It’s never too early for kids to learn the importance of money management. But where can they get the experience of banking online before they’re old enough to actually get an account? At FamZoo! By utilizing FamZoo, parents can teach their kids the basics of managing money, setting budgets, tracking savings goals, and even the importance of charity.

FamZoo’s Features

Two of FamZoo’s most interesting features are automatic allowance payments and chore tracking. Parents can send allowances monthly, track chores, homework, special assignments, and even assign payment for items on the chore list. Parents can then choose to have the money directly allocated to one of three account categories: general spending, savings, or charitable giving.

Teach Your Children About Money Management

FamZoo is an awesome way to teach kids about money. They can log into their virtual account and earn money or move it around to suit their needs and wants. Kids can even “test-buy” something to see how the purchase would affect their finances; but since FamZoo is a virtual money management system, the parents control the actual cash.

Parents can even get in on the action, completing chores and earning allowance just like their kids. Of course, there are added bonuses to being a parent, like seeing everyone’s account and the ability to adjust each account from a master screen.

All in all, FamZoo is a great first-step for kids into the world of finance. It allows parents to monitor their kids’ allowance, discussing the importance of savings and making smart purchases.

If you only have one or two kids, tracking allowances and teaching financial lessons might not be too cumbersome. But if you have more kids, it gets a lot harder. That’s when a service like FamZoo can be a big help.

Have you ever heard of FamZoo? Does it sound like a service you would use? Let us know in the comments section below.

Jessica Bosari is a PerkStreet Customer Columnist, as well as the Site Manager and Editor for billeater a blog with money-saving tips to lower your bills. When she’s not gathering money-saving tips, Jessica is feeding her geeky side with sci-fi movies, tech gadgets, useful apps and productivity tricks, just to keep things interesting. Read more of Jessica’s great financial advice on Perkstreet’s blog, or view her other money-saving tips at billeater.com.