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 tens of thousands of members from more than 70 countries around the globe. We rely on our members’ support to help us make the service better.
bankaroo works on any device that’s connected to the Internet: your computer, laptop, tablet device and smart phone.
We developed native mobile applications for iOS (iPhone, iPod and iPad) as well as native Android mobile application for Android phones and tablets. Other devices (such 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.
For years, money gurus have asserted that, with help from parents, kids use separate spend, save and give banks with their money. Although the advice is sound, the experts who spout it rarely provide an explanation about why the technique works, let alone how it concretely connects to their financial savvy later in life. Here’s the breakdown that maps it all out for you. Concrete Thinking and Good Money Habits When kids are first learning about money, thinking abstractly or based on concepts—which sound financial management requires—is still challenging. They do better with real or physical tools until around age 7, after which they slowly start to develop their ability to understand logic. By age 12, most kids can work… Read More →
Ideally, kids grow up to make good money decisions, working with funds without relying on anyone else. Getting them to this point takes work, however. These methods can lay a solid foundation for your kids’ financial independence. 1) Make your money tasks a routine part of your schedule. Kids are masters of imitation. Whatever you do, they likely will copy. Set up a time at least once a week where they see you paying your debts, shopping for necessities (preferably with a list) and working on your budget. Approaching financial tasks with consistency in this way helps kids accept that money management is doable, normal and a regular responsibility, just like brushing their teeth or getting homework done. 2) … Read More →
A major goal in teaching kids to be responsible with money is getting them to control how much they spend. If they can do this, budgeting is much easier, and the risk that they’ll get into debt dramatically decreases. These five techniques can lend a hand as your kids develop this skill. 1) Give them cash or set a card limit. Many children keep on swiping their plastic without checking account balances. Get your kids to recognize their limits by letting them spend only cash for a while. Cash cannot be replaced if lost or stolen, so it’s best to give them small amounts at a time. Once your kids are showing good responsibility with cash, go ahead… Read More →
When your child works with a piece of money, the odds are pretty good that the money already has seen its fair share of the world, with your child’s piggy bank, wallet or purse just one stop among dozens on its route. This rather lengthy process is sometimes surprising to kids, and it can be fun for them to explore just where their money goes. Why should kids be paying attention to money routes? Originally, most societies relied on horribly inefficient and inconvenient barter systems where they exchanged goods like potatoes or grain to get what they needed. When people started making coins and bills, however, trade got a whole lot easier, because people suddenly had standardized units to… Read More →
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 →