Next Steps

If you're looking at getting the most out of FamilyMint with your family, here are some additional advanced steps. If you're still just getting started, be sure to check out our Guide to Getting Started.

Automate Allowance

Paying allowance is no longer a chore or hassle.  No more forgetting or having to have exact change to hand out on allowance day.  FamilyMint automates this for you, making your life easier and motivating the kids with regularly scheduled payments.

Click here to read more about automated allowance and interest.

Here are a couple of articles with some practical advice on giving an allowance.  Tips on Giving an Allowance  Allowance Best Practices

Motivate with Interest

Paying a healthy interest rate on the balance your child has in FamilyMint can be a great way to help motivate your child to save and help them learn how to appreciate money!

Click here to read more about automated allowance and interest.

Simple way to explain to your kids about The Power of Compounding Interest

Matching Deposits

Just like a 401k, you can match your kids dollar for dollar for goals that you want them to save for.  Great way to motivate your kids to save for goals that are very long term, like college, a car or long term savings.

Click here to read more about matching deposits.

Savings Plan

Ever hear of the "envelope system" of saving and budgeting?  Well, Savings Plan is FamilyMint's version of the "envelope system".  Savings Plan allows you or your kids to automatically distribute deposits into multiple accounts based on percentages you and the kids define.  Think about Savings Plan as a funnel which split up a deposit into multiple target locations.  If you are paying an allowance or interest, you can have those deposits automatically directed to Savings Plan to ensure a percentage of those deposits go to the goals you want.

Click here to read more about matching deposits.

Read more about the Envelope System.


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