The web 2.0 tool that I choose is called Zefty. It is an online allowance and money management tool for kids. Parents and/or teachers can deposit virtual money into each child’s account. This can be household allowances or reward points given by parents or teachers. This tool allows each child to see the value of money and or rewards points. The balances are virtual and the teacher or parent is the bank. The kids can write and print checks that they then present to their teacher or parent for “funds” withdrawal.
As in the “real” world the kids can see their balances increase with each deposit and decrease with each withdrawal. Parents and teachers can monitor how the kids spend their money or points. Kids can set up multiple accounts, ie) checking or savings, so they can set personal goals and learn how to manage their finances.
I chose this tool because I feel that teaching money to our kids is an extremely valuable concept. In the public school system money as a subject is not really covered, leaving many kids on their own when they begin to have money to manage. I am homeschooling my two sons and as such, feel that I have the perfect opportunity to impact their financial education. This tool will be the perfect learning tool to teach them about how to have a bank account, manage funds, and set financial goals.
Each child will start with a checking account. Currently the balance is at $0.00 but will grow weekly by having their allowances virtually deposited. Then each child will have access to their own accounts, set up with a security password and the ability to write checks. I will hold their allowance in my possession. As they want access to their money, they will need to write, print and present a check to me so that I can “cash” it and give them the actual cash. This exercise will help to teach them how to keep track of their own money.
What a cool tool! My daughter's second grade teacher uses a virtual monetary reward system, but at present it is a paper and pencil operation. This would add a wonderful technology twist to the entire process and give the students another thing to look forward to during computer time. I really like the idea of using checks as a withdrawal method. Checks are used so infrequently anymore that it may be one of the only opportunities that our kids get to see them in action before they get a checking account of their own.
ReplyDeleteThanks for the great find!
I have been thinking about allowances for my own children for some time, but I haven't been sure where to start. I am definitely going to check out this site and see if I can use it. I could see how it could be used in the classroom as well. Several teachers I know use a reward/point system that is based on money. I will be sure to share this site with them.
ReplyDeleteThanks!
Christine,. you just made my day. I have procrastinated about finding a tool like this for my youth group, thanks so much. I will also share this tool with our business teachers. The business teachers can use this for teaching money management when the give projects. This tool will help my teachers teach money management as apart of project management. SWEET!!!
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