Steps to teach money management to your kids

 

Kids are all about having games, playing games and buying more games. The desire to want something starts at a very early age and kids are considered to be one of the most impulsive buyers. After all, the teenage years are all about school, games and the never-ending requests for money. Some parents find a way to pamper their kids while some parents think otherwise. The problem with kids is they are unable to differentiate between a need and a want. And that leads to Parents putting their feet down whenever kids urge for a purchase.

What Parents have that kids don’t is experience. In their early lives, they must have made some financial decisions that they regretted and wished they could have done differently. The lessons that we learn in the past can be put to use in our present.  Our stringent behavior against impulse buying could be one of such lessons. It doesn’t mean that we do not have the bandwidth to spend, it means teaching kids better values that could lead them to make better financial decisions in the future.

There are a lot of ways kids can be taught money management. The best way to go about it is to start giving them pocket money from an early age. The early you expose them to the financial world, the smarter they will be in the future financially. And who ever said teaching can’t be fun; by blending games with savings, you can literally make your kids save while they enjoy doing it unknowingly. Introducing children to the concept of income, expenditure and savings by giving them pocket money is something that can be done gradually in the early years and in a more structured way of learning as the youngsters grow older.

Kids are the biggest imitators and Parents can benefit from this trait. Kids learn by watching their elders. They tend to imitate your habits because they want to act like grown-ups. If they are exposed to money at an early age, they will try to learn from your spending habits. And this is a good way to instill values in them and making them take financial decisions on small-budget tasks like grocery shopping.

Upon giving the responsibility to handle some minor monetary expenses, kids will certainly make an attempt to clarify their doubts and start questioning about their new financial responsibility. By guiding the children through proper answers will certainly help them learn more about the fiscal world and help them in forming a viewpoint that low debt, high savings and decent investing is the right approach to lead a financially healthy life. However, before handing over the first monetary responsibility to the kids, the parents need to learn about the right direction to follow on the road to financial literacy.

When to Start?

We might think that we should start giving pocket money to our kids at the age of 7-8 years, but in reality, neither it is too early to introduce the youngsters to the world of money, nor there is any perfect age to start teaching them the basic concepts of money management. Even the younger children, including the under-fives, can be made to learn the value of money by providing them smaller allowances and asking them to save for smaller goals. By the time they reach 7 or 8, money management skills might begin to develop automatically. The early the kids learn about the buying power of money, and managing their daily spending and savings accordingly, the more are the chances of them growing up into financially, literate individuals.

Money doesn’t come cheap. It is earned.

As we have stated time and again, Money spent is money gone forever. It isn’t coming back. So, every penny we spend has to be earned first by doing some hard work. The kids should be given responsibilities for some age-appropriate jobs like helping you sort the dishes or arrange the dining table before dinner and should be rewarded with a small amount. This reward function will actually sink in and help them understand that money has to be earned. So that, if they have a goal of buying a video game worth 5000 and if they are getting 50 bucks for each chore, they know that they have to complete 100 chores to fulfill their dream purchase. This instills patience, values and more importantly savings. Buying a video game isn’t savings but saving the money and not spending it for a long period of time until the dream purchase is made does denote a savings habit.

Setting Limits and Rules

It’s not all about savings. If you force them to just keep saving their chore money and not use it at all, you are in for a big trouble. Kids are stubborn and do not like to be forced against their will. While savings could be a good habit to teach, a balance needs to be struck between their needs and yours. You want them to save and they want to spend. Make a spending rule where both of you could benefit. If you are giving them 100 bucks, ask them to make three jars: one for saving, one for spending and one for donating. There is no hardcore ratio of these buckets but you can have 50% for savings, 30% for spending and 20% for donating. You could also ask them to make a wish list of things they want to buy in the near future and ask them to prioritize it according to their taste. They can later create a timeline where they can mention the amount of tasks they have to complete to reach the specified goal figure.

Teaching children the value of money right from their early years helps in inculcating valuable skills of earning, spending and saving the earned income, and establishes utilitarian money habits that accompany them all through the life. All parents need to do is to establish some ground rules, impose some restrictions and keep an eye on the spending to curb impulsive buying.

