Parents' Guide to

Tykoon

By Susan Yudt, Common Sense Media Reviewer

age 8+

Money-managing site has shopping, strong parental controls.

Website http://www.tykoon.com/#tykoon-is
Tykoon Poster Image

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age 7+

Based on 2 parent reviews

MomKnowsBest80
MomKnowsBest80 Adult
June 28, 2012
age 7+

Tykoon works!

Our family loves Tykoon - it has helped our kids think about money in a new way (not just as something that grows on trees). Our kids want to complete tasks and save up money for their savings goals. They are even looking for ways to help around the house and are asking for more tasks so they can make their goals sooner. Our kids really love to "spot" items they see at stores and save up to buy them instead of whining about how much they want a new toy - it's totally changed the way they look at shopping!

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ilovemykids628
ilovemykids628 Adult
June 28, 2012
age 7+

Tykoon is unique and worth trying

Tykoon teaches kids the power of earning and the importance of allocating dollars to causes other than spending such as saving and giving. There is no other service out there at this point that teaches kids to earn money through a real life experience. I will be using Tykoon to teach my kids the value of a dollar.

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What’s It About?

Founded by two business executives, Tykoon allows kids and parents to collaborate on setting money-management goals. Parents create a free account for kids and decide how they can earn money (such as through an allowance or by completing chores), then decide how much of their kids' money goes to savings, purchases, and donations. Kids get a separate login that allows them to suggest tasks, choose items to buy or save up for, and browse charities for donations (all subject to parents' approval). They can also connect with friends on Tykoon.

Is It Any Good?

Our review:
Parents say: (2 ):
Kids say: Not yet rated

Tykoon has a smart setup that lets parents and kids communicate with each other within a user-friendly platform and give parents lots of control over their kids' experience. Parents can block categories of items they don't want kids buying in the Amazon store (such as beauty products or video games). Kids can be proactive about earning money by suggesting tasks and pay rates. Tykoon encourages saving and giving, but shopping is also a big part of the experience; for example, the dashboard includes a "spend" section that rotates through images of tempting items.

Talk to Your Kids About ...

  • Families can talk about their values related to money and how websites and apps often encourage spending.

  • Families can talk about the difference between a "want" and a "need." Do you think advertisers target kids and entice them to spend money on toys and clothes they don't necessarily need? Check out Selling to Kids Tips and rein in those wallets.

  • Families can talk about real money vs. the concept of virtual money. Does spending virtual money make you savvier about your own real money?

Website Details

  • Subjects: Math : graphing, money
  • Skills: Responsibility & Ethics : fiscal responsibility, honoring the community, making wise decisions, Self-Direction : goal-setting, self-reflection, work to achieve goals
  • Genre: Educational
  • Pricing structure: Free
  • Last updated: November 5, 2015

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