We use our FamZoo cards a little differently. We named each one for a different budget item. Groceries, Home Maintenance, Gas, Dinning Out, Pets etc. Then each payday, we add money from our bank account (via Apple Pay) and put the amount on each card we need. We switched to this budget plan instead of using cash envelopes in 2020. It works extremely well for us. Customer service is wonderful! If you have an issue, you can email them and I always heard back within the same day. There is also a FB group you can join that the company maintains and actively moderates.
FamZoo is a great service to teach your kids about financial responsibility. The app provides real-time money transfer from the parent card to the child card with full reporting on all the activity. We use for gas money plus allowance and review the activity with the kids. We recently saw the power of FamZoo when a teenager saw how much money was going to a certain coffee shop. Seeing this, the teenager now makes coffee at home before leaving for school. Strongly recommend FamZoo to teach your kids how to manage money.
I have had FamZoo for my kids for the last three years and I think it is way better than giving a teenager a credit card. I give my girls an allowance which they can save. They get allowance accordingly for the chores that they do. I also offer them interest on the money they save which gives them incentive to save. It has actually taught them how to budget, which all kids should know how to do. I also can take money back if they do something that they should not have done or fails to do. It’s a win win.
Have an 11 yr old….famzoo has been great for her and easy for me….no remembering about an allowance as it is automatic…has taught my daughter how to manage her money…last week she had picked up a few things in the store….things that were probably going to end up at goodwill in a month or 2….I let her make her own decision as was her money…. We got to the checkout and she handed one of the items to the cashier and stated: “ I changed my mind I’m not going to buy this, I want to save my money for something else”…..everyone in line and the cashier looked shocked….I was standing there proudly smilingly!!
This app has become a big part of our family. We have relied on it for years now. It teaches the girls not only about the responsibility of doing their chores, but also about the responsibility of listing them once they’ve done them. Because if they don’t add them in FamZoo then they don’t get paid. This is something we are still working on, but it is an excellent life lesson. I love the customer service. Any time something comes up someone contacts me immediately. The platform uses Facebook as a means to get answers, but I don’t do social media. So I always have questions, and I am always responded to within minutes, hardly ever hours - literally. I love this app. I can’t recommend it enough.
We love FamZoo. As a parent, it has greatly simplified allowance. If my kids get paid for a special chore or project, giving them the money is a snap. The toolbox is deep, with automatic savings, charity, loans, interest, etc. We also love that our kids take responsibility for paying for certain recurring expenses (ie iTunes subscriptions) which forces them to ensure they have funds, to save, and make choices in their spending. Wish I could give it 10 stars.
We were looking for a way for our kids to manage their own money and have their own debit cards. But when I started looking into it, both are too young to get a debit card from our bank. This was the perfect solution. All money on the kids’ cards is loaded from the parent account, so I know exactly where the money is at all times, can move money between accounts easily, and can see what is being spent. The only thing that was a bit of a pain was loading money to the parent card. I didn’t want to set up an automatic direct deposit from my paycheck, but adding money via my PayPal account took nearly a week for the funds to get to the parent card (this appears to be a PayPal issue not a FamZoo issue, but either way it was annoying), but once I got Apple Cash set up, it takes just seconds. Now the kids can use their own debit card to make purchases. And the card will not allow you to overdraw the account. So no worries about going into debt or racking up overdraft fees. If they don’t have the funds, the purchase can’t be made. The price to set up the FamZoo accounts and get the cards was very reasonable. We got a debit and a savings card for each child and encourage the kids to split their deposits so some money goes into each account. It has worked really well for our family.
My parents are elderly and on a fixed income and I have taken over managing their finances for them. They are still somewhat independent so they like to have spending money for things while I handle the bills and expenses. FamZoo allows me to give them debit cards for their spending money without worry of over spending and not having enough when the bills are due. Also every time I’ve had to contact customer service at FamZoo the response has been lightning fast and my issues are resolved instantly! I highly recommend FamZoo for anyone that has family members young or old that need some help managing their spending.
We absolutely love FamZoo for helping our kids understand how money works. We give them weekly allowances which is credited, in our case, to three buckets. One bucket is for spending, the other for saving, and the final for charity. We are able to encourage them to save and donate to charity by increasing the interest rate return on those accounts.
The kids love to check their account and watch their savings grow. It also gets them to think about charity.
The debit card has been a game changer for us since it places some responsibility on our kids to manage their money.
And the app works well and seems very intuitive
Also, at the end of each week I can see where each of my kids spent their money.
We are big fans of FamZoo!
Chris Reedy
We have been using FamZoo for around 3 years now. It has been so great. Kids can have some independence when out with friends to purchase snacks and so on without me having to have cash for allowance. My 16 year old just started his first job and he can even have his paycheck directly deposited into his account! Then I can set up auto transfers from him to me to pay his share of car insurance for the car we just got him. 👍
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