Kids aged 6-15 will get their own prepaid Mastercard, paired to an adult HyperJar account.
With Hyperjar, the customer is able to divide their money into virtual Jars, treating each like a mini account. The Jars reflect spending habits and goals the customer sets up. The mini account Jars can be used for recurring costs like groceries, fuel, kids’ clothes and bills, or to plan for things like a new bike, Christmas and holidays.
In an exclusive interview for Everly.eu, CEO and founder at Hyperjar Mat Megens described the company: “We created a visual operating system for your finances and that’s what we think is special. But what does a “visual operating system” even mean? Every person who deals with finances is trying to match different budgets and has complex financial relationships with either their spouse or children. The banking system offers either completely closed or completely shared accounts which we believe does not fit the needs of customers. We provide the customer with the visual idea of jars.”
With the Kid Card, parents get instant payment notifications and can set individual spending limits for each child via the app and for zero monthly subscription charges.
The customer can create any number of Jars for kids in the app. This is encouraging your child to divide the money between the Jars depending on how it’s going to be spent. For example, a Jar called Games to pay for V-Bucks or Robux, or for longer-term plans a Bike Jar, or even a Uni Jar.
Mat Megens, CEO and founder at HyperJar, says: “Jam-jar budgeting may be the world’s simplest money management system, but it’s still a brilliant way to teach valuable personal finance lessons to our kids. Visualising our money clearly gives us a better idea of how much we have; dividing it according to what we want helps us decide where it’s going to go; and setting goals for the future teaches the importance of planning ahead. Getting kids used to spending with their own prepaid card is so important – they’ll make some mistakes, but they’ll learn in a safe environment.”