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Savings Plan (Premium version only)

Are you familiar with the popular "envelope system" of savings and budgeting?  It's built right into FamilyMint.  We call it "Savings Plan".

Watch the video or read about it further below...

(After hitting Play, hit the 4-way arrow to expand to full screen.)

 

 

What is it?

Savings Plan allows you or your kids to automatically distribute deposits into multiple goals/accounts based on percentages you define.  Think about Savings Plan as a funnel which split up a deposit into multiple target locations.  Here's a picture:

Savings_Plan.png

In this screen shot, you can see that the Savings Plan for this particular child has been set up so that a deposit will be split 10% to Charity, 10% to College, 30% of Long Term Savings, and the remaining 50% to General Savings. 

As you change the percentages in the Savings Allocation column, the General Savings value will automatically update so the total always remains 100%.

Only parents/bankers can change locked goals

Once a banker locks a goal (by turning "matching" on), only the banker can edit the details of that goal.  The same is true here.  The banker can change the Savings Allocation for a locked goal (like College in the picture above) but a child cannot. 

 

 

How does it work?

Set up

Once you have created some goals/accounts, click on the Savings Plan button in either the banker interface or the advanced child interface.  Enter the percentages as described in the section above and hit Save.  That's it!

Savings_Plan_button.png

 

Making Deposits via Savings Plan

 

Simply select Savings Plan as the target location when you or your child make a deposit. 

Here's how it looks on both the Junior and Advanced Child / Parent interfaces:

Savings_Plan_Deposit.png       Savings_Plan_Deposit_Advanced.png

 

After a deposit is made into Savings Plan, in the Transactions screen you will see one entry for every Savings Plan entry.  So, if your child deposits $10 the resulting transactions may look like this:

Savings_Plan_Transactions.png

 

A note on approving Savings Plan transactions.

Although it shows up as 4 entries, FamilyMint knows that it's really only one deposit.  When you approve (or deny) the transaction, click on any one of them and they'll all be approved.  Give it a try.  It's easy!

 

Depositing Allowance & Interest through your Savings Plan

 

Allowance & Interest can also be directed through the Savings Plan by the parent/banker.  If you want to set this up simply log into your banker profile, select a child and open the Account Information tab.  Change the target location for "Deposit Allowance and Interest into:" to Savings Plan and hit Save. 

Savings_Plan_Allowance___Interest.png

 

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