Monday, April 19, 2010
Product Review: Family Mint
Family Mint is a free website where you can create an individual "bank account" for each of your children.
Set up is incredibly easy. It's a matter of filling in some basic information and clicking a few tabs. We set our boys account up to automatically pay an allowance, set aside amounts toward savings goals, and pay interest.
Family Mint is private and safe. You are password protected. It also does not deal in real money. It is simply a place for you to keep track of your child's money. It is up to the parent to exchange the amounts saved in Family Mint for real currency.
Family Mint has its merits. It has a nice visual appeal and was user-friendly. It was nice to have certain payments, like allowances, deposited automatically and not have to keep cash on hand to pay our children each week. I also liked that it calculated interest. That is not something we have done with our boys before, and it was a good learning experience.
Overall, my boys were not as interested in it as they are their piggy bank. They like handling real money. Electronic banking is just not their cup of tea right now. We also could not find a way to automatically set up a tithe or investment deduction. We created savings goals for those item, and it worked. It just would have been nice to set up an automatic 10% deduction.
Overall, I give Family Mint two thumbs up and invite you to visit their site.
I have received no compensation for writing this review and have offered my unbiased opinion.
Please visit the TOS Crew blog for more reviews of this site.