With a new wave of tween-tailored financial tools hitting the Web, it’s becoming easier for time- and cash-strapped parents to outsource finance lessons to the pros.
Tykoon, a new personal finance management tool for parents and kids to use together, is one of the best models we’ve seen so far.
mum and dad get complete control over their purse strings and kids learn how to spend, save and give wisely.
We were treated to a preview of the beta site last month. We’re taking you along for the ride now.
CASH FLOW: You're not just handing your kids a blank check. They have to allocate their earnings over three categories: Charitable donations, savings and petty cash. You handle allocations here.
This is way easier than a chore chart. Choose tasks from Tykoon's list – laundry, dishes, walking the dog, etc. – or make up your own.
Kids get their own Tykoon experience, too, and can pitch ideas for chores, but parents get the final say.
The kids' dashboard gives them a good look at their chores, how much they've earned and where they've allotted their cash.
Tykoon gives them a way to learn by setting big goals (like saving for college) early and letting them monitor their own progress.
Speaking of friends, parents have total control over who their kids interact with and whether they make their progress public to other users.
Privacy control is key, since the site has a social media feel to it, much like Facebook or Foursquare.
It shouldn't be too hard to guess which charities have been the biggest hit with Tykoons: anything to do with animals.
Now, for the fun part. When they've earned enough, they can spend their cash in an Amazon-powered shop within the site. All the items have been kid-approved and parents choose which categories they can browse.
Once kids head to check-out, you'll get pinged to complete the transaction online. The site won't auto-debit your account.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.