I know keeping a track of your teen becomes cumbersome and physically impossible. But Slonkit is here to help. Slonkit is a solution created with a sole purpose to cater such needs. All you need to do is download the app and order the card for your kid. You can track your kids’ expenses, set limits and instantly load money whenever they require. Slonkit helps you connect with your kids and virtually be with them all the time.

 

 

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Team Slonkit

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10 things to do on this Republic Day

Are you in for another challenge? As Republic Day is around the corner, we want to take all you Slonkiteers on a Fun Desi Ride to fuel your pride of being Indian.

Here are quick things you can do this Republic Day as a fun exercise.

  1. Go Desi.

This Republic Day, we request all Slonkiteers to go Desi. Jeans and Shirts are cliché. You got to be exclusive. Be different. You can opt to wear Khaadi clothes, dresses with bandhani design or wear traditional Indian attire.

  1. Watch patriotic Movies.

It’s time for Binge Watching! I know you love to spend entire day in front of the TV, but on this Republic Day, do it for a reason. Watch some famous Bollywood movies like Border, LOC, Legend of Bhagat Singh, etc.

  1. Read some facts about Republic Day.

We have uploaded some quick facts about Republic Day that you can read and boast about to your friends. There is no greater pride than knowing facts about your country.

  1. Know your Flag.

This Republic Day, know what your Flag means? Read about interesting articles about the true meaning behind the tricolor and Ashoka chakra.

  1. Experience a flag hoisting ceremony.
    You can visit your nearest government or public building and experience the feeling of a flag hoisting. You could also sing the national anthem there.
  1. Speak in Hindi for a day.

I know that this might be a tough task for most of you out there but try creating a fun game out of it. Invite friends over, speak in Hindi throughout and see how long you can hold your place. You can play a game on English to Hindi translation.

  1. Strictly follow Dry Day.

We know it’s a day to celebrate and enjoy but we can do it without alcohol too. Invite friends over to your place and enjoy some food & music. You can brighten the mood by playing a quiz, making a patriotic rangoli/ sketch, playing patriotic antakshari or dressing up like one of the freedom fighters.

  1. Respect your flag.

Everybody loves sticking a flag on their cars and bikes to show their love towards the country. But often, on the next day, the flags are seen on the streets blown by the wind or cleared by vehicle wash. Look out for those Flags, pick them up and store them with pride.

  1. Eat Desi.

Forget Chinese, Pizza and Burger for a day. Ask your parents to cook something desi or traditional and enjoy the desi taste with your family.

  1. Continue with your patriotism.

You are not just an Indian for a day. Your love towards the country should be consistent and forever. Be a proud Indian.

So, take your inner Desi on a treat this Republic Day and be the change! Share your photos on Slonkit’s Facebook page about all the desi stuff you pull off. We would love to see your inner Indian.

Slonkit wishes you a Happy Republic Day.

Jai Hind.

Team Slonkit

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REPUBLIC DAY FACTS EVERY INDIAN SHOULD KNOW

Slonkit Republic Quiz Challenge

We know you are a true Slonkiteer but are you a true Indian? Do you know enough about one of the greatest days of the past that is celebrated throughout the country?

It is time for you to boast about India in front of your friends and make yourself a proud Indian!

Here are some quick facts about Republic Day every Indian should know. So, are you ready for the challenge? Let’s see how many of them you already knew and how many of them took you by surprise.

 

  1. The first Republic Day was celebrated three years after we got Independence that is, on January26, 1950. Actually, it took Dr. B. R. Ambedkar 2 years and 11 months to draft the Indian Constitution.

 

  1. During the Republic Day parade, a Christian song “Abide With Me” is played and it is considered as one of Mahatma Gandhi’s favourite songs.

 

  1. Rajendra Prasad, the first President of India took the Oath of Presidency (at Dubar Hall of government house) for the first time on January 26th, 1950.

 

  1. On January 26th, 1965, Hindi was declared the national language of India.

 

  1. On January 26, 1930, India pledged to fight for complete freedom or Purna Swaraj. And that is why, our freedom fighters wanted the date to hold the significance. Consequently, January 26, 1950 was chosen for India to become a sovereign state.

 

  1. Our Constitution has the best aspects of the Constitution of other countries. Liberty, Equality and Fraternity was adopted from French Constitution while the Five-Year Plan came from the USSR Constitution.

