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FamZoo News

End of April, 2021
Preparing kids for the financial jungle.

TIP OF THE MONTH

Weeding Chore Request Form

And the winner is…

Earlier this month, Coralee asked the Parent Community:

“Is there an option for kids to ‘bid’ on chores in FamZoo? My kids have decided we should do this (based on the show, ‘No Good Nick’). I was thinking it would be great if there was a way for the kids to electronically (secretly) send their bids to the parents, and then the parent could select and award the chore to the lowest bidder.”

Cool idea! My suggestion: use a chore checklist coupled with money requests.

First, advertise the available odd jobs — like “weeding the garden” — on a checklist shared with the family. No need to include the reward amounts since those will be determined by the winning bids.

The kids can survey odd job opportunities by signing into FamZoo and reviewing the open entries on the shared checklist.

To make a bid, an enterprising child can launch a money request by tapping the right arrow (→) button next to their account.

Up pops a Money Request form where the child can fill in a proposed amount and lobby their case in the Reason field — perhaps throwing a sibling or two under the bus along the way. Something like: “I’ll pull weeds for this amount. And, remember, I’ll do a better job than my goofy little brother, so I’m worth more!”

The selected parent receives a text message and an email for each bid placed. Parents can also review bids in the FamZoo app(lication) on the Money Requests listing screen.

Once reviewed, let the winning bidder know they secured the job.

When the work is done, check off the chore item, approve the winning money request, and decline the other requests.

What makes a winning bid? Not just a cheap price tag. Quality work counts. This is a chance for your kids to hone their written negotiating skills.

That said, don’t get snookered. After all, the main character in “No Good Nick” is a teen con artist. That’s why it’s handy that a money request can be partially approved if the work was not up to snuff. 😉

See how to set up a chore checklist HERE.

See how money requests work HERE.

COMMUNITY POSTS OF THE MONTH

The FamZoo parent community.

It takes a zoo.

Recently in the FamZoo parent community:

  • Julie asked how to set up a chore list for one child so the other can’t see it. ✅
  • Margarita shared her FamZoo game plan for teaching her three daughters financial skills. 🎓
  • Dan asked whether to select checking or savings when making a withdrawal from an ATM. 💸

Got an experience or tip to share? A question?

JOIN THE GROUP

QUOTE OF THE MONTH

Worth every penny.

While you’re fielding odd job bids from your kids this weekend, consider this Warren Buffett classic:

“Price is what you pay. Value is what you get.”

Whether the weeds get pulled at a fair price or not, you’ll reap plenty of compounding value if the kids learn a little something about work and negotiation along the way.

SHOUTOUTS OF THE MONTH

🙏 A big THANK YOU to...

  • Stacie — for starting the post in the parents group about using FamZoo cards for family members with learning disabilities. Wonderfully heart warming stories. 💗
  • Tracy — for posting the genius tip on how to see a nice inventory listing of the chores on a checklist without all the repeated items cluttering things up. ✔️
  • ActuarySTL — for leaving this kind shoutout on the App Store: “This app and the associated debit cards — with fantastic and personal support from Bill, the founder — help our teenagers manage their money and make smart financial decisions, while encouraging them to complete chores around the house with financial incentives that we provide. It also gives our older teenager, who has his driver’s license, the freedom that comes with having a debit card, while allowing us to see instantaneously where he’s spending money. Great idea, great app, great debit cards, and great service!”

    Since we don’t advertise, your positive reviews on Facebook and the app stores are greatly appreciated!

ALWAYS HAPPY TO HELP

Dear Bill...

Got a question, comment, concern, bug report, suggestion?

I’m no robot, just an everyday dad on a youth financial literacy mission. Hit reply, and I’ll respond.

Or catch up with me on Facebook or Twitter.

Best to you and your family,
Bill

Bill Profile Picture
Founder, FamZoo.com

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