I have a wonderful new resource to tell you about today! You are gonna absolutely love this. Do your kids know the value of a dollar? I think this ‘American Way’ has greatly reduced the value of a dollar in the eyes of our children and adults as well. My children ask for Wii games as though they cost pennies! Credit has raped the dollar bill of the majority of it’s integrity and I really have no idea if there’s hope of ever changing that. Well… maybe that’s not true. There is some hope, but it requires moms and dads all over to take the time to teach their children about how valuable money really is and how little of it we need to spend.
This is where Family Mint comes in. Family Mint is a money-managing site for kids where the parent is the bank. The site allows parents to setup virtual family banks where the children can create accounts and manage their money for themselves. No actual money is transmitted. You, the parent, act as the bank that holds the money. The parent bank authorizes each transaction the child makes, whether it’s a deposit, withdrawal, or transfer to a specific savings goal.
Family Mint is highly interactive with many features such as
separate interfaces for parents and children – each child has their own login - automated allowance and interest options
- matching deposits – you can choose to automatically match deposits your child makes
- unlimited number of goals for savings – for example, college, toy, charity
- personalization – each child can personalize their profile with photos of themselves and each of their savings goals (for example, a picture of the bike your child is saving for would represent the savings account for the bike)
- as the parent you can lock accounts to prevent withdrawals & transfers
Family Mint is a fun way to visually see where money goes and how it is used. I love that it’s interactive for the kids. They can personally take ownership of their money and savings. As it stands, if a child has money in the bank, mom and dad just tell them, “You have this much money in the bank and you’re saving it for college.” This doesn’t really help the child grasp the concept of how much money $1,000.00 actually is or how to be responsible with it – or have it and NOT spend it!
My kids felt more responsible when they set up their accounts and deposited their money. I could tell they felt more ‘in charge’ of what they had and took it seriously. When they transfer money from their general accounts to one of their savings goals, they immediately see the impact to their balance. Sometimes the kids will ask for things at the grocery store and when I say, “you’ll have to pay me back for it at home.” I get the friendly, happy smile and an, “okay, mom!” Then we get home and I ask for my money and what do I get? A big fat frown and a confused child who doesn’t understand why he has to give mom his money. Family Mint really helps them to comprehend that money ‘disappears’ when you spend it!
I would recommend everyone with children signing up for a Family Mint account. Even if your child has a firm grasp on money management, it will allow you to be involved in their spending to make sure they and you know where it all goes.
Family Mint accounts are free so there’s no reason not to get one. In the future, you will be able to upgrade to a premium account. What all that entails is yet to be seen but for certain Family Mint will always have a basic free account… and it’s worth a pretty penny!
…just my two cents,
-Sara O’