How to Give Your Child an Allowance Advance, Responsibly.

Kid with empty pockets

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: