Benefits of Family Mint
• Children control their own accounts, but parents ultimately control the bank by setting interest rates, allowance, and matching deposits to encourage certain savings goals.
• Children can set an unlimited number of goals that they define themselves. Common goals include: savings, charity, college and toys.
• Colorful graphics allow children to visually track progress for each of their goals.
• Multiple accounts can be created within the same "bank," making access and review easy for parents without sacrificing individualized accounts for children.
• Allowance is automated - no more forgetting or having to make change.
• The site provides different page layouts for younger children and older children, customizing what the child sees to their age level whether they're 5 or 15.
• Family Mint is a free application. There is a Pro version available also--coming soon.
First thing we did before opening up a Family Mint bank account was first go over math for banking. I did visit many sites for examples and came up with a direct deposit form, deposit ticket form, check form, and play print money to provide the children with. We are not using real money right now, but we will in the future when they get a better grasp of the concept of online-banking, checking, and saving accounts.
They so loved our role-playing. I am the banker and they are the customers. They each had to come into my bank (our schoolroom) and personally ask for a blank deposit ticket (I helped them to fill them out), and with their ‘money’ open an account and make their first deposit.
Family Mint has an easy going, fun inventive way of introducing online banking to children. My boys so wanted to use REAL MONEY! Maybe in a couple of months we will start with real money, but right now I want them to grasp the math concepts of banking by knowing what their balance is, how to manage their month, see where their money to going too (e.g. tithing, savings, faith promise, ‘bills’). Oh how they ‘see’ for the first time and money goes QUICKLY!!
I was surprised to see what their goals were. I am glad that both wanted to tithe, and my younger one even wanted to give to Missionaries!! My oldest of course was looking into saving more for that next DS Game. I guess I can’t blame him; he is only 11 years old.
Both of the boys understand of the deductions after money was put into their goals, talking to them about tithing 10% of what they earn…and so forth. My younger really wanted to personalize his account with the different color scheme and avatar (for each goal) and it was exciting to see him get into Family Mint.
I already know that they learned so much more with Family Mint, through their website. The FUN shall continue…
I made it a point not to visit Family Mint everyday though. After they had opened up their accounts, they wanted to check it like everyday! With the frequency of getting paid their allowances (which is monthly), visiting the site everyday was not necessary. Yes, it does make us (parents and children) aware on money, which is good---I want them to grow up as Godly men and fine stewards of their money, but I don’t want MONEY to be the sole priority of their lives.
I think now this experience has made them appreciate even more so that money literally does not grow on trees and that the sacrifices we make as a Christian family who tithes, living on one income, that they realize how and why the way we live more understandable.
Family Mint has been a exceptional tool in bringing finances a family affair. It also teaches my children the value and the stewardship God has given his children to attend to. It reinforces what we always speak to them about, that God provides for our family. One way or another—this lesson is invaluable to teach our children. Family Mint has made this lesson concrete for our 8 and 12 year old sons. So for the purpose of the product I would definitely say Family Mint is above and beyond exceptional and you can't beat the price: FREE! Thank you for the opportunity to review Family Mint!
NOTE: I am not paid to do the product reviews, so my review is exactly how I feel about the educational product and how my family used it. If you would like to read other reviews on Family Mint please go here.