POSTED BY Bill Dwight ON Thursday, August 07, 2014 |LEAVE A COMMENT!

Turn Your Teen into a Shopping Errand Machine

Usually the combination of a teen, a car, and money is enough to scare the daylights out of any parent. Here’s how to turn that terrible trifecta into a big win: send your teen on shopping errands for the family. It gets your teen off the couch. It saves you time. It provides plenty of opportunities for teachable money moments — like how to comparison shop.

Win. Win. Win.

Here’s an extra bonus for families with FamZoo prepaid cards: we just made the whole “Mom/Dad, can you pay me back for the stuff I just bought?” routine super-simple by building in some new app(lication) features dedicated to streamlining reimbursements between family members.

For example, just this week, my wife sent our son, Will, on a grocery errand to pick up some grillables for the family dinner.

Here’s the expense as it appeared on Will’s Transactions page in the FamZoo app:

Reimbursable expense transaction.

Naturally, Will wants to be repaid — and pronto. So, he taps on the arrow just beneath the amount to get to this Request Reimbursement form:

POSTED BY Bill Dwight ON Wednesday, July 16, 2014 |LEAVE A COMMENT!

How to Offer Extra Job Opportunities to Your Kids

Washing the Car for Extra Pocket Money

Diane, a FamZoo mom, sent us the following question:

I would like to just supply a list of chores (with an associated value) that my kids can do whenever they want and do them multiple times. So, I would put ‘one load of laundry=$2.00’ and each time they do a load of laundry they would get $2.00 deposited. They might do two loads one day, none the next, one the day after, etc. Is there a way to accommodate this?

Setting up a checklist of optional extra jobs that kids can knock off from time to time to earn some extra bucks is a popular technique among FamZoo families. Parents pull it off using the rewards, repeat frequency, and expiration options of FamZoo checklist items.

Here’s how you can set up Diane’s laundry job opportunities:

POSTED BY Bill Dwight ON Wednesday, June 04, 2014 |2 COMMENTS

How to Put the Squeeze on Your Fattest Money Habit

Put the squeeze on your fattest money habit.

What’s your fattest money habit?

Come on, you can be honest. Everybody has at least one discretionary spending indulgence that deserves a good belt tightening. Dining out? Clothing? Entertainment? Online shopping? Morning lattes?

It’s easy for those discretionary expenses to get lost in the noise of all your other transactions. By the time you tally everything up at the end of the month (assuming you’re doing that — wink, wink, nudge nudge!), even that seemingly innocuous habit can add up to a big number. The damage is done. As Ben Franklin wisely said: “Beware of little expenses; a small leak will sink a great ship.” So, you vow to reform next month, and the next month, and...

How do you break the cycle? Here’s a very simple recipe for isolating and trimming your fattest money habit.

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