Financial Literacy is a MUST! Start Your Kids Early!
Learning about financial literacy is a must! Start your kids early! Children are rarely taught financial literacy in school and some parents don’t have good money habits to pass on to their offspring. Teaching financial literacy is a must! Start your kids early so they will establish good money habits that will carry them into adulthood. FamZoo is an excellent online software tool for teaching kids financial literacy.
Description of Famzoo
FamZoo is an online program that helps parents teach their children how to establish good money habits. Parents can use this software from preschool to college. FamZoo uses a virtual bank that is similar to a real bank. The only difference is that the money is not sinked with your real bank. However, it is extremely realistic and works just as well. Starting is very easy. Just go to the home page to set up an account for the family. Parents who sign in can see all accounts. Children can only see their own accounts. Parents will manage the real money, this is used to keep track. Teach your kids good money habits with FamZoo’s Virtual Family Bank. Family spending and earnings are easier to track by selecting either a Prepaid Card Account or an IOU Account.
Prepaid Card Account
FamZoo’s prepaid card is a reloadable Mastercard. Customers link together accounts and are available online using FamZoo’s Virtual Family Bank software. Parents use cards together so family members can share money between them. It works when one parent uses the cards as the main funding card. Parents will use to pay allowance, rewards, investments, or small jobs. When your children use the software they will sign in separately so they can monitor their spending. They will only be able to see their account. Only the parents will have the ability to see all the accounts as well as add and subtract from each account using the shared dashboard. Here is an example of parent and child roles.
IOU Accounts are designed to only keep track of the money that is being held for your child. The current balance is the amount that you currently owe your child. When FamZoo makes automatic payments from you to your child for earned income, or gifts then your child will receive a credit on their account. If your child buys something or has money deducted from their account, it will deduct from your child’s IOU account for spending. When your out shopping and you buy something for your child, make a donation for your child, or give them cash, then you deduct the amount from your child’s IOU Account.
6 Major Sections of Famzoo
There are 6 major sections that parents will use frequently in FamZoo. Most of them can be found under overview tab.
- Account Balances display the balances for spending, savings, and charitable donations. A plus and a minus sign are next to each balance. This is only displayed for the parent to see. Parents use these signs in this section to add or deduct for each item. Account balances let you split up payments into different areas.
- Account Activity allows parents to view all the activity that has occurred such as spending and credits your child may be given. This is also where parents set up automatic recurring charges like a portion of recurring family expenses. You can also split your child’s spending and credits in this section as well.
- Budget section is where parents can set up a budget to save for a special item, event, or you may want to discuss saving to make an investment in the future.
- Checklists section is excellent for making a list of chores that your child does regularly to earn an allowance. Checklists remind your child of their chores that earn them an allowance.
- Savings Goal allows your child to create their own goal for savings. For example, suppose your child wants to save up to $200.00 for a bike. They can put the amount they have saved towards that goal. Each time money is saved a bar appears and shows your child how much is saved to meet their goal.
- Allowances and Splits clearly display your child’s earnings and puts earnings into each area. For Instance, I had my daughter’s allowances split into 50% for savings, 40% general spending, and 10% for charitable giving. You can adjust these settings at any time.
Using the Bank Tab
Although these were the main sections that I used most frequently, however, there is another section that is very important to note. That section is on the BANK TAB, which is located next to Overview Tab. When you click on BANK TAB, you will see the section for viewing. The two sections in this are I believe are the most helpful is the Diagram and History.
- Diagram breaks everything down for your child and it shows them what they are currently earning using a very detailed graph that is easy to understand and very child-friendly
- Balance history summarizes totals each month. At the end of the month, a bar graph is displayed to show what was saved in each month. So your child can clearly see if their savings increased or decreased. Children are extremely visual so this especially works well for younger children.
My Opinions and Thoughts
Overall, I loved FamZoo! I thought it was very detailed and the virtual bank is an excellent way to help prepare your children for real banking. FamZoo does an excellent job of getting parents to be proactive in teaching their children good money habits at an early age. The only disadvantage I can see is not having the ability to sink with your real back at some point. Although it is still an excellent software to teach financial literacy. My experience with customer service was amazing. When I had some questions and sent an email to customer service tey were very timely in their response.
My Favorite Parts of Famzoo
The other HUGE advantage Famzoo has over other companies is their OUTSTANDING customer service. When I first tried FamZoo, I was having difficulty setting up on my phone. I emailed a message expressing my issues. Within a short time, I was contacted by phone! This took me by surprise but the support was superb! I was walked through to determine the problem. Then I was given some tips and suggestions to make it an easier experience. Customer service is a really big thing for me and FamZoo went above and beyond to help. I would highly recommend using FamZoo for your entire family
More Benefits of Famzoo
- Keeps your children and teenagers on a budget
- Manages your child’s allowance easier
- Encourages charitable giving
- Makes an excellent money gift for your child
- Parents and children can keep track of chores and jobs
- It teaches compound interest
It will teach your children financial literacy. Give kids and teens the gift of financial literacy! They’ll learn responsible spending, saving, and giving habits with FamZoo’s prepaid cards and award winning app. Use Coupon code HOLIDAY17 for an extra free month. Offer ends 12/31/17.
I think VERY highly of FamZoo and would recommend without ANY reservation. Thanks for what you all do FamZoo! You will not be disappointed.
All the Best,
Smart and Snazzy Kids/Motivated Kids