Thursday, March 25, 2010

Family Mint

We were asked to review Family Mint as a part of the TOS crew.  Family Mint is currently a free program that you can use to keep track of your child's allowance, spending, savings, and money goals.  It can be a teaching tool to show your child how to manage money. It is also a tracking system for your child's money. parents are the bank and your children manage their money by setting goals and entering transactions. Essentially, it works like this:  The kids give you their money -- allowances, payment for work done for others, gift money, etc. -- then, mark their "deposit" in their Family Mint account.  No actual money transactions take place online.  As far as anyone else is concerned, the funds on the Family Mint site are virtual money.  When the kids want to make a withdrawal, they enter the transaction, which you have to approve or deny.  If approved, you give the kids their money.

 This did not work for us as we do not give our children allowances, and at this time my youngest have no way they "get" money.

That being said, there are some nice features to Family Mint, Some of the fun things you can do with Family Mint are:

  • Set up a savings plan for a specific goal.  You or your child can enter the dollar amount of the goal along with the deadline and receive a breakdown of how much the child needs to save each week to reach the goal.
  • Set interest rates to reward saving.  
  • Fund matching.  If your child is saving toward a certain goal and you've agreed to match funds, you can set the program up to reflect this.

I think that this is a great concept to help your kids manage their money!  It is all in one place, and you as the parent can keep track of what they are saving and what they are spending their money on. I found the system easy to use, everything is pretty self-explanatory. To learn more about this program and to sign up, click here.

If you would like to see what my CREW members have to say please click HERE

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