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.
Internet banking and shopping can be incredibly convenient for your kids, but it’s not always safe. Following these handy tips can reduce some of the risks. 1) Show your kids how to avoid unsecure networks. With access to tablets, smartphones and other Internet-ready mobile devices, it’s incredibly easy for them to hop on a network that’s not secured. If they do this, they unwittingly can leave personal data unprotected as they access bank and shopping websites. Encourage your kids to use only networks that require a network security key, and teach them to look for other clues such as the yellow shield icon Windows machines display for secure connections. 2) Get them to change their passwords frequently. Multiple cybercriminals… Read More →
Most people think of ATMs when they think of machines that are most valuable for money-education, but coin sorting machines can be important, too. These machines are available at banks, as well as major department stores (usually near the service desk). How do coin sorting machines work? Basic coin sorting machines work mainly based on coin size. They dump the coins into different channels based on how big they are, much the same way that regular vending machines do. These machines can involve a magnetic test. Every coin has slightly different magnetic properties due to the metals they’re made with, so by exposing the coins to a magnetic field and determining their dimensions, the coin machine can figure out which… Read More →
Financial experts almost unanimously laud teaching kids how to tell the difference between “wants” and “needs”. The trouble is, they often stop their advice there, failing to give parents and caregivers some basic strategies that will help children make independent purchase choices. These questions can point your kids in the right direction and get them thinking through the purchases they make. 1) Does this item keep me safe or healthy? Safety and health will be your children’s purchase priorities, not only in the present, but through their entire lives. At the top of the basic safety/health list is food and shelter, but there are rules even here. With food, for example, the general guideline is to aim for something… Read More →
When kids just need a little bit of extra money or don’t qualify for loans on their own, they typically go to the Bank Of Mom And Dad somewhat by default. This shouldn’t necessarily be a habit, but if you handle the situation properly, it can be a great way for you to teach them about responsible borrowing. Depending on your circumstances, a few different questions might be appropriate before you open your wallet. What are you going to use the money for? No bank or credit union provides loans without knowing the purpose behind them. Prepare your kids for this and insist that they tell you where the borrowed money is going to go. Even if the item they’re… Read More →
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 →