One of FamZoo’s best educational and behavioral tools is hiding in plain sight.
It’s the reimbursement button, and only 18% of our families have found this little gem.
Most parents never see it because it’s only visible in the child’s view. Each purchase transaction has a little curved arrow button beside it. Kids can hit the button to request a reimbursement from a parent.
Why is the reimbursement button such a great opportunity?
Consider these common reimbursement deals dangled by parents:
- “If you take your little sister out to lunch, or pick up ice cream for the family, or buy your own personal care items, I’ll reimburse the full amount.”
- “If you buy a book or take an online course, I’ll reimburse you when you finish.”
- “If you buy a healthy lunch, I’ll reimburse you for half the amount.”
- “If you fill up the family car we’ve been sharing, I’ll reimburse three quarters of the gas expense.”
Here are my four favorite things about reimbursement deals. They:
- Incentivize desired behaviors. “Take any online course you’d like — learning expenses are on Mom!”
- Require a healthy account balance. If you don’t have enough money on your card to buy it in the first place, it can’t be reimbursed later!
- Educate kids about how much real life costs. “Wow, I had no idea how much shampoo costs!”
- Encourage more parent-child money discussions. “Let’s talk about why I only reimbursed a portion of your latest Chipotle extravaganza.”
That’s a lot of positive payback packed in one little button.
Find out how reimbursements work HERE.
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