The average American parent gives their kids $15 per week ($780 annually) without anything to show for it. Why not have them work for it?
Teens and tweens (7-17 year-olds) today are spending more money than ever, and the parenting culture has evolved into one that just hands money to their kids. As a result, kids have all of the buying power, but none of the earning power. Some families rely on printed-out chore charts to organize to-dos and track allowance-earning, but do kids really respond to stickers and gold stars anymore?
That’s what John Malone, father of three teenagers and CEO of the new, online platform Ourly.help, believes. The cloud-based portal – which just launched nationwide today – aims to digitally replace the antiquated ‘chore chart’, providing the fastest, easiest, and most thoughtful way to get kids working for what they want while all while promoting the principals of financial literacy.
How it works:
· Families can sign up for free today through the company’s website, www.Ourly.help.
· Parents securely load money into their account and design customized chores for kids (they can also choose from a preloaded list of 24 suggested weekly household tasks – like cleaning a bedroom or sweeping the kitchen floor). Kids set earning and savings goals, and also can designate part of their allowance for the charity of their choosing.
· The Ourly.help portal organizes kid’s chores and reminds them (via text message or email) of impending due dates and the values of each task.
· Before a task can be started, the platform requires kids to upload a “before” photo of each individual job – for example, a dirty pile of laundry. Once completed, kids upload an “after” photo of the completed task for proof (think clean, folded laundry), which prompts an approval-request notification to appear on their parent’s mobile device or via email. Using Ourly’s before-and-after photo slider, parents can evaluate if the job was completed to their satisfaction, and if so, mark the job “complete” – triggering the platform to deposit money allocated for the task into their kids Ourly account.
· Kids can then “cash-out” their earnings with any of the 50 brand name digital gift cards offered within the portal, including pre-paid VISA cards.