The digital age has changed a lot of the ways we do things in these last few years. Day by day, more and more people consider instant gratification to be the new norm. Things like talking to people and even using cash to pay for items are becoming obsolete. It’s time to prepare for the future, not just for you but for your children.
That’s where Famzoo comes in! Famzoo is a prepared debit card that helps parents prepare their children for their financial future. Winner of the Finovate Fall 2011 and Spring 2013 award for Best In Show; and the 2015 winner of the Fintech Startup Competition, Famzoo is a godsend to parents who yearn to give their children a financial education.
Parents Become The Banker, Children Become The Customer
Created by Bill Dwight, a Princeton graduate, as a way to teach his kids to deal with money. FamZoo presented an opportunity for Dwight to put together his three favorite passions in life–his kids, making software, and putting a spotlight on the importance of being educated by strong role models.
With Famzoo, you take on the role of banker while your kids take on the role of customers. With the use of a prepaid card account or IOU, your kids now can use their own accounts, which you can monitor by checking the online dashboard. The interesting and truly unique thing about Famzoo is that it lets you to educate your children about money the way YOU want, rather than being forced to follow a set of rules given to you by your bank or debit card company. Famzoo allows you to setup an allowance for your kids, rewards for helping with daily tasks, and they have payroll withholding to make your kids consider saving and giving money to charity. Parents can issue penalties for missed work, help pay interest on their children’s savings and even let kids take out a loan if their feeling generous. Famzoo’s mission is to give kids a realistic example of what real-world banking is like, but still give you complete control. That way, it’s up to you to teach your children what you think is important financially.
Famzoo offers an IOU system for kids but most families prefer the prepaid debit card. The cards help give children the opportunity to spend actual money on their own and to keep track of where they’ve used their finances. The prepaid card is just like your own debit card, except as a parent, you can see everything that your child is spending money on while letting them know the value of a dollar.
Getting a prepaid card gives your child real access to money, so make sure they don’t lose it. You can use a variety of different cards like MasterCard, Visa, or PayPal. Then you can get a card for your kids and guess what, first four are free of charge! The cards should show up in your mailboxes in a few days. After you receive them, you can activate the cards online and pick an individual PIN for each card. Then your kids can use the cards and get one step closer to adulthood.