Use Reimbursement Deals to Build Better Behaviors

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:

1. Incentivize desired behaviors. “Take any online course you’d like — learning expenses are on Mom!”
2. 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!
3. Educate kids about how much real life costs. “Wow, I had no idea how much shampoo costs!”
4. 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.