TOS REVIEW: Family Mint
We are in trying times when everyone is relearning the meaning of frugality. Many of our generation were never aught about sound financial decisions, frugality, and the art of managing money. Currently, it has become even worse. Statistics state that the age bracket of 18-24 year olds are the fastest growing demographic filing bankruptcy. We do not want our children to become another statistic!
Family Mint is one choice for educating your children about money. It is an online program that is designed to be flexible for your family! It does not mandate a certain methodology or particular process. You have the flexibility to design what works for you. As many have asked Family Mint for at least a starting point, they have developed The Family Mint Way, a collection of community-driven ideas. They remain open for suggestions! Family Mint educates,helps you to plan while learning how to, organize your money, and motivate!
At Family Mint, you create a family account. You can then access the forum, blog and other areas for education. You are able to deposit your children's 'allowance' or 'savings' without opening a bank account. Your child is able to set goals and track their progress. You are the 'bank'. Your child manages their money by setting goals and entering transactions. You set any 'interest rate'. Allowances are automated. You may match deposits on financial goals. Your child may even choose to set aside/allocate money for charity. This is a way to teach this often moral choice. Your child learns financial independence while saving for goals, logging into own account, and requesting withdrawls that may be denied or approved by the parent. The site offers graphics to visualize where the money is coming from,where its is going and how to manage it. This is a functional way to motivate your kids and educate them about financial responsibility.
As a family we do use knowledge gained from Family Mint to aid us in teaching money management. We choose to live on what cash is available. We fell victim to the credit monster and lack of education in our early years. We choose to do very little online transactions but are aware that this is how most business is conducted these days. We chose not to use the account for the child at this time, but do see how we may access this as he grows in knowledge. We will only use virtual money at that time and use it as a 'role-play' type model. We have a method set up in our home used when the child is preparing to enter the work force at 15. It is a lesson in living within ones means only and how to avoid debt. We hope our children will be brighter and better stewards than we were.
Visit the Family Mint website and see if this free online program might be a supplement and spark in your home towards better financial stewardship. Visit the TOS Homeschool Crew and read about others experiences with this product. We were able to review this product due to our participation in the TOS Homeschool Crew, and offer our honest review in return.