I have been, or can be if you click on a link and make a purchase, compensated via a cash payment, gift, or something else of value for writing this post. Regardless, I only recommend products or services I use personally and believe will be good for my readers.
Occasionally, there is a product we get to review as members of the TOS Homeschool Crew that can be used by just about ANY family with kids. Family Mint is one of those products. What parent doesn’t worry about how their child will learn to manage money and avoid potentially devastating results down the line?
Family Mint is providing an online environment to set up a family bank with accounts for each child. You can designate a set amount to be ‘deposited’ on a regular basis (think allowance) as well as set up interest rates for given accounts. Each child can have what I view as sub-accounts that allow them to save up for a specific goal. As they save, the account will show how much more they need to reach that goal.
The boys already have money in a savings account that they will occasionally tap for buying a special item. Family Mint is now letting them sub-divide how that one physical account will be managed. And, as we transition into doing allowances, Family Mint will allow us to keep track of what is owed to whom. Rather than hand over the cold, hard cash each week, we can deposit it into the virtual account. As those “Mom, can I buy this” requests get approved on the spot as we’re doing errands, the amount can be deducted from their Family Mint account. Then on a regular basis (e.g. once a month), we can deposit what is still owed to each child into their regular savings account.
Even if you are not quite ready to start dolling out an actual allowance, you can use Family Mint to help your child learn about money. I’ve heard about many classrooms where teachers issue class money as a reward for good behavior, grades, etc. On set days (e.g. every Friday), the child can tally up what they have in ‘the bank’ and then purchase an item from a reward chest. What goes into the reward chest is up to the parent. I’m strongly considering weaving this idea together for my guys and then putting things e.g. staying up late one night, picking a movie to watch, time on the Wii or other game system, and other big kid rewards into our marketplace. Family Mint will just help me manage it all a bit easier than printing out actual family money to use.
The great thing about Family Mint is that you don’t just try before you buy ~ it’s FREE to use. So, if this is something that could work in your family (homeschooling or not!), take a few minutes to visit the site and read more about it.
As always, you can read what other TOS Crew mates are saying about Family Mint on the TOS Homeschool Crew page. Our family was asked to register and use Family Mint in exchange for our review. No other compensation was provided to me and the opinions expressed in the review are my own.