My husband, Mike, is a financial planner and for years he has been telling me that there should be a program out there to teach young children how to save money. I was very excited when I found out that I would be reviewing FamilyMint.com as part of the TOS Homeschool Crew. Perhaps this would be the program that we were waiting for!
FamilyMint is an online money management program designed to teach valuable financial skills and saving habits to families and their children. With FamilyMint you are able to set up a profile/account for each of your children, help them set financial goals (whether it be for a special purchase or for a larger goal like university), track their deposits and as an extra incentive, if you wish, set an interest rate that you are willing to pay them for their deposits or even match there deposits.
While we did not use FamilyMint with our children (neither receive any money as an allowance at the current time), both Mike and I think that this is a valuable tool. The interface is very easy to use, for both the child and the parent and the extra features, such as the goal setting tools and being able to set an interest rate for the different goals, are an added benefit. Mike thinks that this tool teaches valuable saving skills that many adults are lacking but feels that a child needs to be a little older than ours in order to appreciate the value of money and get the full benefit of this program. Ideally he feels that parents would start using this tool when the child is about 8 years old and has more of a grasp of how much things costs and might be making/receiving money of their own. This tool would be especially useful to older children that are getting ready to go out into the world on their own in a few years. There are so many adults out there that find themselves in trouble because they never learned to budget so teaching your children this valuable tool is a must! Mike even said that this program would be good for just those adults to help get them back on the right path!
Currently, FamilyMint is a free program with all the features that I have mentioned but in the future there may be a charge for certain features (though, we have been assured that there will always be a free membership, with less features, as well). I invite you to go to FamilyMint.com to check out this program for yourselves. The quick set-up and easy to use interface make it definitely worth taking a look at.
***Any products reviewed by me as a member of the TOS Homeschool Crew have been given to me free of charge in order for me to provide you with an honest review of the product and/or how we used the product within our family. I do not receive any other form of compensation for the reviews posted on this blog.