FamZoo: Teach Your Kids Money Skills with a Virtual Family Bank
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FamZoo: Teach Your Kids Money Skills with a Virtual Family Bank
FamZoo makes it easy to teach kids and teens how to earn, save, spend, and give wisely.
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FamZoo: Teach Your Kids Money ...
What Is FamZoo?
FamZoo is a financial education app and virtual family banking system designed to help parents raise money-smart kids.
It blends real and virtual money management tools to give children hands-on experience with earning allowances, budgeting, saving for goals, and making spending decisions.
Parents serve as “bankers,” and kids become “customers,” using either IOU accounts (virtual money tracking) or prepaid debit cards (real money with parental oversight). Whether you’re teaching a 7-year-old how to save or prepping a teen for financial independence, FamZoo has you covered.
FamZoo Overview
| Name | Best For | Cost | Get Started |
|---|---|---|---|
| Prepaid Debit Cards | Teaching kids through hands-on experience with reloadable prepaid debit cards. | Starts $5.99/month | Visit FamZoo |
| IOU Accounts | Virtual family bank to track allowances, savings, and spending without real money. | Starts $5.99/month | Visit FamZoo |
How FamZoo Works
With prepaid debit cards and IOU tracking, this family finance app turns money lessons into real-world habits—right from your phone.
- Set Up Your Family Bank: Parents sign up and become the “bankers” who manage and fund their kids’ accounts.
- Choose an Account Type: Pick IOU accounts for virtual tracking or load real money onto prepaid debit cards.
- Automate Allowances & Chores: Link weekly allowances to chores or set up recurring transfers and incentives.
- Teach by Doing: Kids learn budgeting, saving, spending, and even paying “interest” on savings.
- Monitor & Support: Parents have full control, visibility, and can reward good money habits along the way.
Notable Features & Benefits
| Feature | Description |
|---|---|
| Prepaid Debit Cards | Reloadable cards for real-world spending experience, controlled by parents. |
| IOU Accounts | Track virtual money, allowances, rewards, and penalties without moving real funds. |
| Chore & Allowance Management | Automate payments and teach kids that money is earned, not given. |
| Savings Goals | Kids set and track personal savings goals with visual progress updates. |
| Parental Controls | Full transparency and control over spending, transfers, and settings. |
| Built-in Education | Use teachable moments and optional interest payments to reinforce lessons. |
| Get Famzoo Prepaid | |
Pricing & Plans
- Monthly Plan: $5.99/month (First month free)
- 12-Month Plan: $59.90 ($4.99/month avg)
All plans include access to all features and cover up to 4 prepaid cards. Additional cards are available for a small fee.
Trust & Security
- Founded in 2006 and trusted by thousands of families
- Prepaid cards issued by FDIC-insured banks
- Secure data encryption and parental control settings
- Built by a dad and former Oracle software engineer to help his own kids
| Account Types | Teen |
|---|---|
| Features & Access | Budgeting Tools, Expense Tracking, Savings Goals |
| Fees & Pricing | Flat Monthly Fee |
Famzoo FAQs
Do I need a bank account to use FamZoo?
Yes, you’ll need a funding source (bank or debit card) to load prepaid accounts.
Can I use both IOU and prepaid card accounts?
Yes! You can mix and match depending on the age and readiness of your kids.
Is there a free trial?
Yes. The monthly plan includes a 1-month free trial.
How old do my kids need to be?
FamZoo is used by kids as young as 6 and as old as 18+. You choose when they’re ready.
We appreciate your honest feedback. Share your real experience to help others make confident money decisions.
1 review for FamZoo: Teach Your Kids Money Skills with a Virtual Family Bank
Our Famzoo Review: Is It Right For You?
Our Take
FamZoo is unique in helping parents create a virtual family bank to pay interest on savings, provide loans, and track repayments, mimicking real financial transactions for their kids.
Who Is It Best For?
Ideal for families with children and teenagers who want to instill strong financial habits.
Pros
- Prepaid cards give kids real-world spending experience.
- Combines virtual family banking with real-world financial tool.
Cons
- May be a bit more complicated to manage.
Learn how we rate and review products with our Smile Money Methodology.
Jason Vitug –
FamZoo provides a safe, controlled environment where young users can learn about budgeting, saving, and responsible spending. Parents will appreciate the extensive controls and the ability to tailor financial lessons to their family’s needs. The pricing is competitive, especially with the longer-term plans, making it an affordable option for most families.
FamZoo offers a unique approach. If you’re interested in running a virtual family bank to have more control then its the option for you. The prepaid debit cards provide kids with invaluable hands-on experience in managing money.