

In Tageba, you can create accounts for your kid(s). Each account works similar to a real bank account. It has a balance, you can withdraw and deposit money, and you can pay a regular allowance into the account.

Your kid can log in and see what the balance is and how their financials are developing over time. When they want to deposit money, they give it to you and ask you to confirm the deposit. You can do so via a web browser or on your mobile device.

Likewise, your kid can request a withdrawal which you will confirm and then pay out of your pocket. You can check with Tageba whether your kid's account balance is sufficient for the withdrawal. And when you are on a trip and your kid suddenly wants to access their allowance, you just pull out your mobile phone, check the account and process the withdrawal with a few clicks.

The actual money stays with you and your child. Tageba just keeps track of the account, but you keep and administrate your kid's money in their name. This means nothing can get lost, and your kid doesn't have to deal with the dangers and risks of online payment.

With Tageba, you can pay out interest on an account balance. We highly recommend doing so. This teaches your kid a valuable lesson on the benefits of saving money. And it shows them how money works in general.

For this reason, we suggest exaggerating the interest rate your kid gets. With current real interest rates, the effects of saving money are very modest. But if your kid realizes, they can turn 10 dollars into 11 dollars over a couple of weeks, that's a real incentive for thinking hard about their money.

This is actually two questions: Why did I create Tageba? Well, I have kids on my own, and I wanted to teach them early on how banking and money work. And I was fed up with forgetting about their weekly allowance. And I realized that for my kids a collection of lose cash is something very abstract. It's actually easier for them to see a total balance and the transactions that led up to it. My six years old son, for instance, already begins to understand that it's sometimes worthwhile to not buy small things and instead save up for larger wishes - with the help of Tageba.

The other question is, why should I use Tageba? It's convenient and helps the whole family to keep track of things. For example, if grandpa (who lives a couple of hours from us) wants to give his grandkids some money for their summer vacation, he can simply call me on the phone and ask me to put some money into my kids' Tageba account. He will then give me the money later on next time we meet, but my kids can already start spending the money.

Also, and very importantly, Tageba empowers your kids to take care of their financials. It's safe (since no actual money is stored anywhere online - you still keep the money with you), it's easy to use, and it never forgets about interest, allowance, or past transactions. It's a greate learning tool, and a starting point for talking about things like:

  • The importance and role of money
  • Saving versus spending
  • Planning ahead
  • Online safety and security

If you want to read more about Tageba and how it works, I highly recommend my blog where I talk about not just Tageba, but kids and financials in general. And you can of course try it out by registering - it's absolutely free.