Guide

Boxes, deposits and loans with your child

Some of your child's money lives with you: savings you keep for them, or money you lend them. In FF Family your child asks for these in FF Grows, and you answer from FF Life. Each one is agreed by both of you, and nothing opens or moves without your OK.

Who asks, who answers

Your child starts every request in FF Grows. You see it in FF Life on your child's page, and savings requests also appear on your Home screen. When you decline, you can add a reason, and your child will see it. Which of these your child can use depends on their age, because Grows opens things up as they grow.

Boxes, from age 8: money you keep for them

A box is money your child asks you to hold for them, like an envelope in a drawer, with no interest. Your child names the box and picks the grown-up who holds it; each grown-up can hold one box per child. You press Accept once, and the box appears on their page under Savings held with family.

After that, your child asks to put money in or take some out, and you approve or decline. Approving a withdrawal moves the money back to their wallet; declining keeps it in the box.

IOUs, from age 9: borrowing without interest

When your child wants to borrow, they send an IOU: the amount, the date they'll pay it back, and what it's for. You press Accept, and the amount is recorded in their wallet, or you decline. When they're ready to pay it back, they ask to repay and you approve it.

Deposits, from age 10: savings with terms

A deposit is savings you hold under terms you set. Your child asks to deposit an amount from their wallet, and you open Set savings terms:

• Amount you'll hold: up to what they asked. Less than what they asked? The difference goes back to their wallet.
• Interest rate (%), per year or per month.
• Lock period (months): 0 means they can ask for it back any time; 6 means the amount stays for six months.
• Note for your child, if you'd like to add one.

Press Accept & open. Your child sees the account, the interest adding up, and the date it unlocks. The interest is paid by you, from your own pocket, so choose a rate you're happy to keep. The lesson is that saving pays; the rule is that you keep your word.

Loans, from age 12: borrowing with interest

Older children can ask for a loan with interest: the amount, the term and the rate. Grows itself tells them that an IOU is usually the better choice, because a loan costs money. Before you press Accept loan you can change the amount, the rate and the term, and your child sees exactly what they'll owe.

Repayments work like an IOU: they ask, you approve. And if you decide to let it go, Forgive debt closes the loan and they keep the money. That can't be undone.

Long-term savings you manage

Separately, you can record long-term savings you hold for your child, such as a children's savings plan, on their page under long-term savings. You choose whether your child can see it; if you do, it appears in their Grows from age 13.

Real money, written down

As with the allowance, FF Family records money and never moves it. A deposit or a loan in Grows is an agreement written down, and you settle it in real life. The points your child earns in lessons are something else: they're for play and learning, and they never turn into money.