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App of the Week

FamZoo

One great app for older teens, especially those going off to college, is FamZoo. It assigns a purpose to every single dollar your child earns and spends, while also creating incentives for them and helping track savings progress. As the name implies, FamZoo is designed for the entire family and empowers children of all ages. There are two versions of the platform, too: one is virtual and works as an IOU while the other involves real money and prepaid cards.

  • Funds: Both virtual and real money options are available
  • Budgeting features: Charge kids for their share of recurring expenses, set up parent loans/repayment, and plan for future expenses
  • Chores and allowance: Set up recurring allowance payments, establish chore lists, or offer one-off tasks with incentives
  • Saving features: Kids can set up purpose-driven savings accounts and utilize an envelope system, and parents can offer interest on savings
  • Cost: $2.50 to $5.99 per month