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, father and entrepreneur at heart. I founded several startup companies over the years. I currently own and run BrightAct – a successful boutique-consulting firm that focuses on product, UX and mobile applications design and development services. As well as intuito – a mobile prototyping and user research service.
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.
Without an understanding of how their personal money habits connect to the broader economy, it’s much harder for kids to grasp where control of funds really is and why financial events occur. At a minimum, you should cover these seven essential economic concepts with your kids. Basic principles of supply and demand drive the economy. When you have a lot of something or demand is low, prices usually stay pretty reasonable and might even be downright cheap. As soon as an item becomes rare or a lot of people want it, however, sellers usually hike up the price, knowing that individuals want what the sellers have to offer. In this way, it’s consumers that ultimately shape the market… Read More →
Great business ideas don’t just come from adults—more and more kids are getting their feet wet in entrepreneurship with big success. As your children see these models, these are the most important things you need to tell them. Being a successful entrepreneur requires you to stick with it. Adult entrepreneurs face a big problem: Even when they have great ideas, there are always people telling them they can’t succeed. There are always individuals who see things negatively, who try to convince entrepreneurs that it’s impossible to move forward. These people might even tell entrepreneurs to give up or that they’re stupid. As a kid, this issue is magnified for you, because you’re still listening to mom and dad, figuring out… Read More →
When kids don’t have much of their own to sell, one of the best options for earning some cash is to make craft items, which they then can sell at church bazaars, community fairs and other events. The key is to pick items that usually sell well just about any time, as this reduces the odds that your children will lose money on materials for items no one buys. These are some top picks. Hair accessories. There probably isn’t a girl or lady alive who doesn’t like to dress up her locks once in while. Have your child crochet, knit or sew adjustable headbands or spruce up some plain ones from the dollar store with fun beads or gems. A… Read More →
Getting your child to give to charity is a great way to instill a sense of compassion and generosity, but the simple fact there are so many different charities out there makes selecting the right one a bit daunting. These steps can guide you through the selection process and ensure your child finds a group they feel good about working with. Talk to your child about what they like and believe Just like adults, children are much more likely to stick with charitable giving if they know their money is going to something they prefer or are passionate about. For instance, if your son or daughter loves to play sports, they might feel good supporting a group that helps get… Read More →
Ask any financial expert what kids should learn early on about money and he’ll tell you to teach your child how to save. This is excellent advice, but the reality is that saving means different things to different kids. Your child might not see the saving task the way you do, and that translates into the need to be very conscious of how you go about engaging your child in saving strategies. Growth For some kids, saving money means only making it “grow”—i.e., your child can get latched on to the total saved. In his mind, the objective of saving doesn’t go beyond seeing how high that number can get, which can translate to money hoarding. To avoid this problem,… Read More →
Vendors and individuals both are selling items through online auctions in droves. Whether to let your child take part in these auctions is something you need to think through carefully, weighing the pros and cons. Concerns Online auctions typically require your child to provide some personal information. For instance, he likely will need to provide your address for shipping. Unfortunately, some people use this information to try to make physical contact with kids for kidnapping, sexual encounters or other crimes. Most online auctions get completed through a bank or other escrow accounts, requiring kids to input account or card numbers. Cybercriminals can take this information and pull out all the money your child has in the blink of an eye…. Read More →
Thanks to our member Dave, bankaroo now supports the South African Rand. Look for it in the kids’ account settings. If you are in need of additional currency support, please contact us.
Even if your child doesn’t ask for much, there likely will come a point when he asks you for something that’s a little out of your reach financially. When this happens, it’s not the best route to jump and say you can’t afford the product or service. Other options are available and offer good teaching opportunities. Why You Shouldn’t Say “We Can’t Afford That” Even though you always want to be honest when it comes to money, you generally shouldn’t tell your child you cannot afford something. Doing so has a very present-based focus. It describes only what your situation is like in the moment. A week, a month or a year down the road, things could be different. Another… Read More →