FamZoo News

Positive parental payback.

One of FamZoo’s best educational and behavioral tools is hiding in plain sight.

It’s the reimbursement button, and only 18% of our families have found this little gem.

Most parents never see it because it’s only visible in the child’s view. Each purchase transaction has a little curved arrow button beside it. Kids can hit the button to request a reimbursement from a parent.

Why is the reimbursement button such a great opportunity?

Consider these common reimbursement deals dangled by parents:

• “If you take your little sister out to lunch, or pick up ice cream for the family, or buy your own personal care items, I’ll reimburse the full amount.”
• “If you buy a book or take an online course, I’ll reimburse you when you finish.”
• “If you buy a healthy lunch, I’ll reimburse you for half the amount.”
• “If you fill up the family car we’ve been sharing, I’ll reimburse three quarters of the gas expense.”

Here are my four favorite things about reimbursement deals. They:

1. Incentivize desired behaviors. “Take any online course you’d like — learning expenses are on Mom!”
2. Require a healthy account balance. If you don’t have enough money on your card to buy it in the first place, it can’t be reimbursed later!
3. Educate kids about how much real life costs. “Wow, I had no idea how much shampoo costs!”
4. Encourage more parent-child money discussions. “Let’s talk about why I only reimbursed a portion of your last Chipotle extravaganza.”

That’s a lot of positive payback packed in one little button.

Find out how reimbursements work HERE

It takes a zoo.

Recently in the FamZoo parent community:

• Kim K. C. asked about the PIN on each card. When is it needed? How do you set it? 💳
• Lynn M. asked whether the cards can be hooked to Venmo. ⚡
• Duane M. asked how to set up a savings sub-account for the kids. 💸

Got an experience or tip to share? A question?

JOIN THE GROUP

Dressed for success.

Riffing on the reimbursement button hiding in plain sight, check out this classic opportunity quote:

“Opportunity is missed by most people because it is dressed in overalls and looks like work.”
~Thomas Edison

Maybe you should change the name of your kid’s chore chart to “Opportunity Chart.” 😉

🙏 A big THANK YOU to...

• TJ Carrie — this football star overcame open heart surgery as a teen to make it in the NFL. Now he’s inspiring other kids facing obstacles though the TJ Carrie Foundation. Part of TJ’s program develops life skills like personal finance. We’re proud to say that FamZoo cards serve as the hands-on portion of TJ’s financial education platform. And here’s TJ’s reimbursement deal for the kids in the program: “Submit a college application using your card, and we’ll reimburse you.” 💗
• The Motley Fool — their financial podcasts have been a staple in my rotation for many years, so I was delighted when I heard they had selected FamZoo as the best financial literacy app for families. 🏆
• Momster90 — for leaving this superlative review on the App Store: “Great for our family with a tween and teen. We have been able to use this app and the bank cards as a great way to teach our kids 11 and 13 about fiscal responsibility, making choices for themselves and managing their own budgets. They have had to learn about recurring fees (what?... I have to read the fine print?!?) and how to prioritize what’s actually important to them. Before FamZoo they used to just come to us asking for money every time we went out. It’s refreshing to tell them that of course they can buy the favorite item de jour, as long as they’ve saved up for it. I highly recommend this app!”

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

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

Founder, FamZoo.com