A new cashback website is encouraging families to think differently about how to use the money they earn from online shopping.
Join SAM is a new cashback website aimed at families.
Launched earlier this year, it encourages parents that earn money online via the site to set it aside for their kids to get to grips with.
So as well as being a cashback site, Join SAM acts as a platform for educating children about money.
How it works
The cashback part of the Join SAM concept is nothing new.
When shopping online you can use tracked links to complete your purchase with certain retailers and get money back on what you spend.
Join SAM works with over 200 retailers that are family friendly and have a good reputation for paying cashback quickly.
[SPOTLIGHT]The best cashback offers on the website at the moment come from Microsoft (up to 50%) Marks & Spencer (up to 5%), George (up to 5%), B&Q (up to 5%), Boots (up to 4%), Clarks (up to 3.75%), Expedia (up to 6%) and LegoLand (up to 3.8%).
As well as cashback there are additional money-off coupons and special offers every week to help families save.
The company aims to pay cashback in between four and six weeks, but warns that sometimes it may take longer. Cashback on flights for example can only be paid after they have been taken.
So far it sounds like every other cashback website going, but with Join SAM cashback is just the begining of the journey.
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Why it’s different
Cashback is paid into your Join SAM account, where you are encouraged to save it for your kids, and let them get to grips with it themselves.
Children can access the site and learn about money aided by SAM, a cartoon avatar.
With the account they get a more hands-on experience and also get to learn important financial lessons.
The website has interactive money quizzes where kids can earn badges and even cash. Typically between £6 and £10 can be added to the cashback pot. The learning exercises have included questions such as:
- What is debt?
- Round £3.45 to the nearest £.
- SAM loves to party! He goes to seven parties each year and spends a total of £56 each year on presents. How much does he spend on average for each present?
For now the site is targeting children between the ages of eight and 12, but it has plans to go beyond these to reach younger and older kids.
There are no fees to use the site so you can save 100% of what you earn on your online shopping.
Since the website launched in April it has managed to bag families £100 on average. Join SAM reckons families could earn and save £200 in one year using the site just doing their normal online shopping, without it impacting their budget or having to spend any more than they would normally.
This extra cash could be the solution for families struggling to find the money to put aside for their kids.
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Plans for the future
The company wants to do even more to help kids learn about and interact with money, saying it has only just scratched the surface of financial literacy.
Friends and family will soon be able to add money to the pot.
Plus next year Join SAM might be able to offer unique Junior ISAs where money put into the account can start earning interest tax-free.
And to teach children the value and satisfaction of saving money up for expensive treats, there will also be a Join SAM account card, which will allow them to spend the cashback in-store or take money out at a cash machine.
Verdict
I think Join SAM is a great idea for families that want to save for their children without impacting their budget and use real money rather than pretend notes and coins.
However, the rates might need to improve against cashback rivals Quidco and TopCashback for parents to stick with the site.
Cashback with Expedia for example is only available at 6% on Join SAM but you can get double that with Quidco (12%) and TopCashback (12.6%).
But Join SAM says cashback is only one part of their operation. The company is dedicated to helping families and children earn, save and learn about money.
Join SAM says it doesn’t want to be seen as a just a cashback site and only have parents motivated by the top deals. Rather it wants children to be a focal point.
With financial education in schools not officially part of the curriculum until September 2014, Join SAM seems a good way to teach your children about personal finance right now.
What do you think about Join SAM? Will you be using it to help build a nest egg for your kids? Let us know in the Comments box below.
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