New tool to teach children about money

We all wish we had learnt the basics of financial management early in our life. Now there are many interesting services, websites which are trying to do that. I came across one such web service called "FamZoo"(http://famzoo.com/). Overall it looks interesting, but it would have been much better if FamZoo don't charge $6 for this sevice.

Recently NYTIMES wrote an article about it. here's the excert of the article:
"FamZoo is one of a growing number of resources aimed at teaching children the value of money and work, especially children in affluent households. Others include ThreeJars.com and Zefty.com.
FamZoo is essentially a virtual bank. At the site, parents — the “bank managers” — can set up accounts for each of their children and track the money the children receive and how they spend it.
The site is designed to be flexible so parents can adapt it to fit their own financial values. “You own the bank as a parent and you make the rules,” Mr. Dwight said. “I wanted to give parents a bunch of building blocks so they can reflect their values.”
Parents can create any number of accounts in three categories: saving, charitable giving and general spending. Parents can then set up automatic allowance deposits and have different percentages automatically allocated to the various accounts.
Parents can also create automatic debits and loans of sorts where a certain percentage of money from allowances or other deposits is automatically allocated to accounts for, say, paying off the costs of a computer or covering an online game subscription. This can help teach children the value of how much something costs, Mr. Dwight said. Meanwhile, to teach their children about compounding interest, parents can also set up interest on the accounts.
In addition, parents can create checklists of chores or other requirements for their children, which, when completed, result in account deposits. Mr. Dwight offers more details about how the site works in this video.
The idea is that parents can make entries while their children are watching and thus, teach their children about money by showing rather than by telling.
The site has a subscription revenue model. After a two-month free trial, it costs $5.99 a month per family to join. Since January, Mr. Dwight said nearly 500 families have signed up.
Currently, only parents can make entries into the accounts. But Mr. Dwight said parents will eventually be able to allow their children to make entries, probably by the end of the year. And once children have real bank accounts, Mr. Dwight said the site can still be used to track their overall spending.
Why the name? He said it describes his family life. “Once you start having kids, your life becomes very much zoolike,” he said.
What are your favorite tools and resources to teach children about money?" -NYTIMES
http://bucks.blogs.nytimes.com/2010/07/05/a-new-tool-to-teach-children-about-money/?ref=your-money