Financial education apps are a major trend in the educational software segment, and the lessons they teach are literally of great value. Verizon Family Money is an application available in Android Y iPhone that provides parents with tools for their children to learn the care and handling of money.
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Verizon Family Money It works as a central to manage, control and monitor the expenses of a minor. This is achieved through a prepaid debit card that is linked to the parent’s central app. From it, the father or mother can send money to their child (such as their allowance), set spending limits, freeze the account in case of theft or loss (or just to limit expenses) and, notably, set tasks to exchange for a financial reward.
Verizon Family Money costs $ 5.99 per month. However, since has several functionsHere are the most important aspects of Verizon Family Money.
Verizon Family Money is designed so that one or more minors can manage the money that their parents give them. Its objective is to teach how to manage money, how to save it and spend it responsibly.
The app provides financial education lessons in a practical way, with real scenarios such as making a purchase with your own debit card in which they also receive recurring transfers. Everything, of course, under the strict control and supervision of the father or mother.
Verizon Family Money works in conjunction with a debit card issued by the Metropolitan Commercial Bank. This allows you to make purchases in physical stores and online, although it does not allow you to make withdrawals from an ATM.
The app allows you to manage up to five debit cards for the same number of minors.
Verizon Family Money has several features designed to promote savings and teach money management. Parents and children receive very specific charts showing how much and what they spent on.
For example, it shows a pie chart with the total expenses made in a month and the segments used: 30 percent in purchases, 10 percent in food, and 60 percent as savings. The idea is that this information helps a minor to clearly understand how they use their money.
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Another function allows you to set tasks to release money for the minor. In a scenario where a minor receives a $ 200 allowance, he or she will have to complete various tasks to release funds. For example, walking the dog will earn you $ 10, while folding your clothes will earn you $ 5. The most prominent part of this feature is that the parent can ask for proof that the task was done.
Minors can also allocate a portion of their resources to a savings subaccount called Vault. Goals can be set for this option, such as raising $ 300 to buy a Nintendo Switch.
At the end of the month, both the parent and the child will receive a report of how many resources they obtained by completing tasks. In short, it is a tool that, with a real scenario, teaches a minor that money is earned by working.
Verizon Family Money has a monthly cost of $ 5.99. The platform gives access to an account from which five debit cards can be managed. However, the service offers a free 30-day trial in which a maximum of two debit cards can be administered.
The service does not charge fees for account management, funds transfer or inactivity. The only fee additional to the $ 5.99 dollars that you could pay occasionally is that of Card replacement, which is $ 3.50.