May 17, 2023

Introducing the Spending Overview

As parents, we are always looking for ways to teach our children responsible financial habits. With our new spending overview feature, we have made it easier for you and your child to visually see expenses made with their MyMonii Visa card.

This feature lets your child get a clear overview of their monthly spending, based on categories. You will be able to follow along as well, which allows you to have a dialogue with your child about the expenses, and help them understand what they spend their hard-earned pocket money on. 

So, what exactly is the spending overview feature? 

It's a visual representation of your child’s spending habits, organized by category. This means that you can view their transactions by categories such as entertainment, food & drinks, transportation, and more. The feature will display the total amount spent in each category, as well as a breakdown of individual transactions. You can also select a specific month to view their spending, and each expense has a date attached to it, so you know the exact day the transaction was made.

What can you do with the spending overview feature?

  • Clear overview of expenses: Both you and your child will be able to see your child’s spending overview from your MyMonii apps, which will help support the conversation you have with them about their financial learning.
  • Automatic categorization: With this new feature, outgoing transactions are automatically categorized when your child pays with their MyMonii Visa card, both in stores and online.
  • Manual categorization: Is the assigned spending category wrong or does your child not have a MyMonii Visa card yet? Don’t worry, we got you covered! You can manually categorize any outgoing transaction that may not have been automatically categorized, or if the automatic category is incorrect.
  • Categorize withdrawals: As a parent, you can also add categories to your own withdrawals. This means that when making a withdrawal, you can assign a category to the transaction, providing complete transparency and accuracy in your child’s finances.

Why did we create the spending overview?

Our goal with the spending overview feature is to help parents teach their children responsible financial habits. With the spending overview feature, you and your children can identify areas where they may be overspending, allowing them to make adjustments and reduce their expenses.

The feature also provides an income/expenses comparison. This means that your children can see how much money is coming into their MyMonii savings versus how much is going out. This information can be extremely helpful when it comes to budgeting and reaching their savings goals.

How do you get started with the spending overview feature? 

It's simple! Just log in to the MyMonii app and navigate to the savings screen. From there, you can access the spending overview feature and start the dialogue about your child’s expenses. 

If you haven't downloaded the MyMonii app already, then you can do it right here on your phone: Download the MyMonii app now.

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