are staying within the community, too.

🤝 2. Local businesses are more likely to give back to their community

Local and family business owners are an essential part of our local economy, and they also realize how their decisions could create a positive impact. Because families in the community typically own these businesses, they have a vested interest in making the community better. They help build the community by sponsoring local sports teams, donating to those in need, or participating in community events.

🛍️ 3. Enjoy diverse and unique products to the area

One-of-a-kind items and services that are unique to the area attract customers from the community and tourists. Tourists who visit can see what the city has to offer and what contributes to its overall vibe. Most of the money tourists spend then stays within the community.

🌿 4. It creates less impact on the environment

One of the most popular reasons to shop local is the positive effects it has on the environment. Instead of our meals taking a long journey and travelling thousands of kilometres to end up on our plates, it comes from within our community, which is a much shorter distance! Buying local decreases the number of fossil fuels needed to not only transport our food – but also to package and market the items.

Learn more: How to Talk About Climate Change With Your Kids.

📛 5. Local business hire workers in the community

When a local business is selling items that are unique or native to their area, they want to hire people in the community, including teens. Locals know and understand the area so they can give shoppers a better idea of why the shop’s items are unique. Local businesses that hire locally are one of the best benefits of supporting local businesses. Rather than people having to commute far distances for their job, it’s closer to home, and the more positions available locally means less traffic (keep on decreasing those fossil fuels!).

💻 6. Encourage local entrepreneurship

When entrepreneurs start their own business, they are taking control of their life, improving innovation in the area, and increasing consumer choices. Helping to create a healthier and lasting impact on the community as these families are less likely to leave the area. Some cities are so supportive of local entrepreneurs that business owners are given business grants and are encouraged to use the development centres to help grow their businesses.

😊 7. Customer service is better

With local and family shops, you are more likely to know the owner, and they may even know you by name. Small business owners have more of an opportunity to develop a close relationship with their customers creating more opportunities for the community to find what they need and improve their overall experience.

Teach your kids how to shop locally by using the Mydoh app

Shopping at the well-known box stores may seem easier at times, but making an effort to buy items from a local shop has long-lasting benefits not only for the business – but for you too! Teach your kids about shopping locally, and give them real-world money experience by sharing the benefits of supporting their community at a young age. Make it an afternoon event! Take your kids to your favourite store, and if they find something they like, encourage them to make the purchase with their Mydoh Smart Cash Card. Tell the store owner about how your child is learning about shopping locally and ask if they have a favourite local shop that you and your child should check out. With so many great offers from local stores, you and your child are sure to find what you are looking for!

Learn more about Mydoh today, and help your kids learn how to manage their own money all under your supervision.

Download Mydoh today to learn more.

What’s the Right Way to Give an Allowance?

Robin Taub is a Chartered Accountant, and author of the book “A Parent’s Guide to Raising Money-Smart Kids”.

Originally published on RBC Discover & Learn
By Robin Taub

An allowance is one of the best tools for teaching your kids about money. Some families believe that an allowance should be payment for chores their kids do around the house. Other families strongly disagree. They feel the chores should be done as a family responsibility and the allowance is purely a money management tool.

Whatever you decide is right for your family, be sure to explain that to your kids, so they know why they are getting their allowance. And give them some guidance on how the allowance is to be used. Really, they have four choices when it comes to money: they can either save it, spend it, donate it, or invest it for the long term.

Learn more about Mydoh and how it can help your kids build good money habits early in life. You can use Mydoh as a chore and allowance app to make it easy to assign tasks for your children. When your kids know exactly what they’re supposed to do, they’ll be more likely to complete them.

Download Mydoh today to learn more.

How Giving Your Kids Real-World Money Experience Will Help Shape Their Future

Teaching kids about money is among the most important — yet confounding — challenges to take on.

Where do you start? Is allowance a good idea? How do you explain the value of money to children? As many parents aren’t sure how to tackle these questions, financial education is often left until ‘later’.

Originally published on RBC Discover & Learn
By Diane Amato

Developing “money smarts” at a young age can lead to a lifetime of financial independence and confidence. Without these key skills, kids could grow into adults who struggle with financial self-control, debt, or the capacity to save for important goals.

Teaching kids about money doesn’t have to be a daunting task. At least that’s the thinking behind Mydoh — The Smart Money App for Kids. Recognizing that many parents are unsure about how to approach effective financial education, the creators of Mydoh built an app that steps in to offer financial guidance, practice and know-how, while allowing parents to be as involved — or as hands off — as they wish.

“Mydoh began with the shared belief that money management isn’t something you are taught, as much as something you learn through experience — and that experience should start early,” the site explains.

How Mydoh — the money app for kids and parents — works

Mydoh provides a safe and secure environment for kids as young as eight years old to start getting hands-on money experience. Parents can create tasks — such as cleaning their room, doing the laundry, pulling the weeds — or set up a weekly allowance for their kids. Money is automatically transferred from your “parent” account to the “child” account on Pay Day, provided that your kids complete their tasks on time. They can then spend their earnings online, or in-store using contactless (tap) payments anywhere VISA is accepted, with their Mydoh Smart Cash Card.

With this kind of hands-on money experience, kids get to practice making their own earning and spending decisions. In time, they have the opportunity to improve their money skills, stick to a budget, and build confidence as they see the results of smart money management.