 

  1. Another fun fact about India is that it holds the record of having the world’s longest Constitution with 448 Articles in total.

 

  1. President Sukarno, Indonesia’s first President attended Republic Day celebrations as the first Chief Guest.

 

  1. The importance of Republic Day could be estimated by the fact that it is a three day long affair with celebrations ending on 29th January with a Beating Retreat Ceremony.

 

  1. The first Republic Day parade was held at Major Dhyan Chand National Stadium and was attended by 15,000 civilians.

 

  1. On the 1st Republic Day in the year 1950 at 10:30 AM, a 31-gun salute took place to congratulate our first President.

 

  1. On the Republic Day, the Indian Air Force came into existence. Before this, the Indian Air Force was a controlled body; but after Republic Day, Indian Air Force became an independent body.

 

  1. One interesting fact about Indian Constitution is that it is handwritten in two languages- Hindi & English. It was signed by 308 members on January 24th, 1950 and became effective two days later.

 

  1. The eve of Republic Day is chosen to announce a majority of National awards like Bharat Ratna, Kirti Chakra and Padma Awards.

 

  1. Before the Indian Republic Day came into force, India followed Government of India Act, 1935 laid by the British Government.

 

So, now that you have read all about it, let’s see how many of them did you get right.

0-4: Don’t worry, you are normal. You belong to 75% of the population who are unaware of these facts.

5-8: You are the curious kind and you know a thing or two about India. Good job!

9-12:  You are smart. You like to read and definitely know a lot about the country. Be proud of yourself.

13-15: Bullseye! You nailed it. You are just awesome. Give yourself a pat on the back and ask your friends to bow down to you.

 

And, now that all of you have become proud Indians, like and share the post with your friends and see how many of them get it right!

See you until next time.

Team Slonkit wishes you a Happy Republic Day.

 

Jai Hind!

Team Slonkit.

Teenagers are future ready: the cashless economy is here!

With demonetization on the table for a while now, the gen-z has adapted to the cashless ecosystem faster than other generations due to their pre understanding of the digital age. It is believed teens are four times less-likely to use cash at retail stores than the general public.

Gone are the days when only malls and fancy restaurants accepted cards. Now even a street hawker or a juice seller welcomes cards, QRs and other sorts of payment modes. Keeping this incoming change in perspective, you may be better able to adapt to the changing payment landscape than their parents and grandparents.

Retailers in India are shifting to cashless transactions too for a host of reasons: faster payments increase turnaround and shorten lines. It also reduces opportunities for losses due to manual error at the cash register and/ or theft.

Gen-Z feels physical money is just paper weight to carry around in their pockets and is less secure given how sloppy teens are. A smart phone and a card is all that they need to survive a day in the outside world. Now, you can travel, eat, stay and buy stuff with your card. Food, clothing and shelter are readily available via digital payments and you don’t have to break a sweat.

Teenagers rely on cards and digital payments due to its convenience, control, budget visibility, and safety; but the biggest driver is smartphone adoption. Teenagers want to be able to do anything and everything with their smart phone, and that is helping to drive the adoption of digital payments.

For you, physical wallets are a novelty, like a landline phone. In 15 years you won’t want to be making wallets for a living.

But, understanding money and making sure you can control money, rather than have money control you, is really important to teens’ lives.

Growing up in an increasingly cashless society where payment options like debit and credit are considered the norm, the youth of today have had an entirely different introduction to managing money than that of their mums and dads.

With online shopping coming in picture, teens use their Parents cards for making online transactions. It is becoming more and more difficult for Parents to keep a track of the child spending or refuse them the money. With the exposure to social media, fashion and technology, everyday there is a new demand.

It’s all about the conversations your parents have. You might get your first job in the near future and would have access to an income of your own, but it’s important for you to learn the value of what you are earning, and for your parents to encourage you to spend it wisely rather than squandering it away.

Teens start to become more conscious of money as they grow up. It’s so important for you to make the time to sit down with your parents and have money conversations. It will really give you the best foot forward in life.

In the last few decades a lot has changed, and almost everywhere you go, cashless payment is preferred. With new options like Pay via Debit or credit card or in-app wallet being the popular mode of payments, cash on delivery is hardly opted for. And with predictions of a completely cashless society on the horizon, cash payments don’t appear to be making a comeback anytime soon. And the teenagers of today are ready for the cashless ecosystem that dawns on us in the coming tomorrow.

