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Automated Allowance and Interest Payments (Premium version only)

FamilyMint is designed to help simplify parents' lives by automating allowance and interest payments if you choose to pay it.  No more fumbling for the exact amount of change or forgetting allowance day all together.  Just input the amount and the rest is taken care for you.  You can either set up the recurring allowance and interest payments during the child profile creation process or at anytime under the Account Information tab within the child's profile.

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  1. Allowance - Amount -  Enter the amount you wish to pay your child.
  2. Allowance - Interval - Select the interval at which allowance is to automatically be paid.  Allowance is paid early in the AM on Friday morning.  Interval can be set to Weekly, Every Two Weeks, or Monthly.
  3. Interest - Rate(APY) % - Enter the interest rate you wish to pay your child as a means to encourage saving and teach the appreciation of the dollar. 
  4. Interest - Interval - Select the interval at which interest is to automatically be paid.  Interest is paid similarly to Allowance.  If you enter 10% Monthly, FamilyMint will calculate the interest you will pay for every $100 your child has saved.

That's it.  Click on the Save button and you're done.

Note: You can see these automated allowance and interest deposits by going to the Transactions tab either from the parent home page or the individual child pages. These deposits will not appear on the Pending tab -- since these deposits are made automatically per your settings they are automatically approved.

9 Comments

  • Avatar
    Alyssa

    Is interested only calculated for goals that are listed as "savings" goals?  Or is it calculated on total account balance no matter how it is allocated?

  • Avatar
    FamilyMint

    Interest is calculated on total Approved account balance.  This setup allows the child to move money around between savings goals without worry or concern regarding the potential impact on interest. 

  • Avatar
    Debbie Dimmock

    I'm thinking about increasing my children's allowance a little, but paying it monthly rather than weekly, to give them more experience in budgeting. Can you tell me what day of the month a monthly allowance is paid on? Or is it possible for the banker to set this date?

  • Avatar
    FamilyMint

    Monthly allowance will be automatically deposited on the last Friday of the month.  It is not possible for a banker to override this date. 

  • Avatar
    Debbie Dimmock

    If I set it up to pay monthly, will it take effect immediately? I'm thinking of giving them another week (24) and then changing to monthly so they get a payment on Aug 31 in readiness for Sept...Thanks for speedy responses! Debbie

  • Avatar
    FamilyMint

    Yes, it will take effect immediately, so wait until after next Friday to change it.  :-)

  • Avatar
    Debbie Dimmock

    Great, thanks ;-)

  • Avatar
    Michael Cole

    I figure out today that you need to upgrade to premium to use the allowance feature. I was wondering when that was changed?

  • Avatar
    FamilyMint

    Hi Michael - the allowance feature has been part of the Premium offering since the beginning.  If you joined us early on, you may have received an extra year of Premium access for free as a thank you.  Please check out our Premium Bundle Offer on the familymint.com/pricing page... with you you will receive lifetime access to FamilyMint Premium along with our new Money Management Certification Program.  We hope you find this a great value!

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