Question 1

What is Our Family Economy?

Accepted Answer

Our Family Economy is a parent-guided family financial education platform. Kids practice earning, saving, spending, giving, and budgeting with money you allocate at home. Parents stay in control of rules, approvals, and what each child can see.

Question 2

What age is Our Family Economy designed for?

Accepted Answer

Families typically start around ages 6–8 with a simple wallet, chores, and allowance, then add budgets, savings goals, and more independence for older kids and teens. You choose what each child can use.

Question 3

Do I need to connect a bank account?

Accepted Answer

No. You can start without linking a bank or card. The family wallet is self-managed: you decide how much represented money to allocate from your household budget.

Question 4

Does Our Family Economy hold my child’s money?

Accepted Answer

No. It does not hold real bank deposits for children. Amounts in the app represent money you choose to track and allocate as a parent.

Question 5

How does allowance work?

Accepted Answer

Parents set up allowances for each child, including amount and schedule. When an allowance runs, money is recorded in the child’s wallets according to the rules you set. Your first month free begins after you set up the first allowance.

Question 6

Can I use chores with allowance?

Accepted Answer

Yes. You can keep allowance and chores separate, or connect responsibilities to payouts you approve. Parents review completed chores before money and Merit are awarded.

Question 7

How does Our Family Economy teach kids about budgeting?

Accepted Answer

Kids can see money in categories such as Spend, Save, and Give, and older children can work with budgets you set up. The point is practicing decisions with you, not automating a bank account.

Question 8

Can children create savings goals?

Accepted Answer

Yes. Children can set savings goals and watch progress as money is added. Parents can contribute and still see the same goal from the family dashboard.

Question 9

How does the experience change as my child gets older?

Accepted Answer

Younger children get a simpler wallet and chore experience. As kids grow, parents can introduce more tools — goals, budgets, lessons, and greater independence — without changing the fact that you remain in charge.

Question 10

Can more than one parent or family member participate?

Accepted Answer

Yes. Parents can invite other adults to the family account so more than one caregiver can help with approvals, chores, and money decisions.