Since there are many different parenting styles out there, you can decide how involved you wish to be. For instance, you can see your kids’ spending activity, react to their purchases using emojis in real-time, control how much money you send to your kids, and how much they can spend. If need be, you can lock and unlock your kids’ Smart Cash Card, right from the app.

Giving kids experience with money

When kids understand the value of money and the benefits of spending wisely, they may be better prepared to achieve their future financial goals — whether that’s buying a car or a home, starting a business, exploring the world, or pursuing other dreams.

With an app like Mydoh, kids can learn essential money skills through real-world experiences. At the same time, as a parent you can rest assured that your kids are getting a solid financial education.

Given responsibility, experience and a little guidance, kids have the opportunity to learn real values that can help them shape their financial futures.

Learn more about Mydoh and how it helps make kids learn money skills early in life.

Download the Mydoh app today to learn more.

7 Tips to Teach Your Kids How to Use Credit Cards

Waiting until your child is old enough to score their first credit card before having “the talk” could spell disaster, especially when the bill comes in. Here are some strategies on how to teach your kids about credit cards while they’re still young.  

Why should you start talking to your kids about credit cards early?

Financial education should start as early as possible, and you can even introduce the subject as early as at seven or eight-years-old. Instilling sound financial knowledge when kids are younger—and more likely to listen—helps ensure when your kids do become adults, they’re more able to use their credit card wisely. 

Beyond turning into the Bank of Mom and Dad, there are other compelling reasons to talk to your kids about credit cards while they’re still young. Understanding how credit works and the risks of mismanaging a credit card means your kids are more likely to avoid future financial hardships as young adults. 

How to Teach Your Kids About Credit Cards

Credit cards actually have benefits when they’re used effectively. When it comes to teaching your kids about credit cards, the point isn’t to avoid getting one, but rather to understand when and how to use them. 

1. Explain what a credit card is

Younger children may have heard of credit cards, or have seen you pay with one, but not understand khow they work. Many parents have a credit card, so pull it out of your wallet and show them. Explain that a credit card comes with a limit that is set by the financial institution. Help kids understand that when you’re borrowing, you have to repay the amount spent when the bill is due each month or the bank will charge you interest on top of the amount you borrowed.

Read more about how to explain a credit card to your kids.

2. Help them understand when to use a credit card

Credit cards aren’t good or bad. They are a financial tool that not only can they come with perks, but there are times when it’s difficult to make purchases without a credit card. Explain to kids that credit cards are can be used to book a hotel, shop online, or make a large purchase that means you avoid carrying around a lot of cash. Teach children that when used responsibly, credit cards also come with benefits, such as extended warranties (like on their latest-and-greatest electronics).

A dad teaching his daughter how to use a credit card

3. Make it clear that it is not their money

In an ideal world, we’d all pay our credit card in full when the bill is due. However, that’s not always possible. It’s important to reiterate that a credit card is essentially a loan given to you by your financial institution. That loan has to be paid back, even if it’s in instalments. This is where you can introduce the concept of interest (and even combine it with a little math!). Annual percentage rate (APR) on credit cards is typically 19.99%. So if you owed $1,000 and only paid $100 a month, it’d cost you almost an additional $103 in interest once the balance is paid in full. Ask your kids: What would you do with that $103 instead? 

4. Only buy the things you can afford

When you’re young, a credit card seems to be a magic tool for getting what you want. Help kids learn that you can’t buy everything you want, so instead focus on buying the things that you can afford (and want!). Explain to children that part of handling a credit card responsibly is staying below your limit. Ideally, you want your balance to be 30 per cent of the overall limit as carrying a balance greater than 30 per cent could negatively affect your credit score. ‍

Learn more: How to help kids and teens avoid impulse buying.

5. Understand the consequences of not using credit responsibility 

Help kids understand there are real consequences to not using a credit card responsibly, including additional costs in interest, late payment fees, and how it can lead to a damaging their credit score. A poor credit score has long-reaching effects, including higher rates on car loans, mortgages, or even being denied renting a house or apartment. Better to have them grasp the consequences now before they’re moving back into your basement as an adult. 

6. Using credit cards responsibly has benefits

On the flip side, using credit cards responsibly leads to many benefits later in life: high credit scores, which translates into not only being offered lower interest rates on loans but receiving approval in the first place. If the idea of taking out a loan feels alien to your teenager, remind them that a good credit score can even be necessary for getting a cell phone account. In addition, they’ll be able to receive some pretty cool perks, including travel rewards, cash back on your purchases, and even free roadside assistance. 

7. Give them practice with a Mydoh Smart Cash Card 

Before your kids are old enough to apply for their own credit card, give them some real-world experience of managing their money and using plastic. Mydoh is a digital Smart Cash Card and money management app that helps teach kids how to be good with money (while having fun!). Best of all, parents can oversee what their kids are spending their money on. 

The bottom line on teaching kids about money 

It’s important to start money conversations early. Be transparent about your own finances, share your successes, and any lessons you may have learned along the way. Encourage your kids to ask questions, and if you don’t know the answers, find out together. 

Sign up for Mydoh today and give your kids a real-world experience of earning and spending their own money today. 

Download Mydoh today to learn more.