Qwiddle - The Online Piggy Bank For Children

I recently wrote a post about pocket money and how we should let our children manage their own pennies to help them understand the value of money. Since that post I stumbled upon Qwiddle. Qwiddle is an online piggy bank for children and even better that unlike most things nowadays its FREE.

So after reading the 'About Us" and 'How It Works' sections I was confident that this would work for big J. He does have pocket money which we give him as cash each month. Then he usually spends most of it online either buying Xbox credits or iTunes. So we then usually pay for it out of our bank or PayPal and he gives us the cash back. To save any messing around he could do it all himself via his only Paypal account thanks to Qwiddle.

How It Works

Qwiddle isn't a bank but an intelligent wrapper around a PayPal account whereby children can learn how to

Work together with their parents to generate great conversations at home about money

Set goals for things they really want

Create tasks to help them achieve their goals and learn the valuable lesson that effort = reward

Share these goals with the wider family and friends at special times e.g. birthdays and Christmas

Demonstrate life skills like budgeting, planning, saving, savvy spending plus many more

When the goal is achieved great offers and deals will be available in the 'spend my money' section.

I signed big J up via the iPad and I'm glad to say that the website / app was mobile friendly. First I completed my details including an email address and mobile number. I did not have a referral code (as shown above) so I left that blank.

I clicked sign up and it asked me to input my details again.

Once I had confirmed my email address and password I was logged in and was brought to the screen above. I clicked +New Child and added his details.

Once his details were complete I then had to create a PayPal account for him. It was created using his username and a twiddle email address which was already pre-filled on the PayPal screen.

Once I had granted permissions and activated his account was ready to use. It was so simple and took less than 10 minutes.

His wallet was created and there were two buttons underneath - Send Money and Withdraw. I clicked send money which then let me add to his wallet using my own PayPal account. 

I am really looking forward to big J taking responsibility for his own money and being able to process payments without our help. I have explained to him how PayPal works and some transactions may occur fees so he will have to remember to hold some pennies back to pay for them.

*collaboration*