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5 money hacks to make your child money smart

5 money hacks to make your child money smart

     – By Javed Tapia

 

It’s always great to see young kids embrace teenage, but with teenage comes great challenges.

Teenage brings about a transition where kids are encouraged to move away from a carefree existence to a partially responsible one. This is also a great time to inculcate better values and habits in your children.

With the advent of social media and better standard of living, teenagers want to have it all. There is a remarkable increase in their needs, from wanting to buy fancy gadgets to shopping online and eating out with friends. This is the era, when they have a constant list of ‘things to do and things to buy’ at any given point in time.  Sometimes it gets really hard to make them realize the value of money and what it takes to earn it.

We, as parents, can always say, ‘NO’ when our kids ask us to buy something that is either out of budget or isn’t needed right away. But, is that the best solution?

Here are some tried and tested ways through which you can encourage your kid to become more money smart:

  1. Help them segregate WANT VS NEED

Kids are impulsive. The moment you give them some pocket money to roll out with, they will spend it on some games or food right away. They do not have a tendency to think before spending. So, it is always a good habit of letting them know that money spent is money gone forever. It isn’t going to come back. Once they have an understanding of their money being limited, they will eventually spend it on necessity over desire. Also, reminding them that what they want isn’t always what they need will enable them to make better decisions.

2. Make Them Earn It

While you give them pocket money without any conditions on most of the days, once in a while get them in the habit of earning an extra buck with their efforts.

As a parent, you can always ask your child to do some chores and earn some money as reward. This makes them understand the relationship between hard work and money. Once they realize that the money they get is hard earned, they will eventually save it for something that they need rather than spending it sloppily.

3. Inculcate a habit to save

What piggy bank, saving jars teach them at young age is that savings is good. It buys you your favorite candy every week. Likewise, as kids grow old, their needs and dreams grow too. It is not the candy anymore but a trip to their favorite destination. Bigger dreams will obviously cost a lot more than a candy. Help them understand how bigger purchases require either require more time or more savings (earnings). Have good money conversations with them and involve them in small financial decisions. This will enable them grow into smarter adults who can manage their wealth much better.

4. Teach them budgeting

Teenage wants are, almost, always impulsive.  The moment you give them some pocket money for the entire week, they end up spending it the same day on a party with friends or watching movies. Once the money is spent, they would definitely come asking for more. It is better to hold the money supply and helping them understand the value of budgeting.  Teaching them to budget their expenses is the basic money skill everyone needs to master.

You can make them take charge and take small money decisions to get a reality check. For e.g., you can take them grocery shopping and make them decide how they would buy the listed items within the fixed budget. It is always great to let your kids make mistakes when they are young and when the money at stake is less. Failure, no matter how big or small, is the best teacher.

5. Use smart money management apps

Talking about GEN-Z, we are in a digital age where kids as young as 2 years’ old know how to use a smartphone. They are seldom seen off their phones and parents can make a good use of it.

There are some relevant apps which can help your child manage pocket money better. Slonkit is one such solution where there is a pre-paid VISA card integrated with a mobile app. There is a different version of app for the parent and the child. Parents can load money and track expenses while their kids shop, eat and have fun without risking overspending or worrying about spending on bad influence.

While the generations are moving from Gen X to Millennials to Gen Z, one of the things which is constant is the ‘parent-child bond’. With changing times and so much exposure at a young age, it is becoming more important than ever to inculcate the right values and money management in your children. It is very crucial to induce smart money management at an early age so that reality doesn’t hit them later. With some conscious efforts and meaningful conversations, Parents can definitely hope for a more responsible and happier adulthood for their children.

 

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3 effective ways to increase fee collection and communication with students in your college

In old days when traditional methods were still in action, college management and staff had to constantly run behind students. Thy had to make constant phone calls to parents and children for completing their fee payments. In this digital age gone are the days of manual labor when you had to run behind students for fees and payment collection. We introduce you to Slonkit, India’s only money management mobile app to manage your college communication and fee collection in 1 click.

