Wednesday, March 31, 2010

TOS Homschool Crew - Family Mint

The first thing I want to tell you about Family Mint is... it's FREE!!!! You and your kids can have accounts within minutes and be on your way to working toward your kids financial goals. Family Mint is an online program that allows kids to keep track of their own money and you act as the bank. You and your kids can log in deposits, view their accounts and set goals. It brings reality to finances. Making your child/children aware of where the money goes. That can help them make better choices than buying junk food or a toy that catches their eye at the store as an impulse buy.

I am sure you are concerned about you and your children being secure on the Internet. All of your family’s information is accessible only by you.  You will never have outsiders sending unsolicited messages to your children.They use state-of-the-art encryption as well as security-hardened and firewall-protected servers.

There are a lot of cool features to this program:

It is easy to set up and to use, for parents and children. You can see the account features for all your children on just one or two pages. 

You can provide incentive to your kids who are saving for things like college by automatically matching a percentage of their contributions towards these goals. With this kind of goal you child is locked form taking money out of this account until the parent ok's it.

Allowance can be automatically added to your child's account at a set rate weekly so you don't have to remember. There is one drawback to that, the parent, have to have set aside the money in your own account so you have it to pay out to your kids.

You can also add a set amount of interest if you want.

You can transfer money from all the accounts except a matching account.

One cool feature, that you can see in the picture here on the left, is that you can upload personal or Internet pictures to symbolize your child's goals. That will be an added incentive. They can see their goal as well as the money in that account. Do they want to buy a camera? find a picture of the camera they want and upload it to that account. That isSmiley

The savings plan is a new part of the website. The savings plan allows your child to allocate portions of his money to certain goals he has. It is like the envelope system. You can set it up with whatever percentages the child wants. In the example picture 50% of the new deposit goes to college, 10% to charity, etc. There is also a column for matching funds and you can see that it is locked.

Like I said at the beginning one of the best features of this program is that it is free. For that reason I give it my Good Value icon. So, why don't you and your kids try it out for yourselves. The basic program is supposed to stay free. They will be adding a pro version to the website in the future which will cost money.

You can get more information and more details at the website. There is an FAQ page too. 

Out of five stars I give Family Mint

To see what my other crew members have to say about Family Mint check out the TOS Homeschool Crew Blog.

***Family Mint provided me with the FREE membership so that I could do my review. Though I received this product for free I have given an honest review of it here in this post.

I hope you enjoyed this review and will check out
Family Mint,

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