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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.
