FamilyMint Knowledge Base & Support

FamilyMint November 28, 2009 4 Help

Welcome to FamilyMint!  FamilyMint makes teaching your kids about money and setting goals fun and easy.  Financial success and independence starts with forming the right habits and behaviors, and FamilyMint makes this simple. 

 

FamilyMint's Money Management Certification Program

The certification program is designed to run for 2 months with the parent or guardian acting as the “banker” and holding onto their child’s money.  The reason for 2 months is most experts say it takes at least 2 months for a habit to begin forming. The goal of  this program is to begin forming those positive financial habits. If you haven't already ordered the workbook, which comes with LIFETIME access to FamilyMint Premium, then go to FamilyMint.com to order now.

Note: we recommend keeping your child's money in a safe place in a container that will

act as their money vault, that they can decorate however they please.

This parent/child interaction is an important part of the learning experience, because it creates accountability between the kids and their money. Since the parent is acting as the banker, the child is forced to justify how he or she is spending his or her money. This may initially sound difficult or even unnecessary, but it has been proven to be highly effective in teaching money management to children. You’ll find it’s also a source of many new teachable moments. See the illustration below on how this process works.

Process_Flow-sm.jpg

 

Note: If you chose not to act as the “banker”, go into the Settings screen in the online software, and

turn off the "Deposit Approval Required" and "Withdraw Approval Required" settings.

 

The back section of the workbook contains the worksheets and forms your kids can use to complete the program. You may prefer to skip using the worksheets and instead use the online version of FamilyMint to simulate today’s online banking experience.

To set this up, the parent, not the child needs to create an online family account.

 

Note: Refer to page 55 of your workbook for your access code to FamilyMint Premium.

Create a user name and password for the child. After this, the child will log in and do all the work themselves! All the parent needs to do is monitor and approve. Review the online introduction video to get started after you sign up.

Overview - a brief tour of the key application features:

Get Started with the Online Application in 3 Simple Steps

Step 1:  Create Users

Think of each of your children as a customer of your very own credit union or bank.  Each child has their own profile and unique user name so they can log in and manage their money and goals.  Click on the Create User button and fill in the required information.  You can also choose to set up their automated allowance and interest payments and frequency here or later under Account Information.  That's it.  Repeat for all your children. 

Click here to read more about automated allowance and interest.

Step 2:  Make Initial Deposit

This is where the fun really begins.  Have your children gather up and count all of the money they have.  This will be their initial deposit in FamilyMint. Now place the money into their money vault (jar or can that you keep in a safe place. 

Step 3:  Create Goals/Accounts

Ideas on how your child wants to spend their money are probably not in short supply.  How frequently do you hear "I want this" or "I need that"? 

This is their opportunity to put these ideas into writing as savings goals.  Are there things you want your child to save for such as college, charity or other long term savings goals?  This is your opportunity to have these savings goals front and center of your kids.  In fact , we recommend you start out with these goals and then let your children add their own goals. 

Click here to read more about creating goals.

Some interesting articles to share with your kids on setting goals, planning and saving.


That's it!  Your children are now ready to take control of their financial future.

 

Productivity Tip: access FamilyMint on the go!  Learn about FamilyMint Mobile here.

 

Additional Video Tutorials:

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

 

Parent Dashboard - everything you need in one location:

 The one thing you HAVE to do as a banker: approve pending transactions.

 

 

Child Profiles - how to set up your kids:

Be sure you set them up in the order you want to see them!


 

Goals - creating, editing, and deleting:

It's fast and easy.  Set up a few recommended goals and then let your child take the reins.

 

 

Kids Screens - what your child sees:

This video is linked from the child's Welcome screen.  Take a look at what FamilyMint looks like from the child's perspective.


Some basic concepts you should know:

  • Kids log in themselves and manage their own money within FamilyMint.  From deposits, withdrawals, and transfers, to working towards goals they can create themselves.  FamilyMint is meant to be a place for children to learn by doing. 
  • To you and your kids, this is REAL MONEY in FamilyMint.  They manage... you approve.  Every dollar in the bank is a real dollar that you owe your kids.  You are a real bank to them.
  • In essence, when they hand you cash (i.e. when they make a "Deposit"), they are giving you a loan and you are in debt to them and need to pay back that debt when they ask for it (just like your bank would for you).
  • To anyone outside your family, this is virtual money.  Nobody can hack in and steal anything because FamilyMint is just a tracking system. 
  • FamilyMint is a mixture between a personal money management tool (such as Quicken) and an online bank. There is a period of time that things can be changed, and after that they are firm (like an online bank).   You can always see a complete history of what changed. 

Need some ideas on how to use FamilyMint?   Although there is no "right" way, we've compiled the best community driven ideas to create The FamilyMint Fundamentals.

  • Take a quick minute to see how this looks from the child's perspective