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  FamZoo

FamZoo

in Money Management Tools from FamZoo, Inc

Unaffiliated

FamZoo

Unaffiliated

in Money Management Tools from FamZoo, Inc

SuperMoney Net Recommendation Score -20

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -20, equating to 2.6 on a 5 point rating scale.

-20

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

2 users recommend
0 users are unsure
3 users don't recommend
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Highlights
Community Rating Mostly not recommended
App Price $0
Number of Reviews 5
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Message From Our Editor

What We Love About FamZoo

FamZoo is a virtual family bank that can help parents better manage their finances while also training their kids to understand important financial lessons. The tool helps kids learn how to live within their means, save money, and achieve their financial goals. This tool lets you create virtual bank accounts for everyone in the family, making it easier to handle giving out allowance. It also makes it easier for the kids to see how much money they have, so they can learn how to manage it.

FamZoo works better than a regular piggy bank because it allows the kids to see exactly how much they have. It also gets them ready to use apps that are similar to what they’ll be using when they get older and have an actual bank account to manage. The tool lets you share expenses, penalize those who don’t do chores, pay out interest and rewards, and more.

It’s also possible to give the kids prepaid FamZoo cards to teach them how to better use debit and credit cards later. It can give them practice for when they get older. As you can see, there’s a lot to love about this tool.

What FamZoo Could Do Better

The only real potential downside is that it isn’t free. It has a subscription cost each month. It’s possible to reduce the cost by paying for multiple years upfront, but many families don’t have the extra money to spare. This is higher than many other virtual banks.

FamZoo’s Backstory

FamZoo was created by Bill Dwight and Chris Beauford, who went to Princeton together. The goal was to create a fun and interesting app that kids would enjoy, which would help them learn how to manage money better. By helping kids learn how to manage finances now, it could lead them to a brighter future.

The Verdict

Although FamZoo might not be the only virtual family bank, it is filled with features and tools that make things fun for the parents and the kids. If you’ve been looking for a virtual family bank and have the money, this could be a good solution. You should also check out some of the other options like Agent Piggy, Bankaroo, and Active Allowance to see what they can offer and compare them to FamZoo. Ultimately, you’ll want to choose the tool that has everything you need.

Contact

About FamZoo

Feature Breakdown

App Price $0
Monthly Fee Starting at $5.99
Budgeting Tools
Personal Investing

FamZoo Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -20, equating to 2.6 on a 5 point rating scale.

-20

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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