In 2002, Bill Dwight started doling out allowances to his kids as a good way to teach them responsible money management and to get them out of his hair nagging about impulsive purchases.
He first tracked their earnings and spending using a spreadsheet, but the kids, being kids, often peppered him with questions about their balances and what was available to spend.
The kids still had to come to him with their inquiries, so the software developer decided to automate the task and actually give kids more responsibility through a family Web site where the kids could sign in, poke around their own accounts and review past saving and spending habits.
Dwight’s spin on a teaching moment was a such hit with his kids he thought other families could benefit from such an online tool and FamZoo.com was born.
In addition to setting up your own virtual bank, you and your kids can manage allowances, chores, budgets, goals, loans, spending, saving, charitable giving, and much more.
The site became so popular, Dwight spun off a FamZoo Partner Edition. While the ad-free original version remains available to the general public, the new co-branded version of FamZoo is available for financial institutions and advisers looking for an innovative way to school kids in financial education, while marketing their own services.
Just two weeks ago, FamZoo Partner was awarded Best in Show by FinovateFall 2011, a New York City conference that showcases new innovations in banking technology.
Dwight also ported FamZoo to apps for the iPhone and Android.
Take a tour of the site with the video below and then bookmark it..
A similarly useful “Site to See” is DoughMain.com.