GoHenry Review: A Pocket Money Card for your Kids

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I’m a big fan of teaching children the importance of money. The value of money, budgeting, sensible spending and saving are all important lessons that learned in childhood can help financial literacy in adulthood. That’s why I today I’m sharing my GoHenry review.

A group of parents founded GoHenry as because they wanted to teach their children how to manage their own money without getting into debt. GoHenry is a smart solution for managing your child’s allowance. You have the option to set your child a weekly budget and/or reward them for any chores that they might complete.

Save for your child's future

GoHenry Review: A Pocket Money Card for your Kids

How does GoHenry work?

When you sign up to GoHenry you’ll get a parent account which you can manage via the app. Your child(ren) will also get an account and a debit card that they can manage through the app.

In your parent account you’ll be able to see the balance of your own account, set your child’s allowance, set spending limits, manually send them money and monitor what they’re spending on. As a parent you can manage up to 4 children’s accounts at any one time.

Your child’s account will display their balance and transactions; just like an ordinary banking app. They’ll also be able to see any chores that they can do to earn extra pocket money.

Your child’s balance is the maximum that they’re allowed to spend. If they try to buy something more expensive than their balance allows the transaction will be declined. There is no way for your child to spend more than what is in their account, there is no overdraft facility as the card that they’re using is a pre-paid card.

Sign up to GoHenry

My favourite GoHenry Features

I love the idea of giving your child the responsibility to manage their own finances. I believe that this is an important life lesson that will help children to be more financially responsible in adulthood.

Amongst the many benefits of the GoHenry platform here are some of my favourite features:

  • Relatives – invite grandparents, relatives & friends to gift money to your child’s GoHenry account (perfect for special occasions)
  • Add a new task – reward your children for good behaviour, completing chores and other achievements via the earning tab.
  • PDF statement – you can download a PDF statement which includes all the incoming and outgoings of your parent account – great to help you keep an eye on your own budget.
  • Refer a friend – for every friend that you successfully invite to GoHenry you will both receive a cash bonus.
  • Customise – for £4.99 you can customise your child’s card. They’ve just added the eco card and black card to their customisation options.

How to setup a GoHenry account

To setup a GoHenry account simply fill in your details online via the link below (this will take around 5 minutes). If you use my referral link we’ll both get £10 added to our accounts once you top up £10 – you will also get first month free.

Sign up to GoHenry

Once you have added your child(ren) details and confirmed your account, you’ll be able to download the app and your card(s) will arrive within 5-7 days. Activate your card(s) when they arrive, your child can get a reminder of their pin at any time using the secure app.

You can access everything you need via the app. Alternatively you can top up, transfer and oversee your account online via the GoHenry website.

GoHenry Features

GoHenry Review: Kids Debit Card

Costs, Fees and Subscription

There is a 2-month free trial & a £5 free bonus. After your free trial ends you will be charged a monthly membership fee of £2.99 (per child) – this is taken from your parent account automatically.

If you’d like to avoid this fee you can cancel your GoHenry account after your free trial by contacting the customer services team on 0330 100 7676 or help@gohenry.co.uk

Make sure to cancel ahead of your free trial ending to avoid any unwanted fees.

Sign up to GoHenry

How to cancel GoHenry?

If you decide to close your GoHenry account, follow these steps within the GoHenry app:

  • Log in to your GoHenry parent account
  • Select ‘Account’ at the bottom of the screen
  • Tap ‘Family Settings’
  • Scroll down and select ‘Close account’
  • Follow the on-screen instructions

Alternatives to GoHenry

There are several other apps that offer pre-paid cards to help your children manage their money. Here are some of the GoHenry alternatives that I’ve managed to find:

How to Teach Your Children About Money

If you’re looking for more ways to teach your children about the value of money the most important thing is to have open conversations with them. For example, when buying something tell them how much it costs, give them something to compare that to (milk cost 85p, a new top costs £15, a game console costs £200). Let them count out the pennies when you pay, let them inspect the receipt, explain that the reason you go to work is to get money so you can afford things.

Consider setting a family savings goal. You might be saving up for a family day out or a new TV, whatever it is, get the kids involved. Create a totaliser and get the kids to colour it in as you move closer to your savings goal. This will show them how rewarding saving can be and that often patience is required when saving.

Set your child up with a piggy bank or their GoHenry account and encourage them to save up, budget and spend their money wisely. Giving them this added responsibility will also encourage them to be more responsible when they have larger sums of money later down the line.

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What are your thoughts on the pre-paid GoHenry card and app? Is it something that your family would find useful? I’d love to know your thoughts or any questions you have in the comments below.