A few months ago, my son went on a trip to NYC and I found myself scrambling to get him set up to be able to buy things on his own, since carrying cash was not ideal or even a feasible option in some instances. I had planned to open bank accounts for my kids but had yet to even broach the subject of money management with them. Thanks to Moms Meet, we were recently introduced to Mazoola, a new family mobile wallet that is powered by privacy and certified COPPA-compliant (Children’s Online Privacy Protection Act). Mazoola is a fantastic resource for families looking to teach children budgeting and financial responsibility.
I received this product for free from Moms Meet (momsmeet.com) to use and post my honest opinions. This post may contain affiliate links.
What is Mazoola?
Mazoola is the first certified COPPA-compliant family mobile wallet. Powered by Privacy, the app makes it easy for kids and teens to shop safely and securely online and in person. The “super app” allows parents the ability to give their kids access to online and in-person shopping and digital spending at approved retailers, control what funds are available for specific purchases, reward completed chores, pay allowances, and encourage social responsibility.
With the app, my kids can each have a virtual debit card that they can use to shop in-stores or online. One of my favorite features is the ability to assign chores and set allowances. Kids learn how to track their spending and savings. This app is fantastic for teaching kids about finances and encouraging increasing independence.
How to Set Up Mazoola
I did not grow up in the digital era we find ourselves in. My mom helped me open my first checking account at 15 1/2 when I secured my first job at a local amusement park. From there she walked me through budgeting, tracking expenses, and distinguishing between a checking and a savings account. I so appreciate the financial literacy foundation she set up for me as a teenager.
With kids digitally connected, it makes sense to engage technology when teaching kids financial responsibility. Here is what you need to know to set up your family mobile wallet.
Download the Mazoola app via the Apple Store or Google Play Store.
Create an account, verify your identity, and set up a funding source. This is done by providing your date of birth and the last 4 digits of your social security number. This information is not stored and is only used to verify your bank account as a funding source. It should be noted that you will not be able to utilize the in-app features until you set up a funding source.
Create accounts for your child/children. You will receive an invite code that they will use when they download and create an account. This will ensure you and your child’s/children’s accounts are all linked.
Set account preferences and controls. goals for earnings, savings, or spending with a reward system. Now it is time to personalize your family wallet. Set spending limits, authorize retailers, and approve shopping channel preferences via the mobile app. Quickly approve or block where the wallet can be used.
Assign chores, set goals for earnings, savings or spending with a reward system. This is the feature I find the most valuable for teaching my kids financial responsibility. Through the app, create daily or weekly chores, assign allowances, and create savings and budget goals. Kids can also learn social responsibility with the opportunity to use their money to donate to their favorite charities. The beauty of the app is that kids are making financial decisions in real life with real money and spending it at real stores. With limits and safeguards, kids can “make mistakes” that won’t be financially detrimental as they learn to become increasingly independent with their finances.
Try Mazoola for Free!
Right now, you can download the Mazoola App for FREE for one year, and receive $10 when you sign-up. To receive the $10 credit, you must create a profile and fund an account. Be sure to sign up via this link: momsmeet.link/mazoolaapp.
Mazoola is the first and only COPPA-compliant family mobile wallet that gives kids the ability to safely and securely participate in commerce and our digital economy. For more information, visit Mazoola.co.
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