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on | 5 COMMENTS

New Video: FamZoo Intro And Quick Tour

We're just starting to put together some videos to help describe FamZoo and show folks how it works. Here's one we just put together that combines a brief segment on the "FamZoo story" with a quick tour of the virtual family bank.

Take a look, and let us know what you think:

Note: We'll probably be splitting this into two videos to keep each one under the 3min mark.

5 comments:

Wendy Maynard aka The Blog Post Author

This is a great idea. My son is only 1.5 right now, but I really want to teach him financial responsibility because I think it's so important. How old do you think a kid has to be to start understanding this?

Best, Wendy

Bill Dwight aka The Blog Post Author

Thanks Wendy. The right starting age varies with the child/family, but many say the time to start is as soon as your child says "I want XXX" at the check-out stand ;-) Most experts (like Janet Bodnar) say around 3 to 5.

In our case, we started our youngest with a FamZoo account at 5. No allowance initially - just a virtual account as a safe place to deposit his Birthday checks and spare change. It's a nice way to start getting familiar with the general concept of money, banking, making his own spending choices, etc. We added a modest allowance at 6 or 7 with splitting between spending, saving and giving. As they mature, we keep adding incrementally - odd job lists, clothing budgets, loans, expense accounts, etc.

I'm sure that seems like a looong way off at 1.5, but the years really fly by. Can't believe I have one in college already...sigh!

Becky aka The Blog Post Author

I was really impressed with this idea. I especially liked teaching kids about the charity giving. Our family is starting the long, but rewarding trek of fund-raising. My husband and I started a mission organization 3 years ago and we realized we need to go into it full-time.

In order to do this, we have cut back expenses. Most of the time our boys (3) understand why we need to save money and they have to come up with their own money if they want anything that is extra (games for their free playstation/xbox they recieved from their uncle).

They are also understanding that not only are there initial expenses with certain things (like pets) but ongoing ones (food and clean-up). Thanks for having a 2 month trial. BTW, I found out abou this on a coupon blog site (we save about 80% on groceries now thanks to coupons...).

Sincerely, Becky

Bill Dwight aka The Blog Post Author

Becky,

Very admirable of you and your husband. Sounds like your boys are getting a very solid education about frugal living as well.

Saving 80% on groceries - wow! And I thought we were doing a good job of bulk buying at Costco to feed our hungry brood of 5 kids ;-)

BTW, I believe there are still some redemptions left on our coupon code WHIRL1, so you can try that code at registration or after the fact on our Store tab (if you've already registered) to get some additional free months.

Regards, Bill

SQIAR LTD aka The Blog Post Author
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