Learning to handle finances is a life skill that children would need as early as possible so that it becomes a habit and lifestyle that will serve them well into the future. There is no real school that includes in its curriculum these kinds of life skills -- an appreciation of money management as well as an understanding of how financial savings and investments are crucial to their growing up financially independent and money-savvy. But there is a great online tool that does the job quite well and it makes financial management practice fun and educational at the same time– FamZoo.
FamZoo allows parents to set up a virtual family bank. The parents run the bank and can enroll each child in it, giving each one savings and spending accounts to teach kids how to allocate their money between expenses and investments. Together, parents and kids can set savings goals and adjust these as the kids grow older, their allowances change, and their spending/savings goals change. FamZoo is great whether your kids are still very young, in their tweens, or in their teen years. For really young kids, FamZoo will teach your kids the basics of saving. They can do small things such as deposit the loose change from their school allowance, learn to count money, see how saving a little can add up after some time, or even spend within their means. For tweens, FamZoo can teach them to allocate their funds among their expenses, savings and charity work or other cause-oriented purpose. And for teens, parents can set up virtual loans to pay for an expensive purchase like a laptop or set up separate accounts to save up for clothes or some expensive hobby like collectibles.
On the expense side, kids will learn the importance of budgeting whatever funds they have and saving up for a toy, clothes or gadget that they want to buy. On the income side, they will be able to appreciate the concept of compound interest and see how saving a little every month can amount to a lot over time. While the money in FamZoo is virtual, it does approximate real-life savings and spendings so the kids can see the implication of every decision they make with their money – to save it or to spend it.
With FamZoo, you can give your children a life skill that will serve them well into their adulthood. They will forever be grateful for the early awareness and training that a tool like FamZoo gives them as this will make them good stewards of their future earnings.
Order FamZoo from www.famzoo.com