How to Give Your Child an Allowance Advance, Responsibly.

Will you let your child practice paying the piper?

A mom recently wrote in:

“I frequently loan my kids some money against their weekly allowance or chore money for the following week. Can I use [FamZoo] to keep track of what they owe me?”

You might be thinking: “Wait, what? Payday loans for kids? Never!”

Not me. I think loans can be a valuable educational experience for kids to get under their belt.

Of course, it’s your call. Do what feels right for your family.

But, if you do grant Junior an advance, make sure you track it. Nothing good is learned when parental loans go unpaid. Fortunately, FamZoo's IOU accounts are perfect for tracking them and enforcing accountability.

The Setup

Here’s how to set up an IOU account to track any outstanding advances to Junior’s spending card:

Three Things Cardholders Need to Know Before Calling In

There are a few essential things you and your family members need to know before calling in to address issues with your FamZoo cards. Not knowing them could lead to unnecessary frustration and even unexpected card account blocks. Knowing them ensures a smoother customer service experience.

Family members need to know:

1. Who the cardholder is. It may not be who you think it is.
2. How to prove their identity. Many teens don’t know this.
3. Who they’re calling. It may not be who you think it is.

FamZoo Money Management 101: Start Here With Kids and Teens

“Be prepared.” ~ Scout Motto

Before your child ventures out into the financial woods with their new FamZoo card, be sure to cover these money management basics together.

This guide assumes you have activated your cards and set up your reload option(s) of choice.

Debit Card 101

Let’s start with the card itself: a reloadable prepaid debit card with a secure EMV chip.