February 13, 2013

PKTMNY – Help Kids Manage Money


PKTMNY is a tool that parents can use to help kids manage their money. By doing away with cash and putting their children’s allowances on pre-paid debit cards instead, parents can track where their money is going and provide guidance on how their kids can make their money go further.

Rather than handing over a $20 bill when your teenage daughter asks for money, send her a list of tasks that she can complete to earn money through the PKTMNY platform. Tasks can include things like cleaning her bedroom or taking out the garbage. Assign a dollar figure to each task, and transfer the money she’s earned from your account to a pre-paid debit card when her jobs are complete. You can also set up recurring transfers or one-off payments. PKTMNY debit cards can be personalized and set-up with spending limits to prevent your child from spending more than a certain amount (selected by you) on a single transaction or within a single week. You can also place limits on how much your child can take out from her card at the ATM and whether or not she can place orders online.

When your child sets savings targets or adds items to her wish list on the PKTMNY app, she’ll be able to track her progress toward reaching those goals and solicit contributions from grandparents and other close family friends. Friends and family members can also add money to a child’sPKTMNY card in lieu of cash gifts around Christmas time and birthdays.

Practical Uses:

  • Track what your daughter is spending her birthday money on
  • Teach your child how to save for a goal
  • Place limits on how your child can spend her weekly allowance
  • Prevent your son from spending his whole allowance in one spot

Insider Tips:

  • PKTMNY debit cards are powered by Visa
  • PKTMNY lets parents determine the day of the week when funds should be dispersed
  • Parents can set up recurring transfers (also called standing orders)
  • Funds are available immediately after a parent transfers money into a child’s account

What we liked:

  • Parents can see where their children have been spending their money
  • Parents can place limits on how much their kids can spend in a week, in a single transaction, or when shopping online
  • PKTMNY sends a weekly roundup email showing parents all the tasks their children have completed and how much they’ve earned
  • Children can ask grandparents for donations to help reach their savings goals

What we didn’t like:

  • PKTMNY doesn’t offer a mobile app, although that may be coming in the future


Company Info:

  • Launched: August 2012 (Beta)
  • Privately Held
  • Headquarters: Lymington, England
  • Founded by: Mark Timbrell
  • Web site:


  • £5 one-time joining fee
  • £1 monthly subscription for the service

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