bankaroo started as a family project to help children learn how to manage their savings. Danielle came up with the idea when she was 11 years old and helped with the design testing and marketing. Dad helped with the technology, and mom helped with the rest. To date we have thousands of members from more than 70 countries around the globe.
Danielle started bankaroo when she was 11 years old.
A Big sister, honor student, Karate expert and video games player/designer.
Loves video games (dah!), art and reading.
A husband, a proud father and entrepreneur at heart. Built several startup companies over the years and always trying to work on things that would benefit the world.
bankaroo started as a family project in 2011. Today we have thousands of members from more than 54 countries around the globe. We rely on our members’ support to help us make the service better. Our members recently helped us to translate bankaroo to more than 10 languages.
bankaroo works on any device that’s connected to the Internet: your computer, laptop, tablet device and smart phone.
Other devices (as BlackBerry and MS phones) are supported with a mobile HTML5 application.
Our blog is full with information, ideas and tips on financial education for families and kids. We are always open to hear from you - please suggest topics and share our blogs with your network.
Saving has a rather ironic purpose: Your kids do it so that, at some point, they can spend. This activity has some big benefits, not only for your children’s money-education, but also for their personal and social awareness. 1) To confirm that money has a value On the most basic level, the value of money comes from the ability to trade it for something else. Your kids, for instance, can give it to a cashier in exchange for, say, some jeans, a comic book, or a snack. In this sense, it is connected directly to the old system of bartering, which allowed people to swap goods they acknowledged as having a relative value—people adopted coins and bills simply because they… Read More →
Although there are certainly times when you’ll want your kids to buy items brand new (shoes and underwear are perhaps two of the best examples), there are plenty of circumstances where opting for second-hand goods is super savvy. Thrift stores are great places to find bargains. You’ll want to head to them with your children for these positive reasons: 1) They’ll come to understand that value isn’t exclusive to new stuff. Thrift stores occasionally sell a handful of new items, but the majority of their business is based entirely on the concept of product recycling. Items still can be completely functional, even if they’re not right out of the packaging. In fact, an item being in a thrift… Read More →
As any seasoned parent will tell you, it doesn’t take kids very long to start asking for stuff. Eventually, they’ll learn that some things cost more money than they have. Most caregivers make the best suggestion of saving up for want their kids want, but this isn’t the only option kids have. Instead of always having them save, you might take the “I want…” moments as opportunities to teach them to handle debt well. Along the way, you’ll want to pass on these five key points. 1) Just because debt is common doesn’t mean it’s okay. Although the number of people in debt varies from country to country, in the wake of the Great Recession, having debt is almost… Read More →
Savvy adult shoppers will comparison shop before they make a purchase decision, but this behavior doesn’t happen automatically—it’s learned. Kids have the capacity to start doing it on a basic level quite early if you show them how. These tips can make the task a little easier for young children to understand and increase the odds they’ll continue to use the skill later in life. 1) Keep it hands on. When kids are very young, they often need to see things visually or work with them physically, as their brains are still developing the ability to work in the abstract. As an example, suppose one store has 3 boxes of cereal on sale for $6, while another has… Read More →
There’s no doubt about it—you and your child likely will cough up a nice chunk of change to cover the expense of back-to-school supplies. Kids can use multiple strategies to keep more money in their pockets during the process of shopping, though. These are among the best saving tips. 1) Ask about price matching, THEN comparison shop with a chart. Many major chains that have back-to-school sales, such as Staples, will give you supplies at competitors’ rates if you can bring in sales papers showing the lower advertised cost. Most people forget about these policies and fail to negotiate cost this way, the end result being that they spend more time and gas visiting multiple stores. If the stores… Read More →
A few weeks ago we had the pleasure of presenting bankaroo at the SpiritVienna event. You can see our session below and all the other sessions here.
Retirement can be a pretty abstract financial topic for kids to tackle, especially since it’s so far into the future. Still, they need to know what it is and start planning for it early, especially since they’re likely seeing you putting money aside for it, too. These are the key points you should hit when trying to explain retirement to your kids. 1) What retirement means Retirement usually means that a person chooses to leave the workforce or a specific career on a permanent basis. Most people make this choice when they are older, so retirement has come to be associated with being elderly and, to some degree, being physically or mentally unable to continue performing professional tasks. In fact,… Read More →
Eventually, kids either want or have to start earning additional money outside of the home. In the United States, this is usually when they are somewhere between the ages of 15 and 18 years old. A number of strategies can prepare your child to enter the workforce and get their first job. Be firm about rules at home and enforce consistent, clear consequences. Although your child hopefully will be in a supportive environment in his first workplace, his boss still is going to expect him to follow specific protocols, meet deadlines and work collaboratively. Failure to adhere to guidelines or directions can mean reprimands, loss of a good reference or even being let go, so don’t shy away… Read More →