Everyone loves a savvy saver, but it's always a tough one when you have to prioritise between saving for a rainy day and getting a new pair of sneakers.
Something we baked into the app early on was a special pot for stashing some cash away to make it all a little more painless. Whereas the Goals feature helps focus saving on specific items like a new pair of roller skates, a mega Lego set or pony lessons, Save is for a rainy day or just general under the mattress saving.
Your child can 'Transfer' money from their Spend pot to their Save pot when they want to put some money aside. They can do this by tapping on their Spend Pot and tap the blue options button on the bottom right and tap ‘Transfer’. From there they’ll need to select to move money to the Save Pot, add the amount and tap “Transfer to Save”.
And as a parent you have the added option to make a 'Boost' or 'Remove' directly into the Save pot. This comes in handy if your child gets a gift from the grandparents you want to add straight to Save!
By clicking on the quick action icon (...) in the bottom right corner in the Save pot, you will see options to Boost, Remove or Transfer to and from Save.
You also have the option to make a 'Boost' directly to the 'Save' from your family dashboard, without needing to go into the Save pot. Just tap the plus (+) button next to your child, and switch the pot to Give when you're on the Boost details screen.
Question: How do I stop my child from moving their money from the Save Pot back to their Spend Pot?
Answer: You can lock your child’s Save Pot so they can add money to the Save pot but only the parents/guardians on the account can Remove money from the pot. For more information check out our help guide here.
Question: Is there a way to encourage my child to add to their Save Pot?
Answer: Yes, you can enable interest on your child’s Save Pot via our PLUS subscription and set the interest rate you’d like them to receive. For more information check out our help guide here.
If you have any questions, then please get in touch with the team via the Contact Us button in the app or via hello@roostermoney.com.