FamilyMint is…
The Simplest Way for Kids to Track Their Money and Goals
FamilyMint builds financial literacy while children track their money and goals online. They learn by doing…and have fun along the way. Children take the reins, allocate savings, set goals, and make transactions. Parents can automate allowance, encourage savings with motivating interest rates, and reward deposits for worthwhile goals.
You can’t do this with a piggy bank!
Security
FamilyMint takes security seriously and our number one desire is to keep your kids and their information private and safe. All of your family’s information is accessible only by you. You will never have outsiders sending unsolicited messages to your children.
We use state-of-the-art encryption as well as security-hardened and firewall-protected servers.
Goals
Like us, kids have a lot more ideas on what to buy than money to spend. Kids can set up as many goals as they want and easily move money around to prioritize what is most important to them.
FamilyMint goals are based on the SMART goal principle. Goals that are;
Specific
Measurable
Attainable
wRitten
Timely
Locking Goals
For those goals you’d prefer your children didn’t touch, FamilyMint provides the ability to lock those goals. When a goal is locked money can be deposited into it, but cannot be withdrawn or transferred out. Think about in terms of your own retirement account. This feature works great for those long term savings goals your child is saving for.
Matching Deposits
Provide incentive to your kids who are saving for things like college or a car by automatically matching a percentage of their contributions towards these goals. For example, match every dollar your child saves towards their college goal.
A “matched” goal like this is also “locked”, so your child can only take money out of this account after you, the banker, agree they’ve reached their goal.
Savings Plan
The Savings Plan in simple terms is an electronic envelope system. Savings Plan allows you or your kids to automatically distribute deposits into multiple accounts according to percentages they define. Think about Savings Plan as a funnel that splits up a deposit into multiple target locations.
Automated Allowance
Allowance is a weekly or monthly ritual in many households, but managing payments can be a real chore. With FamilyMint, set it up once in the system and deposits are made automatically into each child’s account.
Automated Interest
Interest can be a powerful motivator as it allows the child to see their savings working for them. Since you are the banker, you can help them appreciate their money by setting a truly motivating rate for each child (can’t do that at a bank!)
Parent/Banker User Interface
Everything you need in one place. Simple and intuitive so you get started quickly. Everything is managed from only two screens. A combined view of multiple children is presented on your home page or click on a child’s picture to access their individual account.
Understanding what your children wish to save for and how they are saving and spending allows parents an ideal opportunity for teachable moments to pass along what they’ve learned about money.
Kid Interface
Kids can choose between two different interfaces depending on their skill level and preference:
- The Junior Interface is perfect for younger kids. It is interactive, fun, and focused on making complex concepts simple. Kids will love how easy it is to track their money, set goals, and move their money around. Plus they get to see their allowance and interest payments automatically show up.
As young children are learning about money, the system is designed to allow you as the “banker” to give them just as much help as they need along the way.
- The Advanced Interface is designed for more mature kids and looks just like the parent interface. They have access to a robust set of features that allows them to manage their money just the way they want to.
Personalization
Pictures can be selected or uploaded for each child and each goal, making the system truly unique to your family.