Okay, this is free, people! I love that! Yes, I am reviewing the Family Mint as part of the TOS Crew, but it's free for everyone!
What is The Family Mint (and don't we all wish we had the real thing?)?
It's a website that allows registered users to set up virtual family banks. No actual funds are transmitted at any time. It simply allows "bankers" to record financial transactions that take place. The banker can set up accounts for each family member and can record deposits, transfers, and withdrawals. Interest levels can even be adjusted! Financial goals can be set and tracked by individual account holders. Money can be distributed into multiple accounts based on customizeable percentages. You can read more about these and more features on their site by clicking here.
Okay, growing up, we could set a financial goal, fill up the glass Snoopy (in my case) or piggy bank, and then break it open and count the contents, hoping we had enough to reach our goal and buy a new bank. This is so beyond that! Kids can learn how the banking system really works. They can track their deposits and withdrawals and learn to keep a budget. They can see on the screen when a goal has been reached or when deposits they've made have been verified.
Y'all, this is more than likely the closest I'll ever be to being a banker, setting up these virtual accounts, but I still took that seriously. One concern I had was privacy. No, we're not dealing in big bucks here, but do I want my kids' financial business online, on a site that isn't a real bank? I figure I'm not alone in being extra careful about my kids and online privacy issues (we were victims of id theft a few years ago, so I'm a little paranoid about it), so I wanted to share what I thought of to counter this concern. I didn't use the kids' real names. Wow, you're thinking--I know. No, seriously, the closest you come to giving your address is your zip code, but it does ask for birthdays, so using the screen names added an extra level of security, in my opinion. Having said that, I encourage you to check the Family Mint security information on their site here. I'm still being careful, but I am impressed.
What age is this for? Well, I would suggest at least school age, up. Reading and basic number skills are needed to navigate the site, log in, and enter and understand transaction information.
In this age, financial responsibility is such an undertaught skill, for the most part. This is one tool to help those of us trying to buck that trend. I can see how The Family Mint can help parents instill the attributes of financial discipline and analysis from an early age through experience and practice. In order to check it out, click here. There are videos and forums to help you get started, as well.
You can read what other TOS Crew members think here, too.
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