Sunday, March 24, 2013

FamilyMint Money Management Certification Program {Review}

Over the last several weeks Justin and I have been reviewing FamilyMint Money Management Certification Program. FamilyMint is a money management program that combines a 60 page workbook with an online software program.

I will be honest and say that neither I nor Larry were taught very good money management skills during our growing up years. Our lack of money skills has had us in some pretty heavy debt throughout our marriage and we have learned a lot of hard lessons.

I did not want this to happen to my boys. Our goal is to teach them to be responsible with the money they have whether earned, through an allowance or a gift. I want them to feel secure in their money management and to always save a portion of their money. FamilyMint teaches these skills and values!

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I am really impressed with this program. The workbook is very comprehensive. It includes step by step instructions for teaching students how to mange their money. The workbook is for grades 5th and up.

Included in the workbook are the following chapters:

  • Tracking Your Money
  • Goal Setting
  • Budgeting
  • Interest-Growing $

There is also an introduction for parents and teachers in the beginning of the work book that explain the FamilyMint Program. Using the workbook in conjunction with the online software will reinforce additional principles such as:

  • delaying gratification
  • writing checks and deposit slips
  • saving money

The chapters are easy to read and have step by step instructions for each chapter. Students learn why they should save their money. I think it is a really important step to being successful in teaching children to manage their money. 

There are actual practice checks and deposit slips for students to fill out. I think it is very important that students get a real feel for what managing a real checkbook is like and how to write checks properly is another important step in managing money.

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Practice checks and deposit slips

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In addition to the FamilyMint workbook you will get a lifetime membership to the premium online money management online software.

The software allows you and your student to manage their money online and get a real feel for online banking. It is important to note that there is no money actually deposited into an online account. You and your student are just tracking their money online via the software. You and/or your child keep the money at home.

Your student can track their money online via an online ‘deposit’. Once their account is set up they have the ability to set goals, make a deposit and the software will determine how long it will take to reach those goals.

Below is a screen shot of Justin’s FamilyMint account. He has set a goal to purchase a computer and has set a goal of $500. He currently has $84 that he has saved. Of that $84.00 he has directed $25.00 to go towards his computer purchase. Leaving a balance in his general savings of $59.00. Each week he deposits his allowance or money he has earned into his online account. Once he does that he has the ability to make deposits, transfers or withdraws. He also has the ability to create new goals or change a current goal.

Setting up an account for your child is very easy. You create a parent password and a password for your child. So your student has the ability to access their account independently. However all transactions must be approved by a parent.  The parent also has the ability to lock withdraws and transfers.  You can add all of your children to the existing FamilyMint account.

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Screen shot of Justin’s account. (click on the image to enlarge)  Below Justin is adding a deposit to his account.

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There is also a mobile optimized version that you can use on your smartphone or tablet that allows you to access your accounts while you are out and about. You do need to make sure you have an internet connection or Wi-Fi available.

 

Justin has loved working with this program and I will also be using it with Kaden. I am going to be adding Kaden to the online program (which is recommended for ages 6 and up) this coming week so he can learn to manage his money too.

FamilyMint is a fantastic money management tool! I highly recommend this program if you wanting to teach your child money management. The price is very affordable at $29.99 which includes the workbook and the online software. Additional workbooks are also available for purchase separately.

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