Let’s start with two statistics taken from an email that I received several weeks ago.
- 18 - 24 year olds are the fastest growing age group filing for bankruptcy
- Only 5% of adults learned the vital life skill of money management in elementary or high school.
If you find this concerning, then you might be interested in introducing your family to Family Mint. Family Mint is a free online website that provides a useful tool in assisting parents in the process of teaching money management to their children.
I found it very easy to set up an account at Family Mint. There are three simple first steps:
- Create a profile for each of your children.
- Have your children gather up their physical cash and give to you--the bank--and make their initial deposit.
- Set up two or three goals with them.
Family Mint is a way to introduce your child to the world of online banking (even though the parents hold the money). Parents can offer interest, a matching fund, automatic allowance, and goal planning.
It’s free. You should check it out.
Now, I will be honest with you . . . though I think that this is a GREAT concept I did not put this program to its full use. Right now one more reason to be on the computer just doesn’t motivate me. Additionally, with Mr. Smackdown only being 5, he is just excited to to help out around the house and occasionally earn money. The boys have a piggy bank and they are content to feel how heavy it is. There will come a day when we will teach them about saving, giving, tithing, multiplying . . . but for now . . . we are just letting them be kids. I just don’t want to rush childhood.
For more reviews on Family Mint be sure to visit:
This product link was provided to me for free. I did not receive any compensation for this review.
