Review of FamilyMint.com

You owe the kids money, but do you remember how much?  Around here we don’t give allowances, but we do pay the kids for all of the candy that they receive.  (Since they can’t eat it anyway do to their allergies, it keeps everyone happy.)  I used to have a sheet of paper on the inside of a cabinet door that kept track of how much each person had.  When they spent some of it I would deduct the amount from the sheet.  Worked pretty well, except for when I forgot.

FamilyMint.com was at the homeschool convention and I had a few questions that I wanted to ask them.  So when I got to their booth, I asked, “How is this better than the sheet that I have on the inside of my cabinet door.”  He rattled through several selling points, but the one that sold me was that the kids entered the money themselves.  I have to approve their transactions, but they have to do it.  The kids were always bringing me candy at weird times and places.  I had gotten to where I said, put it on the counter and I will put it in when I am in the kitchen, but sometimes I would forget.  So this feature sounded really good to me!

We have been using FamilyMint.com for several weeks now and I have to say that I really like it.  And the thing I like most is not that the kids are responsible for entering their own money.  No, the best part is the budgeting feature.  The kids can set goals for what they want to do with their money and the computer tracks how close to their goal they are.  It really helps them to see where their money is going.  When it is all in one big account, they would say, “I have $5, I can buy the thing that I want.”  They would forget about the other things that they also wanted to do with their money.  Right now, Dearie has several goals set including: college, charity, Mom’s birthday, Father’s day, a book she wants, and end of year gifts for her teachers (AWANA and Sunday School).  Honey and Kiddo have goals set for college, church, Father’s day and Mom’s Birthday.  No waiting until the last minute to see if they have enough money to buy whatever it is that they want!

So check out FamilyMint.com.  It really is a cool tool for teaching money management.

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