FamZoo private family “banking” system is designed to help you teach your kids to earn, save, spend, and give money wisely in a safe, friendly environment. You’re the “banker,” and your kids are the “customers.”
You can manage your kids’ funds in either IOU accounts, or prepaid card accounts (subject to eligibility), or a combination of the two. Your kids sign in separately to access their own accounts, while you maintain visibility and control through a shared online dashboard.
You define the rules of your private family banking system and economy in a way that matches your unique values. You can set up any combination of
automated allowances,
rewards for chores and odd jobs,
“payroll” withholding for saving or giving,
penalties for missed work,
parent-paid interest on savings,
expense sharing,
matching contributions,
budgets,
loans,
and much more.
Start super simple, and add sophistication gradually as your kids mature.
Why use Famzoo?
Any of these sound familiar?
My child always “needs” something at the checkout stand.
I always feel like I’m handing over money to my kids as they rush out the door.
We’re always arguing about buying new clothes.
My kids don’t seem to appreciate all of the “hidden” expenses that I pick up for them like texting, music downloads, broken cell phones, gaming subscriptions, etc.
My kids have no trouble whatsoever when it comes to spending my money.
I’m not sure my kids appreciate the cost of big ticket items like laptops, iPhones, or even, gulp, college.
It seems like now is a good time to get my kids involved in charitable giving.
I never seem to know what homework my kids have and when (or if) they’ve even done it.
I’m tired of nagging my kids to make their beds and pick up their rooms.
FamZoo is here to help
Using FamZoo, you can teach your children to:
Live within their means by spending wisely.Plan for the future by saving patiently.
Contribute to the world around them by giving thoughtfully.
Set and achieve goals by getting organized.
By the time your kids are young adults, they’ll be prepared and ready to graduate to the real world with confidence.
Hey, I’m a Kid, What’s in it for me?
Get your allowance on time, every time. Do your parents forget to give you your allowance or avoid giving you one altogether because it’s too much of a hassle? FamZoo makes allowances automatic.
Lose the lectures. Tired of arguing with your parents about money? Take the emotion out of money discussions with FamZoo. Work out a regular allowance with your parents based on a budget that you both agree on ahead of time.
Take charge. Do your parents question everything you purchase? With an agreed upon budget and general spending guidelines, your parents are more likely to give you greater control over how and when you spend money.
Save money faster. With FamZoo, your parents can encourage you to save by allowing your money to grow at a more rapid rate than a traditional bank. Learn the magic of compound interest and the rewards of good saving habits without waiting around forever.
Make the world a better place. If you direct even a small portion of your allowance every week to a worthy cause, you can make a big difference over time.
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