Recently, the TOS Crew had the opportunity to review a new website, Family Mint. I thought I would join in the fun on this one and tell you about this wonderful resource for teaching financial management. Oh, and the very best part? It is FREE!
Have you pondered the best way to teach your kids about the value of money? Are you wanting to teach them the principle of saving their money? Would you like to do that without actually opening a bank account for them? Family Mint may be exactly what you you are looking for.
Family Mint is money management for kids where parents are the bank. I know what you are thinking…you are already the bank. So how will this help me teach my kids financial responsibility? Well, it is actually pretty easy! Kids learn to manage their own money by setting goals and entering transactions into their virtual account. They will be able to see exactly where their money is going and this helps them to learn to be more careful with their funds.
As a parent, you are able to motivate your kids through interest rates that you are able to set yourself. You can set up an automated allowance. You are even able to match deposits on goals you deem to be important. Here are some key features that help you, the parent:
- Log in and see each child’s account at one time. (This is a major timesaver if you have more than one child!)
- Make deposits and set up automatic deposits of allowance each week, if so desired.
- Set up a set amount of interest on savings, or match deposits made on important goals.
Kids are able to set goals for items they want to save for, and even allocate money to donate to a charity of their choice. They can log into their own accounts to set goals, or request withdrawals which can be approved or denied by the parent when he or she logs in. There are plenty of graphics that will help them to visualize where their money came from, where it’s going and how to manage it.
Now what if you don’t want to use real money to motivate your kids? Well, the beauty of this is that this is all virtual. Your kids can still learn the principles of financial management without you having to actually spend any money. Instead of handing your kids actual money, you could have them use their account to pay for special rewards or treats in the home. Maybe they could cash in for a trip to the park or to watch a movie with mom or dad. The possibilities for this are endless.
There are plenty of educational opportunities available with Family Mint. Do yourself a favor and sign up for your free account today.
If you would like to read more reviews on Family Mint, you can read them here.
Disclosure: I did not receive any financial gain for reviewing this product.