Uh oh, it’s resolution time again… ?
How about kicking off the decade with some quick wins for once?
Resolve to teach your kid these three simple but critical money lessons:
- Catch money mayhem instantly with alerts. Your kids need to learn a sad truth: where there is money, there is fraud. So keeping a vigilant eye on financial accounts is essential. Turn on activity alerts for your FamZoo cards. Make sure both you and your child will be instantly notified of any unexpected shenanigans. See something sketchy? Teach your child how to react promptly by reviewing the zero liability instructions.
- Correct decline issues. When handling support cases, I’m always amused by how many kids rack up one decline after another — as if just trying the purchase over and over again will fix the problem. Nope. Show your child how to sign into FamZoo, click on the card balance, and review the transaction history. See a decline? Click on the WHY? link. Then help your child take the corrective action displayed in the pop-up.
- Compound those savings. Compound interest is arguably the most powerful wealth building concept in personal finance. Unfortunately, it can be very abstract for kids. Until they experience it first hand. Repeatedly. Set up parent-paid compound interest on your child’s card, and let the rewards roll in weekly. The bigger the balance on the card, the bigger the weekly reward. After a few weeks, your kid will be a compounding genius. (Tip: If your budding saver’s rewards get too large, cap them.)
Catch. Correct. Compound. Three easy wins.
And what about your 2020 get-more-exercise resolution?
Sorry, you’re on your own…