Questions?

 

General Site Information

Account Types

Account Opening

Spending Money

Savings Goals

Pocket Money

Chores

Money and Transactions

Emails and Communication

Security

About HootLoot

General Site Information

Q. What is HootLoot?

A. HootLoot is a website to help children learn about money as they gain practical experience in managing their own.

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Q. Who is HootLoot for?

A. HootLoot has been built for families - children, parents and grandparents.

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Q. What is the difference between HootLoot and other children's money websites?

A. HootLoot is about savings and building for a child's future. The primary foundation of HootLoot is a platform where children can identify, plan and save towards their goals.

We appreciate that as a society it becoming easier and easier to spend money and get into debt. HootLoot wants to be part of the solution to this problem, and believes in the education and empowerment of children from a young age.

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Q. How much does HootLoot cost?

A. HootLoot is currently free to all users.

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Account Types

Q. What is a child account?

A. A child account is the account that a child would use in HootLoot. A child account has its own log-in details and has access based upon what the parent determines in the child settings page.

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Q. What is a parent account?

A. A parent account is the account that a parent of a child uses. Typically a parent signs up to HootLoot and creates a family account by first signing themsleves up and then adding their children.

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Account Opening

Q. How do I open a HootLoot account?

A. A parent needs to sign up for a HootLoot family account, and then adds their children

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Q. Why can't a child open an account

A. We require a parent to open an account as our payment system (Paypal and GoCardless) are only available to adult users.

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Q. What identification do you need to open an account

A. To open an account we do not need any identification from you. We do not need any private details (bank account or otherwise).

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Q. What information do you need to open an account

A. To open an account you only need some basic information (name email address). In order to receive contributions for your child's savings goals you will need either a Paypal account or GoCardless account (UK & Europe), however you do not need to do this to open an account or use the site.

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Q. How long will it take to open an account

A. Your account is open immediately

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Spending Money

Q. What is the difference between Spending Money and Saving Money?

A. Spending Money is similar to a bank current account and represents money that the child has available for spending. Saving Money represents money that has been allocated towards savings goals and is not available for spending.

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Q. How can I change my child's Spending Money balance?

A. You can change the Spending Money balance in the add/deduct page of the Pocket Money section. If a child receive pocket money this will automatically be added to the Spending Money balance.

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Q. What is Spending Money?

A. Spending Money is like a current account in a bank. Pocket money is added to the spending money balance and money is transferred out of spending money to savings goals.

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Savings Goals

Q. How do I delete a goal?

A. You can delete a goal from the options menu on the goal card.

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Q. How do I add money to a saving goal?

A. Money can be added to a savings goal by transferring from the Spending Money balance. This can be found in the Options Menu located within each goal card. If a child receives pocket money, money can also be added to a goal through a Saving Plan.

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Q. How do I mark a completed goal as purchased?

A. When a savings goal is purchased, click on the individual completed goal and select Mark Purchased from the menu. This will remove the amount from the child's Savings Balance.

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Q. What happens when a goal is completed?

A. When a goal is completed it is moved to the Completed Goals section. Any money allocated to the completed goal remains in the Savings Balance until the item is marked as purchased.

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Q. What happens if a goal expires?

A. If a goal expires incomplete, it is moved to the Expired Goals section. Any money that was allocated to the goal is returned to the child's spending money balance.

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Pocket Money

Q. What if I give my child their pocket money in cash?

A. You can still use HootLoot even if you physically give your child cash each week. You can turn off the Automatic Allocation setting so that HootLoot will not add money to the child's Spending Money Balance. HootLoot will continue to monitor when pocket money is due and whether chores have been completed, if this functionality is used.

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Q. How can I allocate pocket money early?

A. Parents can manually allocate pocket money to a child before the pocket money day. This functionality is found in the Add / Deduct section of the Pocket Money page.

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Q. My child didn't receive pocket money

A. If your child didn't receive pocket money for the week, parents can manually allocate the pocket money. This functionality is found in the Add / Deduct section of the Pocket Money page.

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Q. What is the automatic allocation setting?

A. If checked, the automatic allocation of pocket money setting will allocate pocket money to the child's Spending Money balance on the pocket money day. If the child has chores and they are required to be completed, HootLoot will not allocate pocket money unless they are complete

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Chores

Q. How can i remove a chore?

A. Parents can remove a chore by clicking the - button, located underneath the bucket character. This is found in the Chores section of the Pocket Money page.

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Q. How can i add a chore?

A. Parents can add a chore by clicking the + button, located underneath the bucket character. This is found in the Chores section of the Pocket Money page.

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Q. What is the Set Weekly Chores setting?

A. This is the setting that enables HootLoot's Chores Manager. Parents can set chores for children and determine the rules and HootLoot will manage them.

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Q. What are the chore reminder emails?

A. The chore reminder emails are summary emails at the beginning of the pocket money week and reminder emails if chores remain outstanding before pocket money day.

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Q. What is the require chores to be completed setting?

A. If checked, HootLoot will not allocate pocket money to a child unless all the weekly chores are completed

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Q. What is the automatic clear chores setting?

A. If checked, all completed chores will be cleared when pocket money is paid.

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Money and Transactions

Q. Where is my child's money stored?

A. HootLoot does not store your child's money. HootLoot believes that the best place for your child's savings is either in a savings account or an investment account such as a Junior ISA that generates a return. HootLoot enables families to keep track of multiple saving locations

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Q. Do you offer debit cards?

A. HootLoot believes that the free debit cards provided by banks for children are approprriate for a child's needs.

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Q. Can my child spend money on HootLoot?

A. Your child cannot spend money on HootLoot. HootLoot encourages children to save, and in the process develop good financial habits

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Q. Can my child make a transaction on HootLoot?

A. A child cannot make an actual financial transaction on HootLoot.

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Emails and Communication

Q. How can i control what emails I receive from HootLoot?

A. General communication settings can be found in the Communication section of the parent settings page.

Emails relating to pocket money can be found in pocket money settings.

Emails relating to fundraising emails can be found in the Fundraising section of the parent settings page.

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Security

Q. How secure is my information?

A. All data is completely secure and stored on PCI compliant servers. PCI compliance is a level of security that allows for credit card and other highly confidential information to be stored.

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About HootLoot

Q. How is HootLoot funded?

A. HootLoot is funded by its founders. It does rely on any third party investors

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Q. Who is behind HootLoot?

A. HootLoot was founded by Alessia and David. Please see our About Us page for more information.

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