Wednesday, March 31, 2010

Family Mint: Helping Kids Appreciate Money

I don't know if your kids are like mine, but money just seems to run through their fingers.  They spend it on spur-of-the-moment purchases they often regret later.  They don't set goals or make plans ... they just spend it.  Well, most of them.  One of them is a perpetual saver who doesn't like to part with her money.

The Family Mint website is a free website which allows parents to set up a family bank, pay interest, pay allowances, set goals with their children, and learn about money management.  All in their own home, without opening multiple bank accounts.  We've opened savings accounts for our children in the past, but when they didn't make deposits frequently enough, the bank started charging them fees.  Then we had to go down to remind them it's a child's account, and they refunded the fees.  But it was a hassle.  Family Mint avoids all that.

When we first learned we would be reviewing Family Mint, we were told to collect our children's money so we could become their banker.  They could track their deposits and withdrawals on Family Mint, but we would hold the cash in a safe place for them.  I don't know how many times we have had to help a child find their wallet, so that idea appealed to me.  However, it did NOT appeal to my children.

We later read of other Crew members setting up "pretend allowances" which the children could spend in a family store, for families who couldn't afford to give actual cash allowances at the time.   But that wasn't the idea that appealed to me most. 

When I read in a Family Mint e-Newsletter that children could keep their own money, and be in charge of their own account by having the parent remove the approvals ... I knew I'd found the way to make it work best for us.  Family Mint can be used to set children up with their own accounts.  They can create a virtual envelope system to budget their spending, and plan their savings.  They can set goals to work toward, and begin practicing healthy money management before they ever leave home or take on the risks of an actual bank account.  All without the parent needing to approve every transaction.

Family Mint
is a wonderful tool for families hoping to train their children in proper money management ... and it's totally FREE.  It is currently in Alpha mode, still being developed and tested, and at some point they may offer a paid membership level.  But right now ... it's FREE.  You have nothing to lose, so just go check it out!

This item was provided free for our review as a member of the TOS Homeschool Crew.  We received no other compensation, and this review is our honest opinion.  Click the TOS Homeschool Crew banner at the top to read more reviews on this product by other Homeschool Crew members.

Trusting In Him,

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