Learning Money with Leo App – Review & Giveaway – CLOSED

29th March 2012

I am not a bank.

I say this A LOT to my lovely children, who sometimes think otherwise.

As the kids have gotten older, both my husband and I really believe that the kids need to understand the value of money and how hard it really is to earn it, and why spending it should take some thought.

When my 8 year old son had just turned seven, he was desperate for an iPod Touch. I suppose I could have gone out and just bought one for him, but really, he didn’t need the thing. However, I gave him the option of saving up for it, and if he could save up the exact amount he needed, then he could decide if he still wanted to buy it. We found out what it would cost with tax and wrote the amount down so he could keep track, and he started saving. Everything he got from his yiayia and pappou (grandparents), gift money, money earned from helping out, and every coin that he found from scavenging the furniture around the house, went in his money jar.

He saved for months until he had the exact amount he needed. We went to Best Buy and with this jar of cash and coins (the cashier was THRILLED to see those coins I’m sure), we paid for the iPod. As the jar got emptied, and every last penny was gone, he realized how much that iPod really cost him. He looked at me with puppy dog eyes hoping that I would let him keep his money and just use my own to pay for it. No such luck – a deal’s a deal.

I think the best thing we can do for our kids is teach them about money early on. We have started giving the kids a weekly allowance – $8 for the eight year old and $5 for the five year old. They have to save at least half each week – the other half they can choose to spend or save to spend on a bigger item. By items, I mean toys and stickers and video games and things they don’t really need. Things they need – clothes, shoes, books, etc, will always be taken care of me and the husband. The kids are really excited about their allowances and saving their money to see who can save more. Hopefully that feeling will last for both of them.

There is a great new iPad app called Learning Money with Leo, by the Royal Bank of Canada, that is available now and free to download. It’s a great app to help little ones with an early understanding of money. There are several games featured in the app including Gather the Coins and Sort the Coins. My 5yo enjoyed playing with the app and how interactive it is. The app allows you to create several accounts, one for each child. Along with the games, there is also a coloring book which my daughter LOVED, and a read along story that has a great message about money. Kids can also earn coins that can be used to purchase stickers for the online album. I love that it’s a free app that is both fun and educational – my five year old really likes it and has played with it several times. In fact, even her eight year old brother wanted to check it out and see what it was all about.

Do you think it’s important to teach kids how to understand and responsibly use money?? Do you give your kids allowances?

GIVEAWAY!

I have a $50 RBC Visa Gift Card to give away to one luck winner!

Mandatory Entry:

To enter, please leave a comment below telling me why you feel it’s important to teach kids about money.

Additional OPTIONAL Entry:

Tweet the following and leave a comment below saying you did – Enter to win a $50 RBC Visa card on @BOREDMommy ‘s blog – http://bit.ly/GYIzbC – Ends 4/20 #giveaway #MoneyWithLeo

RULES:

  • Open to Canadian Residents only
  • You are free to enter this giveaway on other blogs but you can only win once.
  • Winners will be chosen using Random.org
  • The Winner will receive their prize 4-6 weeks after the end of the giveaway.
  • The giveaway will run until April 20th, 2012

“Disclosure – I am participating in the RBC Learning Money With Leo program by Mom Central Canada on behalf of RBC Royal Bank.  I received compensation as a thank you for participating and for sharing my honest opinion. The opinions on this blog are my own.”

UPDATE: CONGRATS to my winner: LONDIA!!! Thanks to everyone who entered!!

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60 thoughts on “Learning Money with Leo App – Review & Giveaway – CLOSED

  1. Shannon

    Teach kids about money is beyond important. It’s what gets them ready for the future and helps them understand/appreciate every thing they recieve in life (gifts, vacations, etc). Also, with credit card companies beginnging to target teenagers it’s never too early to teach them where money comes from and how quickly it can go.

    Reply
  2. Chantal

    I am an adult and sometimes have issues with money. I want my kids to understand not only the value but the trappings of money and things. So that they understand what is really important in life.

    Reply
  3. shannon

    Its definitely important to teach them the importance of money. They need to learn where it comes from, how to earn it, save it and to realize that they are not always going to be given what they want. My parents never really showed me the importance of saving and i wish that they had because it would have carried out with me when i was in my 20’s working and spent everytime dime i had on clothes, food, etc when i could have used it for a deposit on a house or travelling etc. So yes its important 🙂

    Reply
  4. Lisa KH

    It’s important to teach kids about money as it’s a skill they will require their entire lives. Learning to budget and plan early will help understand how to be financially responsible adults.

