Money management. It's something we all need but sadly not something we are all good at. When it comes time to teach those skills to our children we may not understand it enough ourselves to give them a good base of knowledge and experience.
Unfortunately if we can't give our kids those experiences and knowledge of money management they may flounder and accrue more problems than necessary.
Mosaic Reviews had the opportunity to review a program designed to help teach our kids money management, delayed gratification, and the useful things money can do for them. FamilyMint is an website dedicated to helping families teach their kids money management.
From the website:
Teach your kids to be good stewards of their money with this award-winning program!Only a few minutes a week results in lessons that will last a lifetime!
Did you know…
- 2 out of 3 high school seniors graduate without knowing the basics of budgeting?
- 18 to 24 year olds are the fastest growing age group filing for bankruptcy?
Give your kids an advantage...
FamilyMint's Money Management Certification Program combines a 60-page step-by-step workbook with a fun online money management application for kids. Kids that complete the 2 month program develop key money habits that will benefit them the rest of their lives.
Your kids will form new habits…
- Tracking their money
- Creating SMART goals
- Easy budgeting
- How interest works
- And much more!
Financial success and independence starts with forming the right habits and behaviors. This simple step-by-step program is designed to enhance learning and ensure success.
FamilyMint is an easy account to set up. Once you sign up you set up your account and then set up your children's accounts. It's all pretty simple. There are account options that I will talk about later. Once your parent account is set up as the Banker you then set up your children's accounts and help them decide on some goals for saving money and spending it. Your children will then begin to learn how to save their money, spend it, learn about interest, and more with the help of the workbook.
Now, you do not have to purchase the workbook. You can sign up for just the website version but the workbook is simply fantastic. It helps reinforce the lessons and if you have children like mine that need the paper in front of them then the workbook will not disappoint. It works in tandem with the website and tells the student when to go to the website.
I can't tell you the impact this has made on our lives. We have always striven to teach the kids good money management and the importance of making your money work for you and not the other way around. But there was one point of contention between my husband and I. Steven wanted to put money into an account for our oldest and let her buy her own clothes and things and learn to budget the needed items. I have fought it saying she wasn't old enough. After using this review I have changed my mind. Not only is she old enough it is almost past time to make sure she knows how to budget her money for the things she needs. We will be starting this next month with our oldest and then add the next one in a few months after that. Each one will begin to budget their own money for buying their clothes and other needed items.
They will not leave our home without knowing how to make their money work for them. "Financial literacy takes time and practice. Give them their money and let them learn to use it." That is what Bob Masterson said when we had our conference call with him. Those statements kind of woke me up. He was so passionate about helping families manage their money and teaching kids to handle money that I got even more excited about the program!
I am looking forward to using it more and seeing how the kids progress through it.
Now for the pricing information. There are 3 options for signing up for FamilyMint.
Special Introductory Bundle Offer!
Money Management Certification Program workbook +
a LIFETIME subscription to the FamilyMint Premium application (normally $25/yr by itself!)
Special Introductory Bundle Offer: $29.99
Certification Program workbook PLUS FamilyMint Premium for Life!
Additional workbooks are an additional 50% off.
Option 2: PREMIUM online application subscription only
PREMIUM includes everything in the FREE version plus...
- Mobile - through any phone with an internet browser
- Allowance - never forget again
- Savings Plan - split deposits into multiple accounts
- Interest - motivate savings over spending
- Locking - to prevent withdrawals or transfers
- Matching - automatic matching deposits
- No ads - No ads in paid Premium accounts
- History - no limit on historical transactions
Option 3: FREE online application only
Includes a 14-day trial of FamilyMint Premium
This is a great option if you think you want to find out more or want to try it out.
If you want to see the pricing for yourself, head over to the Pricing page to check it all out.
If you have more questions check out this FAQ page to find some answers. To find out more about the creators of FamilyMint head over to this page. You can also check out the Blog for great posts on FamilyMint and ideas to help your family learn about money. If you want to contact FamilyMint this page has links for all the ways to contact them.
FamilyMint workbook is designed for kids ages 5th grade through 8th grade but I am having my 9th grader work through it to reinforce what she knows and introduce her to what she doesn't. It is working out perfectly for her. The online application is designed for ages 6-14 with parental involvement.
I highly recommend FamilyMint for teaching money management to your kids.