Family Mint Review

In today’s society we see around us the results of decades of adults who never learned to manage their money when the stakes were small, who now end up in major financial distress.  The governments and public schools are included in this crisis.  Family Mint is a free website that could change the next generation’s money skills.  We were asked to review Family Mint as part of our journey with TOS Crew.  Basically, Family Mint is a ‘mock online bank’.  While the interface is bright and friendly, each family sets up their own bank and the children in the family can learn to manage their money, make deposits and withdrawals, save for goals, learn how interest works, and more.  The best part is that the website itself uses no real money.  Money stays with the parents. 

Here is how it works at our house:  We set up a family bank(quick and easy process!).  Each child over age 3 getting their own account in our bank.  They are paid wages (similar to an allowance) each week for the work they do in our home and during homeschool.  Instead of having change rolling around and getting lost, all money stays with us.  Here is a shot of the Parent Interface.  The Advanced Interface for older kids looks just like this as well.

 

Each Saturday my children log on and see their automatic deposit has been made(remember, it’s pretend!  The money is still sitting in the real family bank at a real institution).  This is what the Junior Interface looks like, which is what my kids all use:   When we set up the account, each child set a goal, something they were saving for.  On Saturday each child makes a withdrawl from their general account for tithing (which we hand over in cash).  They then decide how much of the remaining money they will put toward their goal(s), and make those deposits.  This can all be set to divide up automatically, but we chose to leave that for our children to learn to do. 

As they add money into a goal account, the bar fills up, showing how close they are getting to their goal.  It also offers advice on how soon they will reach their goal based upon how much they are depositing each time.  At this point, if they have any money left in the general account they can leave it alone, make more goals, or withdraw it to spend.

We do not have older children, but Family Mint offers features that I think many teens and adults need to learn to use as well, such as learning how matching funds, interest, and investments can work. 

I love that Family Mint is helping my children can learn now, with small stakes, how to manage or waste their money.  It is a lot easier to learn this when the stakes are not being able to buy a toy or outfit you want, that when the stakes mean not having enough money to feed your family or pay for your house.  Sure, my children could learn similar lessons if I handed them the cash each week, but in real life these days online banking is common.

Learn more about the features of Family Mint HERE.  Learn the answers to privacy and security questions HERE.

Family Mint is FREE.  There are plans for a Pro version to be released in the future, but don’t wait!  Go set up a family bank and start learning about money today.  Your children’s spouse and children will thank you!  If you don’t give your children money this can be done completely as a ‘game’, with pretend money and imaginary goals.  Make it work for your family.

Learn what my Crewmates think HERE.

{Disclaimer: I reviewed this website as part of my TOS Crew journey, but is it free, so you can try it too.  I received no other compensation and all opinions presented herein are my own.}