FamZoo is an online “virtual family bank.”
Really? What is that? How does it work?
Let’s say that your child, right now, has $30 in change in her piggy bank on her dresser and another $20 in birthday money in an envelope in her desk drawer. She hands you the actual money, and you, in turn, credit her FamZoo account for $50. Congratulations! You’ve just become the “Bank of Mom/Dad,” and you’re now running your own virtual family bank. It’s still her money, but she’s just deposited it with you. She can see how much see has in your safekeeping at anytime by signing into FamZoo and looking at her account balance.
Later, suppose you’re out with your child shopping, and she wants to buy something that you’ve decided she should pay for. You pay for it — cash, check, credit card, whatever works for you — and debit her FamZoo account for that amount. She has effectively made a withdrawal and payment from her account at the “Bank of Mom/Dad.”
If you choose to give her an allowance (your call!), you can set that up to be automatic in FamZoo. You may even choose to have the amount split between multiple accounts — like spending, saving, and giving. You don’t have to remember to hand her cash every week; FamZoo will automatically deposit the amount you specify into her FamZoo accounts. Alternatively, you may choose to pay for regular chores, or just occasional “jobs” like babysitting, or maybe some mixture of those things. It’s your bank, your family, your values. You decide what’s appropriate. You make the rules!
The bottom line: balances in her FamZoo accounts represent IOUs from you to her. You’re holding her money for her, just like your bank does for you when you deposit money with them.
Make sense? Don’t hesitate to ask questions! Leave a comment. We always love hearing from you.
When you’re ready, try setting up your own online virtual family bank on FamZoo. It’s a simple, safe, effective way to teach your child good personal finance habits through hands-on practice. You can try it FREE for two whole months — plenty of time to see if it works with your family. We don’t require any payment info up front. Interested? Sign up here.
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