★ Rockstar Giveaway: FamZoo Family Banking w/ $100 Loaded

Posted March 8, 2017 6:00 am by with 21 comments

famzoo online bank

This is part of our weekly Giveaway series.
To see our previous giveaways, and who won them, click above!

Have something cool for you parents this week! My friend Bill Dwight who runs the killer fintech company, FamZoo, is offering up his ingenious “family banking” cards loaded with $100 and 1 year of free membership to one lucky family out there :)

I’ve known Bill for years, and have even had the privilege of watching him not only tie for 1st place during our first Fintech competition at FinCon, but also win the People’s Choice award! Overall solid dude, and incredibly passionate about teaching kids good money habits. He even runs a personal finance blog for kids on top of his company! FamilyFinanceFavs.com

Here’s what FamZoo’s about

famzoo family banking

Famzoo is a private “family banking system” designed to help teach kids to learn, save, spend, and give money wisely in a safe, friendly environment.

In effect you, the parent, are the “banker” and your kids are the “customers.”

You can manage your kids’ funds in either their IOU accounts, or their prepaid card accounts (the giveaway here is for their prepaid cards) and your kids get access to their own separate accounts, while you maintain visibility and control through a shared online dashboard and app.

You define the rules of your private banking system and economy in a way that matches your own values. And you have a number of ways to harness it:

  • you can automate allowances
  • reward for chores and odd jobs
  • withhold “payroll” for saving or giving
  • penalize for missed work
  • pay interest on savings
  • share expenses
  • match contributions
  • manage budgets
  • loan out money
  • and more

The younger your kids are the simpler you set it up, and as everyone grows you add more sophistication to it. I plan on rocking it with my kids once they’re old enough! (But potty training first ;))

how famzoo works

Want your own FamZoo banking?

Bill has graciously offered up A FamZoo Bank of Mom/Dad prepaid card loaded with $100 and card(s) for the kid(s) in the family, along with a free year membership.

If you’d like to give it a shot, answer the following questions down in the comments and you shall be entered to win!

“#1. How many kids do you have. #2. What are their financial personalities? (I.e, which are the spenders, the savers, the hustlers, and the ones you’re hoping to whip into shape with this system? ;))”

Giveaway ends next Tuesday at midnight, and unfortunately only open to those in the U.S. – sorry! (FamZoo doesn’t work internationally)

Good luck!!

UPDATE: Congrats to Allyn for winning! We hope your family finds this helpful!

******

PS: To see who won last week’s giveaway, click here.
PPS: Links to FamZoo above are affiliate links

Jay is the founder of Rockstar Finance, and blogs about money over at BudgetsAreSexy.com. He loves all things finance, coffee, and hip-hop, and is the proud daddy of two beautiful little boys!
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21 responses to ★ Rockstar Giveaway: FamZoo Family Banking w/ $100 Loaded

  1. Allyn March 8th, 2017 at 7:48 am

    Proud dad of two girls (7 and 2). The 7-year-old is clearly ready for most of the concepts Bill offers here. Just a month or so ago she for stayed with her first “investment” in FDIS (with her own money and a “matching grant” from her parents) as it holds pieces of the few companies she knows by name and likes (most notably Disney and Apple). At this moment we’re planning a WDW trip, for which she and her sister will receive per diems if they do their little chores and show generally good behavior leading up to the trip. Our older daughter is also enterprising in that she’s the one who hosts the neighborhood lemonade stand in the summer with a dependable friend. FamZoo sounds like the perfect complement to her development as she learns the value of a buck. And the 2-year -old is watching absolutely everything, and also will be interested. She likes to play grocery store with the cash register and scanner even though she just understands that you have to pay for food (not how much or why yet). Too early to tell who’s a saver or a spender yet other than to say that the older one loves her elementary school store and can’t wait to run it someday in 4th or 5th grade. Thanks for sponsoring this giveaway!

    Reply

    • Bill Dwight March 8th, 2017 at 5:55 pm

      LOVE everything you’re doing here with the kids – early exposure to investing without gambling on single stocks (awesome idea of picking an ETF with a few kid-friendly names to spark interest while maintaining sensible diversification), offering a parent match, doing the per-diem budget on a vacation, encouraging the entrepreneurial spirit. Great stuff. Kudos!

