Tuesday, March 30, 2010

Family Mint Review

Considering the current statistics that the average American Family is actually spending more money than they make each month, and since this country is now in the midst of the current "credit crisis" the Company "Family Mint" could not have come at a better time. The company, Family Mint, found here:
http://www.familymint.com/ offers a free website that parents can use to teach money management and fiscal responsibility to their children.
I was sent the link to Family Mint to review as part of TOS Review Crew. I loved the fact that the site was free, but even better, the site offered actual relevant financial information.
Family mint allows you to set up accounts for each child and you act as the bank using either real or virtual money. You set up goals with your child to help them save for desired things such as a new bike or an investment. As their interests change so may their savings goals. This teaches fiscal responsibility as well as delayed gratification (I may send this link over to Congress). Since the parents act as the "bank" they can approve or deny deposits. The personal information is safe on the site. The site uses "virtual money" and you can choose to set up an envelope system at home to mirror the transactions.
I love this site. A child of any age can begin to benefit from learning money management for a life long skill that is so lacking in our culture.

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