My daughter is a fabulous mental accountant. She can mentally note how much money she has at any given time as well as name her income sources. I think it’s because she has plans for her money even before she earns it. Shocker.
She’s deficient in one particular area though. While she has a knack to record what funds come in, she’s horrible at keeping track of what goes out, especially when she’s borrowed money from me. The bigger problem is my mental accounting brain cells are rapidly diminishing so I can’t keep track of it either.
Our previous accounting method took place on the fridge where we would put a piece of paper stating what was owed and borrowed. That’s until I was introduced to Bill Dwight, the founder and creator of FamZoo.
FamZoo is an virtual bank designed for kids and their family members to keep track of their money. Bill realized the problems with money management and created a fun and simple solution to help kids with their accounting. Bye bye fridge paper. Hello FamZoo!
Naturally there’s synergy between Biz in a Boxx and FamZoo and being a software developer, Bill devised a way for Biz in a Boxx entrepreneurs to integrate their business revenue and expenses into his system. Check out this great video Bill put together.
Check out FamZoo and see how you can give your kids this valuable skill-building gift.
Success to you!
Melissa
