Just in time for Hanukkah, an Israeli startup is helping kids to handle their gelt responsibly.
KidsCash’s website allows users to handle a small amount of money online – spending, saving and donating while learning how to manage their money for the future.
In an article by NoCamels, KidsCash’s founders said the program is meant to give kids a little autonomy with a small amount of money, allowing them to make some purchases themselves – without their parents credit cards or prepaid cards – and teaching them the fundamentals of growing, saving, and donating their money.
Parents can control how much they supervise the money – including options such as approving purchases through SMS or email, or just letting their children get automatic approval within a certain monetary limit. Parents can also determine what percentage can be spent on which types of items, and receive alerts if their children have spent over a certain amount in one day.
The items for sale are all within the control of the KidsCash marketplace, and include iTunes and other gaming products, as well as links to other approved sites, according to the NoCamels report.
KidsCash is free for parents and children, only charging fees to partners and vendors.