Wednesday, March 31, 2010

Family Mint

One skill that we want to ensure our children possess as they become adults is good money management. Family Mint is one way that we can do that. It is a money management program for kids where the parents are the banker.

Each child has his own account which can be accessed anywhere there in an Internet connection. He can enter transactions such as deposits and withdrawals. He can also set and track financial goals. Parents can motivate their children through paying interest and matching fund contributions. They can even automate allowance. The parent also has the ability to approve or disapprove transactions. This feature can be disabled, if desired.

The website is straight-forward. In the parent interface you have access to all your children’s accounts. For the child interface you can choose between Junior and Advanced depending on the skill level of your child.

What I have described above is for the Free Edition. A Pro Edition is in the works which will include more features but will be charged a fee.

The thing I like about Family Mint is that each child has access to his account. He can learn to manage his money, but the parent still has oversight of the transactions. You can read here what other Crew Members experienced.

Disclosure:This product was provided to our family for free as members of the 2009-2010 Old Schoolhouse Magazine Homeschool Crew. No further compensation was received. Reviews and opinions expressed in this blog are my own.

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