My Review of FamZoo – An Allowance and Finance Education Solution for Families
Looking for advice and ideas on how to make more out of giving your child a weekly allowance or to reward them for meeting goals or doing chores? Look no further than FamZoo.com.
FamZoo is a great solution for families to handle this time-honored tradition. Not only does it provide a great, easy-to-manage system for giving your kids money, it teaches financial literacy, and encourages charitable giving.
Here’s a quick summary of the features that make this a great option for families with kids:
- At its most basic level, FamZoo is a MasterCard debit card for each of your children.
- The card is the same as many bank-issued debit cards/ATM cards.
- When you order the cards, each kid over the age of 13 years old can get their own name on the card.
- Kids younger than 13 years old get their parent’s name and their name on the card.
- The parent’s transfer money into a FamZoo account and then it can be distributed as required either automatically in regular intervals (such as for an allowance) or as the parent authorizes.
- There is a web-based and iOS application that parents can use to setup accounts, transfer money to kids’ cards, and keep track of transactions/spending.
- Savings and charity accounts can be created. Parents can decide on an “interest rate” for their child’s savings account. (The parent pays the interest, but the kid learns about the value of saving.)
- When a child earns money, some of it can automatically be diverted into the charity or savings accounts. Parents can setup a “savings match” program if they like.
- If a debit card is lost, there’s a checkbox in the app/web account that can disable it instantly.
- Since it’s a debit card, and you set the pin, the possibility of theft / fraudulent use is minimized. It is easy to order replacement cards and to transfer the money on the old card to the new account.
- Debit cards also mean no chance of accidently going into debt, late fees, overdraft fees. The money that you put on the card is all that is available for your child to use.
- The debit card is on an ATM network (MoneyPass), so your child can withdraw cash as needed (from the available balance on her card).
- Teaches responsibility.
Watch the video below to learn more about how FamZoo works:
Interested in a 30-day trial? Click to learn more about FamZoo.