How to Hide Accounts But Keep the Memories in Your Virtual Family Bank

I love taking the occasional trip down memory lane to look over my kids’ transactions from their earliest financial days. Who knew the $26 toy horse that my then 11 year old daughter bought back on April 13th in 2002 was the precursor to years of competitive riding?

And, oh yes, how about the Neiman Marcus iridescent chiffon gown she bought for the high school prom? I told her she’d regret torching her whole clothing budget on that one, but, hey, live and learn! That “go cold turkey on clothing for the rest of the year” experience was way more effective than any parental lecture from an engineer-geek dad, that’s for sure!

It’s fun looking back, so I don’t want to lose my precious “financial memory lane” accounts. That said, I don’t want to be tripping over them every time I go into FamZoo either!

Jumpstart Your Virtual Family Bank with a TripleGift

Money probably ranks right near the top when it comes to gifts that are well received by kids. No brainer, right? So, what does a kid love better than a wad of money stuffed in a birthday or holiday card you ask? Three wads of money stuffed in a card, of course! That’s what a TripleGift is.

But, wait. It it’s not as crass as it sounds. In fact, it isn’t crass at all. A TripleGift is the thoughtful way to give a monetary gift. That’s because the other two wads of money aren’t for spending. They’re for saving and charitable giving. Each TripleGift greeting card comes with three labeled pouches for spend, save, and share funds. It’s a great way to send a thoughtful, balanced money message to a child on a special occasion: money is about much more than just spending.

So what could be even better than a TripleGift card? A TripleGift card plus FamZoo, of course. Turn that positive TripleGift money message into an ongoing personal finance education. Tuck a FamZoo gift subscription inside your TripleGift card so the recipient can immediately deposit their new funds into spend, save, and share virtual family bank accounts.

Better yet, if you can plan it with the child’s parents, give them the FamZoo gift subscription in advance so they can register their virtual family bank, order spend/save/share FamZoo cards, preload some initial funds onto each, and stuff the FamZoo cards into the TripleGift pouches for the recipient ahead of time.

Interested? To learn more, check out my guest post over on the TripleGift blog.

You can order a TripleGift card here and a FamZoo gift subscription here.

An Educational Gift That Kids and Teens Will Actually Love. Really!

Kids (especially teens) crave independence. Parents love peace of mind. This gift delivers both plus an added educational bonus: financial literacy. Put some financial responsibility in your child’s pocket this holiday season with a FamZoo prepaid card (available to eligible US families).

The FamZoo card is:

• safe - no debt risk, plenty of parental visibility and control;
• convenient - widely accepted online and in stores, always available through your browser or mobile phone;
• educational - full of built-in family finance tools that teach good money habits through hands-on practice;
• no extra charge - the first 4 cards are included in your FamZoo subscription!

Our cards make the perfect holiday gift. In fact, TIME recommends FamZoo as a “meaningful holiday gift for the kids or grandkids” in the article “4 Smartest Money-Making Stocking Stuffers.”

What's the best allocation between spending, saving, and giving for kids?

“Do not save what is left after spending, but spend what is left after saving.”
~Warren Buffett

Smart advice from an undeniably smart investor. The saving (and charitable giving!) should come before any thoughts of spending. How do you make that happen? Automate it. Arrange to have some money automatically set aside from your regular paycheck. Out of sight, out of mind. It’s a strategy that has worked incredibly well for me personally, and something I recommend to all.

Why not start the habit early with kids? If we do, maybe it’ll be second nature by the time they enter the workforce.

“But my kids don’t get paychecks,” you say. Hmmm. What about the money you pay them for allowance, or chores, or odd jobs? What about the money they earn from watching the cat next door or babysitting? What about those birthday checks from grandma and grandpa? Those are informal “paychecks.” Apply Warren’s principle.

Teaching Kids Financial Literacy in the Moment When You're out of the Picture

Financial literacy works best when it’s delivered in the moment on an as-needed basis.

I love that quote by Ron Lieber from his interview with J.D. Roth.

I’m convinced that good money habits stick as a result of numerous repeated nudges rather than a few epic lectures or various other “one-and-done” type educational efforts. If we can take it one step further and interject those little nudges into our kids’ everyday financial moments, I think we’ll really be on to something when it comes to having a lasting impact on behavior.