A young girl achieves her savings goal with FLX
Here is a fictional example of how families can use FLX to help their kids learn to earn, save and spend.
By the time Alice and Mark decided to have a child, Trixie, they had learnt a lot about managing money, setting a savings goal and planning for your retirement. They were excited to teach Trixie about money from a young age.
Some of Trixie’s earliest memories were listening to her parents, Alice and Mark, discuss their finances.
When Trixie started school, Alice and Mark decided to sign Trixie up to FLX – a prepaid card and pocket money app for kids. Although Trixie didn’t yet have her own smartphone, they downloaded and installed the app on Alice’s smartphone.
Every week, Alice transferred Trixie’s allowance from her Flexischools parent wallet into Trixie’s FLX account. When they went shopping, Trixie used her prepaid FLX card to pay for her purchases. Alice also discussed Trixie’s purchase decisions with her at least once a week. This was easy as the FLX app kept a record of all the transactions Trixie made.
Mark taught Trixie how to set savings goals. They started with something small at first – a doll. The FLX app also made this task easy:
First, they checked the price of the doll and entered it as a savings goal in Trixie’s FLX app.
Then Mark showed Trixie how to transfer a portion of her allowance to the savings goal each week for three weeks.
After three weeks, Trixie transferred the money from her savings goal to her prepaid FLX card. When Alice next took Trixie shopping, Trixie paid for the doll with her prepaid FLX card.
Over time, Trixie’s goals and interests changed, but each time she could set a new savings goal and transfer money to it using her FLX App.
When Trixie was 12 she wanted a puppy and knew she’d have to do more than just ask for one. She drew up a budget and included the cost of the dog, and everything the dog would need upfront like bowls, toys, and a leash. Then Alice and Mark helped her work out the monthly cost of food and pet insurance.
When Trixie presented the final budget to Alice and Mark, they agreed to increase Trixie’s allowance so she could afford the monthly costs once she got the dog. But Trixie would have to save for the upfront costs.
Trixie set the savings goal ‘Dog’ on her FLX App and transferred some of her pocket money into the goal every month. She also asked to do extra chores around the house so she could earn more money. For her birthday, she asked her family to give her money instead of gifts and saved that too.
It took her a year but finally Trixie had enough money to buy the dog and everything it needed. The day they went to the shelter to choose her puppy was the most exciting day of Trixie’s life. She was also extra proud of herself because she had worked hard to pay for the dog herself.
Teach your children to manage their money and save with FLX. Your child can set savings goals and make purchases while you can track their spending from your Flexischools app. You can sign up to FLX here.
This is general advice. Read the PDSs & TMDs at www.flexischools.com.au/legal before deciding if FLX is right for you. The FLX Services & Flexischools are provided by InLoop Pty Ltd ABN 27 114 508 771 AFSL 471558 (trading as Flexischools). The FLX Prepaid Mastercard is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd.