Teaching kids about responsible spending and saving is difficult. Zefty was designed to make a simple task, allowances for kids, even simpler.
1. Parents set up virtual accounts for their kids
The great thing about Zefty is, although it functions like a bank account, there's no real money involved. Parents set up each child and specify how much allowance they get and how often. It's their money, you as a parent are simply holding it for them -- so the mom and dad are the bank.
2. Allowances can be automatically deposited
Whether you pay your child an allowance daily, weekly, bi-weekly or monthly -- Zefty can automatic deposit virtual funds into their accounts. Now you won't have to worry about forgetting to pay their allowance, and they will understand the real-world concept of direct deposit.
3. Parents manage withdrawals and deposits
When your child needs $15 to go to the movies, you can hand them the cash and make the withdrawal from Zefty. When kids earn money from birthdays or a lemonade stand, encourage them to have you hold it for safekeeping/savings and deposit it into their Zefty account.
4. Kids can print out ZeftyChecks to take to their parents
From within Zefty, Kids can print out a ZeftyCheck to better learn how checks work. They print out the check, bring it to their parent, who then hands them the money, and their parent can then reconcile the check (and make the appropriate withdrawal) all from within Zefty.
5. Kids can use ZeftyCalc to see how long they will have to save for purchases
If your son or daughter are saving up to buy the latest video game or shoes, they can enter in how much they are going to spend, and ZeftyCalc will tell them how long they will need to save their allowance to make that purchase.
6. Parents can use ZeftyCalc to find a reasonable amount for their allowance
Not sure how much allowance you should pay your child? Using ZeftyCalc, you can enter in your gross household income, the age of your child, and the level of chores they have. ZeftyCalc then gives you a rough estimate as to what a fair allowance would be.