Mazoola Review – Free Money Management App for Kids & Parents
You probably use at least one digital wallet to make in-store and online purchases. Why shouldn’t your kids?
With the Mazoola app, they can — safely. Mazoola is a totally free money management app for parents and kids. Armed with a Mastercard virtual debit card that’s compatible with Google Pay and Apple Pay, this convenient, kid-friendly mobile wallet is designed to replace a traditional bank account while teaching basic budgeting skills and setting child users up for a lifetime of financial responsibility.
Oh, and Mazoola is packed with clutch parental controls and real-time notification functionality to ensure you never miss a beat when it comes to your kids’ finances. If you’re ready to loosen your kids’ fiscal leash and boost their financial literacy, you need to take a closer look at this app.
Key Features of Mazoola
Backed by Evolve Bank & Trust and available from Google Play and the Apple App Store, Mazoola has a slew of useful tools for parents and kids alike. Here’s what to expect from the app.
Linked Funding Accounts
To get started with Mazoola, you first need to link at least one external funding source and transfer funds into your Mazoola account’s Parent Wallet.
This is easy enough. Select a U.S.-based bank or credit union, verify your identity, and make your initial transfer. You don’t need to wait for a debit card to arrive in the mail — because there isn’t one.
Child Users and Internal Transfers
You might control your Mazoola account, but it’s your child or children who’ll be getting the most use out of it. Go to Settings, select Family, tap Invite, and add the child’s information. That’s it — your kid is ready to start using Mazoola.
Once you’ve added your kids, use Mazoola’s internal transfer feature to move funds from your Parent Wallet to each child’s account. Internal transfers complete immediately, so your kids have the funds as soon as you approve the transaction.
Set Spending Limits
Mazoola allows you to limit what each child user can spend on a daily, weekly, and monthly basis. Feel free to keep Mazoola’s defaults in place, or set custom spending limits higher or lower than the defaults.
Mazoola lets you authorize child user spending at specific retailers — which means you can prohibit them from spending anywhere else. You can set daily, weekly, and monthly spending limits for each.
Mazoola automatically disallows purchases with certain merchant categories. These are the sorts of purchases you wouldn’t want your kids making anyway: money orders, lottery tickets, booze, and escort services, to name a few.
Shopping Channel Preferences
You can also give child users more say in where they spend — or not — by allowing or disallowing online and in-store purchases. Just toggle the respective sliders “on” or “off” in the app’s spending settings.
Mazoola makes it easy to assign chores to child users and pay them for jobs well done. Choose from Mazoola’s default chores or create custom chores based on your household’s needs and rhythms. Then, set their frequency — up to daily.
Child users can see the chores they’re assigned on a daily and weekly basis. That helps them plan ahead and maybe — just maybe — get some done early.
You can also mark chores “stealable” by assigning more than one child user. The first one who gets to the chore gets payment for it, incentivizing faster completion.
Set payments for each chore in the app and choose whether the chore requires your approval to unlock the funds. If you don’t require approval, child users can self-report that the chore has been completed and get paid right away. Otherwise, you’ll have the opportunity to verify that the chore is actually completed.
Mazoola’s allowance feature makes it easy to top up your kids’ wallets on a recurring basis — weekly, biweekly, monthly, or any other frequency you prefer. Choose the amount and frequency, and decide whether to tie the allowance or its amount to financial or personal milestones.
Specific Savings Goals
Use Mazoola’s savings goals feature to set near- and longer-term objectives for each child user, whether that’s saving up for a new backpack for the coming school year or creating a nest egg for a car purchase that’s still years off.
You can use Mazoola to set aside funds to contribute to your favorite charities or worthy causes too — from bona fide 501(c)3 nonprofits to your kids’ intramural soccer team.
Rewards for Good Behavior
You don’t have to wait for allowance day to roll around or for assigned chores to be completed to reward your kids for good financial behaviors. Mazoola encourages these types of rewards, in fact. You can tie one-time or recurring transfers to savings or charity fundraising milestones, for example.
Child users can send funds to established peers using the Mazoola app — if you let them. You (the parent) and any other child users within the family automatically count as established peers, but you always have the ability to reject attempts to establish peers outside your family.
Balances held in Mazoola accounts are FDIC-insured up to $250,000. They’re protected by bank-grade, 256-bit encryption too.
Mazoola is the only kids’ digital wallet app that’s fully compliant with the Children’s Online Privacy Protection Act, or COPPA. Mazoola never saves, stores, shares, or sells child users’ personal or financial information. And when you delete child users from the system, their records are gone for good.
Advantages of Mazoola
Mazoola has a lot going for it. Among other things, it’s totally free, doesn’t tie you down with an annual plan, and goes to great lengths to protect child users’ personal information.
Disadvantages of Mazoola
Mazoola is a great product for parents and kids alike, but it does have a couple of drawbacks worth noting.
How Mazoola Stacks Up
Mazoola isn’t the only mobile app that teaches essential money management skills to kids of all ages. One of its closest competitors is GoHenry. Here’s how they stack up.
|Pricing||Totally free||$3.99 per month per child|
|Chores and Allowance?||Yes||Yes|
Is Mazoola the best digital wallet for kids? That depends who you ask. But it’s certainly high on the list.
Few other kid-friendly financial institutions combine financial literacy instruction with such far-reaching and convenient functionality — all accessible from the mobile device of your choice.
Setting your kids up for financial success is a years-long project. Why not make it fun with Mazoola?Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities. TwitterFacebookPinterestLinkedInEmail