Lessons in saving pay off for family

Laura Senior with her family
Laura Senior with her family
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Proud mum Laura Senior is getting virtual finance lessons from her children.

Laura works at a global accountancy firm and at the weekends she, husband Damien and children Emily,nine, and Max 12, like nothing more than a round of golf.

Working at an accountancy firm, Laura has always been a firm believer in the power of pocket money and its ability to teach her youngsters how to earn, save and manage their finances.
Yet, it was Max, who asked her if they could ditch their physical piggy banks and move their money online.

Laura said: “Max saw Gimi listed as one of the top five free apps to download on App Store and suggested we gave it a go.
“I was happy to try it as the kids were so reliant on me recording their pocket money in my diary – they weren’t actually managing their own money.
“While both are set up on Gimi, it’s Max who uses the app the most to track and receive his £5 allowance.
“If he would like to earn more, he can suggest and complete extra household chores.”

Eager to master his own money, Max recently decided to swap smaller jobs for bigger ticket chores.
Gone are the days of emptying the dishwasher, it’s all about bigger chores, with rewards such as ironing earning up to £10 an hour.

And although Emily doesn’t receive pocket money on a weekly basis yet, she still has an account so she can complete chores around the house, such as making her bed, to earn some money.
Emily logs her progress in the app and tracks how far she is off her savings goal – which right now is Squishies.

Laura added: “Given a lot of our purchases are online, we no longer have the need for real cash so having an app to manage and “spend” money for the kids is really useful.”
“It makes it more realistic as the greater visibility the kids have is an important part of money management skills.”