With Slonkit we provide seamless communications. Slonkit provides one unified platform to manage payments and communications with all students or select batches. All this can be done online with 1 mobile app within a few clicks. Now you don’t need to print multiple notices/circulars/announcements physically around the campus for classroom announcements.

Here are 3 effective ways how you can benefit by partnering with Slonkit :-

Online Fee Collection: – To save cost and improve process of fee collection we provide a web based application called COSMOS. Through this online application, you can now send payment notifications and reminders to all or select batches of your students. To automate the process of receipt generation and individual student fee payment using online payment, DD payment and receipt options, many education entities have started using automated fee collection of Slonkit.

Unified Messaging: – We simplify your communication process by reducing your efforts by 70 to 80%. Slonkit provides an online application. From this web based platform, you can send email, push notification, and SMS to all or select students. We also provide payment option within the message by giving a call-to-action button within the notification so the child can make her/his payment within 1 click.

Analytics and Insights: – You can easily track and quantify your payments received or pending through the monthly or weekly analytical report generation. Through the insight tab we give you detailed report about the messages and notifications sent. You can also check the number of fees collected and pending from which student. These select students can then be notified again directly from this application within 1 click.

Slonkit brings customized services to enable and make your college campus digital. So, join the digital revolution by making your payments digital and partner with Slonkit in this drive. There are many more benefits provided by digitizing your educational institution with Slonkit. To know more, do get in touch with us by writing to marketing@slonkit.com.

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3 ways to quit tobacco on this World No Tobacco Day

Tobacco day message from Slonkit

Tobacco is one of the biggest reason for deaths worldwide. One in 10 people die every day and one in 4 die every day in India. “Despite more than half a century of unequivocal evidence of the harmful effects of tobacco on health, today, one in every four men in the world is a daily smoker, “said senior author Dr Emmanuela Gakidou, Institute for Health Metrics and Evaluation at the University of Washington, USA. “Smoking remains the second largest risk factor for early death and disability, and so to further reduce its impact we must intensify tobacco control to further reduce smoking prevalence and attributable burden. “

World No tobacco Day Message by slonkit

According to the government of India, 5,500 youth start tobacco every day. 35% of adults consume some form or the other. 25% of females use tobacco before the age of 15. There are numerous ways to quit tobacco, every method may vary a little and the success factor will be dependent on several factors like an individual’s commitment, how determined she/he is to quit and what is the amount of willpower. These and many other personal factors determine the success rate for each individual.

This World No Tobacco Day we would like to take up this initiative to help youngsters and all alike in their battle towards quitting consumption of all of tobacco.

world no tobacco day message by slonkit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here are 3 ways you can help your friends or yourself to quit tobacco: –

  1. Nicotine Replacement Chip

World No Tobacco Day message by Slonkit

Most people get into nicotine therapy. This therapy would involve applying nicotine patches, nicotine lozenges or some other form of nicotine therapy. This would ensure reducing the amount of nicotine in your body. This would enable your body to get used to finally get rid of the nicotine from your body slowly. Also, this would help you to feel the effects of nicotine on your body so you won’t be suffering from strong withdrawal effects. Nicotine therapy mostly works the best for the largest number of people.

2. Avoid triggers

World No Tobacco Day message by Slonkit

In most situations, there are certain triggers that cause cravings in people to smoke or enjoy your tobacco punch. For most people, that trigger is the most stressful situation to control. For other, there may be a fixed time, place and people with whom they smoke or have tobacco, pipe, cigar etc.

As you move towards quitting tobacco, these triggers become stronger and create more cravings. To ensure you live a tobacco free life, make sure you control your mind and so that you may not activate these cravings. Experts advise to divert your mind, be strong and determined during such tough times.

3. Slowly but surely

World No Tobacco Day Message by Slonkit

Another method popularly used is by slowly cutting down on tobacco consumption. This is the perfect solutions for heavy or chain smokers who are really deep in this habit. You can start to cut back on your tobacco usage day by day and week to week.

Take yourself from 2 packet to 1 or from 10 cigarettes a day to 1 and finally quit. This will help you to control the amount of nicotine and help you to resist your cravings.

Every method mentioned here have its pros and cons. These ideas may work for some or everybody, it all depends upon person to person. Someone may quit in a week, someone might do it in a month. Key thing to remember is not to get discouraged and frustrated. Keep your will power strong and be consistent in your effort to achieve success. Quitting tobacco is a personal decision and everyone must find their own best way to do so.