    Reply
  5. Mary

    Being a single mum. Money is always an issue. But it doesn’t have to be if a child grows up with a knowledge of how money works. And needs and wants are two different things

    Reply
  6. Annie

    I want my son to learn to appreciate working hard to have money to spend and save. I was taught this principle when I was a child and the same will apply to my son, especially as he gets older. I don’t want him to be in debt and have financial problems that will impact his quality of life. It’s important to take this seriously because life doesn’t give handouts, you have to work hard and be money smart, especially when you start having a family of your own.

    Reply
  7. Glogirl

    It’s important to teach kids about money as it lays the foundation for future responsible money management. Learning how to save and budget now will take them a long way into the future as they handle larger amounts of money.

    Reply
  8. angela m

    I think it is important to teach kids about money so they can be responsible with money at a early age.. They learn to save for what they want and hopefully not go into debt as adults
    thanks
    flower_child_23(at)hotmail(dot)com

    Reply
  9. Londia

    It is important to teach about money as how to save it and spend it wisely. Knowing that you have something for the future.

    silverneon2000 at yahoo dot com

    Reply
  10. Anne Taylor

    While I was growing up I wish they had taught Money Responsibility & Understanding Money in school because I had no guidance at home and I believe that its one of life’s major life skills.

    I’m trying to teach my grandkids about it as I didn’t do a great job with my kids.

    Thanks

    Reply
  11. Shawna

    Like you, I want my kids to understand that money doesn’t grow on trees or magically appear when you whip out your debit card. It takes hard work so their allowance is tied to chores and whether or not they do them. My 9 year old saved for half of her i-pod and we paid the other half. It was a great lesson as she learned how long it actually takes to pay for something like that. I’d love to win!

    Reply
  12. Karla Sceviour

    I think it is important to teach kids about money so they grow up to be responsible adults ,save money for what they need and not go into debt!
    ksceviour at hotmail dot com

    Reply
  13. Debbie W

    Kids need to learn how to save and that parents are not banks. Value, discipline and control of the all mighty dollar has to be installed into our young ones.

    Reply
  14. Pamalot

    Learning how to save and spend money is important to learn at an early age so that you are prepared for adulthood.

    Reply
  15. Teresa

    Teaching my kids about money is important because I want them to grow up having control over their money. In the past few years I have finally gotten a good budgeting system down (and I’m 36!!) and it feels so good to have that control. I want them to learn the concepts of saving, spending, donating at a young age. I do try to remember to give them allowances…though I give only .50/week per year of age. We have a savings jar, planned saving (for more expensive items they want to save for), mad money (anything they want within reason!), and charity.

    Reply
  16. Leah

    Both my husband and I feel that this is a very necessary lesson while growing up. I was taught how to deal with money early on while my husband was never taught anything about money. There was an enormous difference in how we spent money. I know that my husband always wished that he had more knowledge of what it all really meant in the long run and regrets a lot of his decisions he made when he was younger. We want our children to have the skills to deal with their money in a responsible manner. I am sure there will be a few bumps in the road but hopefully with the skills we teach them they will be able to handle any financial situation.

    Reply
  17. Cheryl Morreale (@loucheryl)

    It’s very important to teach our children about saving money because I want them to grow up to respect money. The should know what to save and what to spend. I also think a weekly allowance is important too.

    Reply
  18. Bree

    I want my kids to understand money so they can have an easier future. You have to work to make money, and save for things you want!

    Reply
  19. B C EDWARDS

    kids need to know the difference between wanting things and needing things, esp once they hit college age

    Reply
  20. Tammy @ In R Dream

    SO important not to umbrella R children from the world of money! We share with R children the importance of saving, why daddy goes to work, and if we cannot afford that must have in there eyes.

    Reply
  21. Tammy @ In R Dream

    SO important not to umbrella R children from the world of money! We share with R children the importance of saving, why daddy goes to work, and if we cannot afford that must have in there eyes. @inRdream

    Reply
  22. Amy

    I’ve made a lot of mistakes with money in my life and I’m still paying (literally) for some of them. If I can teach her that credit cards are not a good idea, that saving is better than spending and shopping isn’t therapy she will be two steps ahead where I was when I started out on my own.

    Reply
  23. Marlibu

    I think educating kids about money at an early age is very important. It will help them to understand where everything comes from and hopefully help them to learn to spend wisely 🙂

    Reply
  24. Amy

    It is so important for kids to understand the importance of money so they can see the value in all of the things they own – from toys to clothes to the food they eat.

    Reply
  25. Ericka

    Its important to teach kids about money so that they can develop good financial habits that they can use as adults.

    Reply
  26. @wonder_wmn

    Its very important my kids learn the value of money. They need to learn to appreciate what they have and how much things cost. They have a piggy bank which we count out every so often and they get to go buy whatever they want. Things need to be earned. They can’t always get what they want, when they want.

    Reply

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