Palo Alto, CA (PRWEB) June 13, 2011
FamZoo.com is celebrating Father’s Day by offering a free three-month trial period for their popular virtual family bank. The site helps parents teach kids about money management. Families who would like to try FamZoo can get the three months free by entering coupon code DEDICATEDDAD during the month of June.
“By using FamZoo during this special three month free trial period, parents will find that their children learn invaluable real-world money management skills,” says Bill Dwight, founder of FamZoo (http://www.famzoo.com). “FamZoo is designed to teach kids the personal finance habits that every parent wants their child to learn but isn’t quite sure how to teach to them.”
Families use FamZoo together to help teach children personal finance basics like budgeting, expense tracking, setting goals, working hard, spending wisely, saving patiently, and giving thoughtfully. Parents can pick and choose from a variety of online tools - automated allowances, chore charts, budget worksheets, savings calculators, and more - to teach kids money lessons in a way that is consistent with their personal family values.
FamZoo is based on the idea of the virtual family bank. With FamZoo, each family runs their own private simulated bank with virtual accounts that can be accessed online. Each account balance represents an IOU from the parent to the child and is adjusted appropriately as the parent accepts deposits, allows withdrawals, and handles payments on behalf of the child.
The FamZoo virtual family bank allows kids to practice online banking and develop sound personal finance habits in an educational environment. Kids can learn from their mistakes without incurring the hidden fees and serious negative consequences that they would encounter at real world financial institutions.
Parents can customize their virtual family bank to match their unique money values and grow with their kids as they mature from early childhood through their teen years. Options include:
- creating any number of virtual accounts for tracking spending, saving, or charitable giving
- scheduling automated allowances that can be split between multiple accounts
- creating chore charts that automatically deposit amounts when chores are checked off (or even withdraw amounts when chores are ignored)
- awarding compound interest to encourage good saving habits
- scheduling automatic charges to allocate recurring expenses to a child like online gaming subscription fees or their fair share of a cell phone plan
- establishing long term loans for big ticket items like computers and automatically deducting payments
Meanwhile, kids develop personal finance skills in a hands-on environment by:
- monitoring accounts and spending
- defining budgets in collaboration with parents
- creating savings goals, planning how to achieve them, and monitoring progress
- using checklists to manage chores, homework, projects, and more
“The great thing about teaching kids about money with FamZoo is that they have fun and feel empowered,” adds Dwight. “Yet parents secretly know that it is actually teaching them something important, with benefits that can last a lifetime. It’s a win-win situation!”
To sign up for the free three-month trial period, visit http://www.famzoo.com, and register with the coupon code DEDICATEDDAD. The special trial period will be offered through the month of June. Families who decide they would like to continue using FamZoo beyond the free trial period can do so for as little as $2.50 per month.
FamZoo is a Palo Alto-based company that was started in 2006 by Bill Dwight, a father of five and former software executive. The site provides a comprehensive online family tool that helps parents teach money management skills to kids. To learn more about FamZoo, visit the website at http://www.famzoo.com.
# # #