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Be a part of the digital revolution, Make your campus digital!

Digital Campus - Slonkit

Slonkit, is the first-of-its-kind money management app linked to a physical VISA card that enables today’s educational institutions to embark on the journey of creating a digital and cashless campus. The platform aims to change the way colleges converse about money and how they handle their payments and communicate with their students and internal facility managers, such as librarians, custodians of labs and gymnasiums etc.

We provide a VISA powered Prepaid Card with RFID integrated capabilities and a state-of-the-art backend technology platform which can empower educational institutions to build integrated cashless ecosystems.

Your college can benefit from Slonkit in the following ways:-

RFID and Prepaid Card - Slonkit

  1. RFID cum reloadable prepaid card

Slonkit card can be used for tracking attendance of students using its RFID features. This card can also act as the Student ID/Institution ID card as it will bear the student’s name, admission number, photograph and the college logo. The student can also add money on to the card and use it at merchant outlets anywhere in India as well as online.

COSMOS our payment dashboard - Slonkit

2. COSMOS

We, at Slonkit, work towards making your life simpler. We provide Slonkit Cashless Campus Management dashboard to your college. With this web application, you can seamlessly collect payments, communicate with students, view usage of in-campus facilities such as library, stationery shop etc. using one dashboard. This financial-management platform can be customized as per your college requirements.  This dashboard will give you one-stop access to data and insights and act as a reach-out medium, thereby bringing in seamless administration and management of activities in the institution.
Payment fulfillment and notifications

 

3. Payment fulfillment and notifications:

You don’t have to run behind students anymore or keep chasing them for their outstanding payments.   We provide a complete payment fulfillment and notification platform within COSMOS. The administrators of the college, or any assigned authority, can use COSMOS to send a fee payment notification to students. This notification comes into their Slonkit app with the option to Pay. With the click of a button, the student can pay her/his fee directly thereafter from the Slonkit app. This works well for the students as they do not have to stand in long queues and for the administration of the college as they do not have to manage cash, print receipts etc. Payments as well as record of payments is totally digitalized.

As India goes digital and cashless, it is the apt time for your reputed educational institution to go digital and add a very important feather to its glorious cap.

Slonkit would love to partner with you in this journey of creating a cashless and digital educational campus for you. Please drop a line at slonkit4u@slonkit.com for our representatives to get in touch with you and demonstrate how we “Digitalize educational institutions”.

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Let’s remonetize India with cashless campus!

Let’s remonetize India with cashless campus! Remonetization means the return of currency or valuable metal for trading like silver or gold, or coins or bank notes that were not previously used as money. Remonetization might be used by a country that has suffered from an extreme bout of inflation and currency devaluation in order to restore a means of exchange within its economy.

As the nation marches towards remonetisation, it’s time we take a leap forward by contributing towards this movement by enabling colleges and universities with digital cashless payment systems. We at Slonkit help you to lay emphasis on online transactions by providing convenience and tangible benefits to your organization as well as students.

Slonkit is India’s first money management app linked to an RFID enabled re-loadable prepaid VISA card. It can facilitate all transactions at various touch points inside the campus and can double up as the institution ID card for the students. To incentivise the move towards a cashless campus we have come up with a dash of discounts and offers on digital transactions.

Some more benefits of going cashless are as follows:-

  1. Multiple uses for payment on/off campus

Slonkit card can be used by your students and institution employees for all kind of payments like fees, miscellaneous expenses, library charges, canteen charges etc. For eg, Student A wants to pay for the canteen, the parent can load money on her/his Slonkit card, the student must only go and swipe his/her card at the canteen for the food her/his ordered. They don’t need to carry any cash with them. Similarly, the student A can use the same card to pay his/her library fees or term fees at the college payment counter.

  1. VISA branded card for each student

I am sure we all agree that having your own personalised card with your photograph that can be used at multiple outlets across India for payments within and outside your college campus is kind of cool! We provide a personalised VISA branded card for each student and faculty of your campus. The best part about Slonkit VISA card is that it is not connected to any bank. It’s a prepaid Visa card so you can also load money to your card from an e-wallet and simply start using your card to make payments.

