Wednesday, March 31, 2010

Teaching kids to manage money.

As a 2nd year member of the TOS Homeschool Crew, I have been given the wonderful opportunity to review many homeschool products over the next several months. The only compensation that I receive for my review is the free product. I feel truly blessed to be participating in this review group and I'm looking forward to trying out more products and giving you my honest opinion.

I have a feeling that you are really going to like this educational tool that I am about to tell you about. Really.

What's the tool?
Family Mint.

What is it?
It's online virtual bank where kids can learn to manage their own money and where the parents are the bank.

Still don't understand?
Let me break it down for you...

Family Mint offers a totally secure website where you , the parent, can log on and create your own virtual family bank. What do I mean by virtual? real money is involved here. You can decide if you want this to be a "pretend" bank, used just as a leaning tool for your children or if you want this account to be a reflection of real money that your child has earned. In this case, it would eliminate the need for you to keep cash on hand to pay your children for completing odd jobs around the house or to give them allowance. Just log it in to their Family Mint bank account.

You will create a bank account for each of your children. You can decide how much money to put in the account and when to deposit more money. Do you give a weekly allowance to your children? Just use the automated allowance tool and each week your children's accounts will reflect the deposit. You can even teach your children about earning interest, by setting a set interest percentage. Any deposits or withdrawals that your children want to make will have to be approved by you, their banker.

In the meantime, your child can log onto their account and mange their money. They can allot a certain amount of their money to give, to save, and to spend. They can set savings goals and enter in transactions.

Getting the picture? ...This is an AWESOME tool to teach your children to manage money.

And the best part is that teaching your kids about money through Family Mint is totally economical.

How economical?

Well, it's free!

Yes. completely and totally free. You can visit the Family Mint site right now and within 10 minutes have your family bank up and running. What are you waiting for?

For more reviews of this product, visit the TOS Crew Blog.

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