      Reply

  2. Tiffany March 8th, 2017 at 9:43 am

    1. Three darling daughters
    2. Oldest — big time spender, can’t keep two nickels in her pocket and wants ALL the things! Middle — saver/splurger, she can save for a while, but then feels the money burning a hole in her pocket and buys all the candy in sight (*ugh* for consumable spending). Youngest — 2 years old, no money personality yet but she does like to dump out my change jar and play with the coins so I’ll take that as a good sign.

    Reply

    • Bill Dwight March 8th, 2017 at 6:07 pm

      Well, we can certainly help with keeping the money out of the pockets! And maybe a little weekly parent-paid interest on a savings card will get them hooked on putting their money to work for them. Perhaps even a “Sweet Tooth” card loaded with a modest monthly candy budget would be in order too :-)

      Reply

  3. Christina Strom March 8th, 2017 at 11:20 am

    My kids are 7 and 4. The 7 year old is a spender. For every penny he has, he’s got a lego or a video game picked out already. The 4 year old doesn’t have much a money personality yet. I’d like to start young and shape that one into more of a saver. Thanks!

    Reply

    • Bill Dwight March 8th, 2017 at 6:10 pm

      Yay legos! :-) You might consider a Spend/Save/Give split in FamZoo for the 7 year old so every deposit doesn’t get earmarked for the next purchase (each of which can be entered as a goal in the system to track progress). Starting early is definitely a huge win!

      Reply

  4. JMP March 8th, 2017 at 1:13 pm

    2 kids…one 18 and one 8, both boys. 18 yr old is an apt pupil but getting ready to join the AF. I’ve been working with him on getting smart about TSP, car insurance, taxes, etc. We did a $ for $ match on anything he contributed from his lifeguard pay into a Roth IRA and he has taken us up on the offer 2 years in a row. The 8 yr old is getting an advanced education for a guy his age. He has an account with the “first national bank of Mom and Dad” and has a “savings” and “checking” account with us. Its all run digitally, and on EXCEL, and we do a weekly allowance disbursement to the account that he can either spend, save or invest…yup, he just bought his first ETF last month. I love the idea of this application thought and I think the 8 yr old would enjoy having a card he can whip out and spend his own allowance money. If I don’t win, I might just try it out any way :)

    Reply

  5. dphamm March 8th, 2017 at 3:16 pm

    1) 1
    2) A complete hustler! I hope she never change.

    Reply

    • Bill Dwight March 9th, 2017 at 10:46 am

      +1 for the hustle mentality! :-)

      Reply

  6. SandyJ March 8th, 2017 at 6:16 pm

    One child, age 13. Her money personality is a little hard to define…she saves money mostly by default, because there’s usually not that much stuff that she wants. I like the idea of being able to demonstrate that plastic money is still real money. My parents didn’t teach me anything about money and it took me a long time to learn. They still haven’t. Hopefully I will do better with her.

    Reply

    • Bill Dwight March 8th, 2017 at 8:04 pm

      “I like the idea of being able to demonstrate that plastic money is still real money.” AMEN!!!! You’re touching on one of my biggest pet peeves when it comes to teaching kids about money: the notion (often from “experts” no less) that kids should only use physical money when growing up. That’s of course a great starting point, but I want to demystify electronic forms of money as early as possible. I want my kids to know that swiping a card means they are spending REAL money. It decreases their bank balance and their net worth. It has REAL repercussions. No magic. That’s why we encourage our FamZoo parents to turn on the real-time text messages that always include the remaining balance on the card. It’s the closest thing to the pain of forking over cash that we can create on the swipe experience (well, maybe we could induce a little shock on the phone someday!). We also welcome a few embarrassing “insufficient fund” experiences for card-toting kids early on (we have no overdraft fees btw). Kids very quickly learn that cards are NOT magic and that they are spending REAL money. 99.9999% kids are going to use some form of electronic payment as adults. Why not demystify it as early as possible under your watchful eye while the stakes are low? Otherwise, we’re just increasing the odds that kids will have disastrous experiences as young adults toting their first cards. As the saying goes: “If you think education is expensive, try ignorance.” [Sorry, not sorry, for the rant! :-) ] Thank you for taking the time to teach your daughter about personal finance. She’s very lucky to have you.

