Learning about the value of money and how to make the most of it is all part of advancing into adulthood. However, managing your money isn’t always easy. There have been plenty of initiatives set up over the years to help children understand the importance of managing money and how to use it to their advantage. One of the most popular is GoHenry, which has surged in uptake as kids across the UK and US are taking fresh control over the cash they have to spend.
But what exactly is GoHenry, and what is all the fuss about? Is it a debit card? An app? Let’s dig a little deeper and answer some of your burning questions about the children’s money management service.
GoHenry Review: Quick Summary
- GoHenry lets you pay pocket money to your kids via app. You’ll have an app, too, to manage the accounts.
- You choose exactly what to pay your kids, and what for.
- Kids will receive a debit card which is linked to their GoHenry pot. This means they can take money out of cash machines and pay at shop terminals.
- You can add spending limits to curb how much your kids use from their pocket money.
- You can also encourage your kids to save money towards the things they really want.
- GoHenry costs £2.99 per child, each month.
- Kids can choose their own card designs to help make saving and using their own money fun.
- The service has received fantastic reviews – it could work well for you, too!
- There are alternatives to GoHenry such as Osper and Nimbl, both of which offers similar schemes and subscription rates.
What is GoHenry?
GoHenry is a money-managing app and debit card designed for users between the ages of 9 and 18. It’s around this age that, normally, kids will start to be taking control of their pocket money, and may even be looking to take on odd jobs of their own.
Parents or guardians can set up a GoHenry account before creating sub-wallets for their kids. They will then be able to distribute funds to their children and set healthy limits for their spending. Rather than hand out pocket money in loose change, GoHenry allows parents to keep a rein on what their kids receive, and when they receive it.
If you want to, for example, give your kids a little extra money for doing household chores, you can do so by initiating a bank transfer. For regular money, you can manage this via standing order. The dedicated GoHenry app allows you to impose limits and completely control the money you give to your kids. However, once they’ve received it, they can spend it within your parameters as they see fit.
Is GoHenry a debit card?
GoHenry works as both an app and a debit card. This means that GoHenry will send VISA cards to parents which will be associated with each child account. Therefore, they will be able to take on some responsibility and independence by managing their very first bank card – without the horrors of it being linked to your account. It’s a pretty clever way to break down the boundaries of child spending while teaching kids how to manage money at the same time.
How GoHenry works
GoHenry works as a digital pocket money dispensary and as a tool for kids to start finding their financial feet. Parents are able to take control over how much money is shared between their children, supplying them with their own card, and are even able to block purchases from certain shops and stores.
Parents who want to impose spending caps without the arguments may well find these digital blocks to be worthwhile. At the same time, kids will be able to start taking care of their own money. The app allows kids to save towards certain goals, and can even see tasks set by their parents which could earn them a little more money in the bargain.
All in all, it works as a clever digitalisation of the old pocket money standard. However, it comes without the risk of kids blowing their cash on things they shouldn’t, and introduces them to how important earning and saving is from day to day.
How much does GoHenry cost per month?
GoHenry costs £2.99 per month, per child. Therefore, you would expect to pay less than £10 per month if you’d like three children to take part in the scheme. There are no extra fees for the parent account, and the brand is also offering a short free trial so you can see how you get on.
These fees have increased in recent years, though not by much. Therefore, it may be worth getting involved with GoHenry now ahead of any further price surging. The app is only set to get more popular, so it makes sense to take on your free trial as soon as possible.
Where can you use GoHenry cards?
One of the big draws with GoHenry and its cards is the fact that there are no limits to where payments can be made. Parents can block cards from being used at certain stores and online shops, which means you won’t have to worry about your kids wildly using their allowances on things they shouldn’t.
GoHenry cards can be used at LINK and other cash machines up and down the UK. This means that, with their own PINs, kids will be able to start making their first withdrawals. They can also be used at all UK shops and stores, as well as online. As they are provided by VISA, there is a lot of flexibility in how they can be used. Again, don’t worry – parental controls and locks are very easy to put in place and maintain.
GoHenry card designs
Naturally, as GoHenry cards are designed for kids, they come in a wide array of different designs and colours. They can worry about boring old bank cards when they reach adulthood! Kids can pick from colourful photos and designs for their prepaid cards, with their names personalised along the top. This is a great way for children to keep track of their own cards, and there’s never going to be any squabbles between brothers and sisters as to whose card is whose.
You’ll be able to help your kids pick their favourite or preferred card designs when you first set up an account. These cards are also contactless, which means they not only look snazzy, they can be used with just a quick tap here and there. Again, don’t worry – you still have complete control!
Can GoHenry help your kids to be good with money?
Reviews on GoHenry are largely positive. It’s safe to say that there has been a need for kids to learn about money management in a new and exciting way for some time. There are alternatives to GoHenry – we’ll look at those in a little detail further down – but for the most part, this brand does a very good job of keeping money portioned, fair, and easy for everyone to get along with. Kids will love being able to spend their own money by card, and being able to save towards certain goals.
The app does a great job of introducing kids to earning money, too. The cash-for-tasks section, which is adjudicated by the parents, will encourage them to start enterprising. You never know – this might be the first stepping stone towards your children becoming entrepreneurs! In any case, it’s an affordable, attractive solution to plenty of those pocket money woes most parents will have come across.
Who owns GoHenry?
GoHenry is a UK-based company who first set up business in 2012. The company has broken a number of equity crowdfunding world records via CrowdCube. Prior to funding, the company was thought to be worth £58,000,000. It’s safe to say that this is a company with plenty of capital to make its app and services go places in the next few years.
GoHenry is not the only child money-managing service out there. While the name is a market leader and is still picking up users left right and centre, there are a couple of alternatives which largely support the same ideas and service.
One alternative is Nimbl, a similar app-style service which provides parents with spending controls as well as the ability for kids to choose who much they’d like to save on a regular basis. Another big benefit of using Nimbl is the fact that it will actively pop-up and tell you when a child’s card has been used and where – as well as how much was spent. Nimbl is currently offering a free month’s trial, which means it may be worth looking into alongside GoHenry for free to see how you get on.
Don’t go anywhere just yet – as a third party in the game is Osper. Osper is, once again, a debit card and app service which allows parents to transfer money and control what is being spent. It’s similarly priced to GoHenry at £2.50 per month per child, with a free 30-day trial being offered to new patrons. This service operates through MasterCard, and it provides kids with money breakdowns and when to expect cash to next appear in their accounts.
It may be worth taking on a free trial of each of these services before you commit – and really get your money’s worth!
GoHenry is leading the way for helping to break down money management for kids. There are a lot of great benefits for parents and their children alike. However, Nimbl and Osper do present good alternatives, which means it may be worth taking a look at all three.
In any case, if controlling pocket money and allowances is already an issue, there’s every reason you should give GoHenry a closer look, as it’s very reasonably priced, and is likely to grow in scope and features.
by Jon Craig
I am the creator of Project Financially Free and I started this journey to both educate myself and share my insights on personal finance. I’m passionate about financial literacy and I invite you to join me on this transformative path. See more.