  1. Offers and discounts

We want youngsters to learn and become financially responsible. Our motto is to create a financially prudent generation who know their finances well and can manage it effectively. For this, we have offers and discounts on our mobile app which when availed can help educate to save money effectively.

  1. Slonkit features

The Slonkit is a mobile application that provides as array of features for communicating with your students. It’s a unified tool for communication with your students and merchants. We also provide some more features on your dashboard to manage your payments, online alerts, notifications, attendance tracking, etc through a system built exclusively for colleges/students.

The web interface named COSMOS parents and children have their own versions of the app. Slonkit is one such a card that would fetch you great offers and discounts at the same time teach youngsters and teenagers financial responsibility as well. It is aimed at creating a younger generation to be financially smart and it is also the only VISA powered prepaid card with your own name on it. A parent and child can register and order a Slonkit card and keep track of expenses, create budgets, avail discounts and offers through the Slonkit mobile app. Slonkit is a one of its kind prepaid card and can be availed as early at the young age of 10 years and above. The children get a reloadable prepaid card, which they can use to make transactions at online and offline outlets.

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5 things schools won’t teach your child, but you must!

5 things schools won’t teach your child, but you must

We send our children to the best schools out there. CBSE, ISCE, IB, Cambridge … every parent aspires the best curriculum and school to ensure the overall development of their children.

The schools have successfully churned out doctors, engineers, scientists, and even sportspersons. However, one of the most important life skills is not that often touched upon is money management.

The five key drops of the money management ocean, as listed below, could be a good starting point.

  1. Budgeting: It is one of the most important skills that is better learned when children are very young. It enables children to think about the money/ resources in hand and allocate it as per priority.
  2. Spend Analysis: How much has one spent on food, shopping, entertainment, books, etc. Children do not really bother about it but if they find an avenue where they could check such insights on their expenses, it does get them excited. It also gets them thinking. They start planning their expenses in their head, thus taking the first steps towards building great money habits.
  3. Saving: The most legendary money managers on earth have advised that we save first and then spend what is remaining. These habits ought to be formed young. As a parent, do you help your child to set saving goals? Do you incentivize them if they live within a budget and save? These are small steps that go a great way in making your child a financially prudent citizen.
  4. Getting more value from money: An important lesson in money management is to make your money work as hard as you. Does your child get excited at the possibility of getting a free meal, toy, cookie etc. Encourage children to get more value from the money they use. It sows the seeds of “Savings” in their head while not compromising on the little joys of life.
  5. Digital Payments: The payments space is seeing a huge technological disruption. The mobile phone will be a ubiquitous payment device in the very near future. Children ought to be taught how to handle digital payments through their mobile devices so that they are at ease managing money independently.

Most of these things are not taught in schools. However, there is little doubt that these skills would be amongst the most important for your children when they grow up and start managing their own money.

In our fast-paced lives, such little things often find their way to the backburner. But, it’s these little things that go a long way in building a secure financial future for your children.

To take care of these little things that leave an ever-lasting impact on your children’s future, we present Slonkit to you with a lot of love.

Slonkit is India’s first money management app linked to a physical VISA card. It is powered by VISA, the world’s leading payment network and DCB Bank, India’s fastest emerging private sector bank.

Parents can order a Slonkit card for their children aged 10 and above, from the comfortable confines of their home using the Slonkit mobile app. They are not required to fill lengthy documents or create a new bank account. The card is delivered to their address within 10 days.

Once received, the entire pocket money for the month can be given to children in one-click. They can set PIN for the card and the child can use it at all shops that accept VISA card anywhere in India. The card can also be used online.

Parents can relax and receive real-time updates of where the child is spending. They can also set alerts to intervene and transfer money in a few seconds if the child runs out of money. Parents are empowered to set budgets, transaction limits etc. and usher the child into the world of great money habits.

“Is Slonkit safe”? That’s the most important question any parent would have, and rightfully so. We have ensured the best possible industry standards of safety and security. In case of any doubts, parents and children can reset their PIN anytime. Also, if the card is lost or stolen, the card can be suspended in one-click and the money on the card will be safe.

Help your children learn money management today. That’s the best gift you can give them to secure their financial future.

Download Slonkit right away. You may download from play store or you install the app from iTunes.