      Reply

  7. Julia March 9th, 2017 at 7:44 am

    2 kids ages 9 and 6. The older one is a planner and a saver, like me. The younger one only wants to work hard when she is working towards a goal. My hope is they can learn in a more concrete way how to manage moneym

    Reply

    • Bill Dwight March 9th, 2017 at 10:56 am

      Better keep those goals coming then!

      Our goal is to make it easy for parents to put in place a consistent (and concrete) system that reinforces the desired money values of each individual family as well as the diverse money personalities within them (e.g., my 5 kids are all slightly different, so I tweak things accordingly). We’re always happy to help families twist the various knobs and dials to find a system that suits the situation.

      Reply

  8. Jennifer Helton March 9th, 2017 at 9:09 am

    I have three children – a 15 year old girl, an 11 year old boy and a 3 year old boy. The teenager definitely thinks money grows on trees and still has no concept of a budget or how to efficiently spend money. She thinks a $30k price tag for a car is nothing. Constantly I am giving her tips and tricks on how to save and be frugal – but she is similar to her father with their spending philosophies. My 11 year old is frugal. He has a savings account with over $600 and he’s saving for a car. He makes no complaint when he has to buy his “fun” stuff himself. But, ironically for how much he values money, he is careless with his wallet and leaves it around the house. The 3 year old likes putting change into his bank each week. I hope he’ll be more like his brother with money!
    Love J. Money – I’ve been following your posts diligently for years and have incorporated many of your ideas into our house!

    Reply

    • Bill Dwight March 9th, 2017 at 2:08 pm

      When introducing my teens to budgeting, I had the best luck with narrow budgets focused on a category of spending that they really cared about. In my daughter’s case, it was clothing. I had her propose an annual budget (you could do monthly), review it with us (fill in missing items, swap out designer jeans for bargain ones, etc). Once finalized, she was given an annual allowance to match the budget and placed fully in charge of the purchase decisions. Ownership is everything for teens. She chose to buy a Neiman Marcus chiffon gown for prom which pretty much torched her budget. She ended up having to go cold turkey on clothing for most of the rest of the year. That experience was way more memorable and educational than any of my lectures. She also thought a new Jetta would be a great first car – until I showed her a projection of how many years it would take her to save for one at her “income” level. “Nevermind…” :-)

      Reply

    • J. Money March 15th, 2017 at 6:25 am

      Thanks Jennifer! Glad you’re enjoying my projects! :)

      Reply

  9. Brittany March 10th, 2017 at 12:13 pm

    2 kids, ages 7 and 3. My 7 year old daughter is a saver, but is willing to spend her money on snacks at the movie theater! She doesn’t really want for anything, but we’re trying to introduce give, save, spend mentality to her as she earns money for chores she completes. I am also trying to introduce the concept that a “debit card” is still money, it’s finite. My 3 year old son just likes filling up his piggy (tractor) bank with as many pennies as possible. No concept of money yet. I was not taught any money skills growing up, I’d blow my $10 allowance 2 hours after I got it! We are definitely teaching our kids how to handle money!

    Reply

  10. L. bryant March 13th, 2017 at 2:32 pm

    5 Kids. Oldest is the only girl and then 4 boys. My daughter is very ambitious but I am constantly reminding her to stop shopping. It is my goal to have her realize that you are slowed down in every way with clutter. If you don’t have a home for it get rid of it. Our oldest son is the most frugal of the 5. The middle child is the most generous. the third son likes “LABELS” and the youngest son must “look good.” We’ve set limits for allowable spending. Teaching them that planning for “THE FUTURE” even at their age has to start early and continue throughout life. In addition they ARE EXPECTED to give of themselves (time and talent) and from their money.

    Reply

  11. J. Money March 15th, 2017 at 6:26 am

    “If you don’t have a home for it get rid of it.” – Yes! Love that!!

    Reply

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