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Making Allowance Easy
Parenting Power Admin November 7, 2011 2 Comments

Making Allowance Easy

Just as we give our kids books to nurture their knowledge of reading, giving our kids money as a manipulative enables them to learn about money – spending, saving and giving. Whether you choose to link money to chores or to keep them separate is a family decision. We’ve put together some questions to ask yourself before you introduce  allowance in your family which you can access
here.

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As valuable a teaching tool as it is, allowance can be really exhausting for parents. Having the money ready each week, keeping track of which child has how much money and making sure that they bring it with them to the store can be exhausting. As parents, we’ve come up with lots of plans over the years – but none of them have worked as well as what Julie started using about 7 months ago: Famzoo.com

That is why we want to tell you about it. Here is a quick video about famzoo.

With Famzoo, Julie no longer has to have spare change on hand – the program deposits the kids’ allowance into their accounts every Monday. Julie’s kids can access their Famzoo accounts on line and know exactly how much money they have in spending, saving and charity accounts. They can even access it when out at a store if they want to know if they can afford an item.
When they buy something, they debit the appropriate account. When they get money as gifts, they credit their account. They are learning about banking fromour family bank on Famzoo.com.

What’s more, they have tracked their savings while saving up for new technology and they have planned their giving (both to charity and to Julie for her birthday) online as well. This is real-life learning about money in a format that parallels online banking – a skill they will need to know as they gradually take on more financial responsibilities.

We want you to know about Famzoo.com because it makes things so much simpler for everyone in the family. They know that their product is so good, that they let you try it for free and with our special coupon code PARENTING POWER you can have an extra free month of Famzoo. Even when you start to pay for it, the cost is tiny compared with the amount of time it saves you.
You can even give a subscription of Famzoo as a gift.

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Replies (2)

MomEntrepreneurBlog November 7, 2011 at 6:44 pm

We use something very similar called Three Jars and it works great! The kids love it because it is all on the computer and they can send messages requesting projects or asking to move money from one account to the other. And I agree, this is how we bank, why not teach them the same way.

Parenting Power Admin November 8, 2011 at 10:46 am

It’s really all about making it easy to do what we say we are going to do. Thanks for your suggestion!

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