Monday, March 18, 2013

Mosaic Reviews - FamilyMint

I received a copy of the FamilyMint workbook with online access for review.

When I opened the book after it's arrival I was thrilled by the content. This is a very readable format - particularly for my boys who love money but hate reading. The book is constructed very visually. I was impressed and immediately registered for the online content. This too was very simple and straight forward. There is not an overwhelming amount of text or pictures on the pages - very balanced for my easily visually overloaded boys.

Teaching the boys life skills is hugely important to me. I was taught none of these thing for a myraid of reasons. I was horrible with money when we first married and my husband had to handle our bills to prevent me from making a complete disaster of it. Fast forward 17 years later and I handle all the money - all the bills. I'm still not perfect at it but I no longer cringe when I open the checkbook or sign into our bank online.

This product came at a perfect time for us. I had been looking for something to teach the boys how to handle money.

The boys and I worked through the book. Oldest is almost 17 and has a part time job/apprenticeship. He needs to learn how to manage his money, plan and budget and his maturity level is at the point where he needs to train himself for delayed gratification. This review is based on his working through the program.

He decided to save up for a racing wheel to go with his Playstation 3 and PC racing games. First I had him search out the exact one he wanted to find the price with shipping. Then he entered the information into the Family Mint online banking website. It was easy for him to set up his goal and make a deposit.
Sorry that my screen shots are not very clear - I'm new to all things Mac.

From there he set up his own budgeting system. We were very glad that Family Mint Online had a version of the envelope system built in to their online site. This child loses everything and real envelopes are not something that would be practical for him.

I was able to show him how his actual bank account accumulates interest - both his checking and saving accounts are interest bearing. (One of the advantages of being part of a Credit Union in my opinion. For privacy reasons I won't be showing that here. :))

The practice worksheets really helped him learn how to fill out deposit slips and checks. He primarily uses the deposit slips and his Debit card if he needs money. However there are still checks he writes to his piano instructor and for Youth Group deposits and such. He wasn't as nervous about making a mistake after using the practice materials. It also helped him to use the Goal Tracking/Net Worth sheets because they resemble the check register. He is a very visual learner and this program really helped him understand how to be responsible with his money.

FamilyMint offers several options:

Option #1 is an introductory special - for $29.99 you get the certification workbook and FamilyMint online premium access for life.

Option #2 - Access to the premium online application subscription only for $24.99 annually or $4.95 per month.

Option # 3 - Free access to the online application only.

The above link will take you to the pricing options and what each one entails. It is a very good program and I will be using it with my other two boys. The creators of FamilyMint felt the way I did - that kids should know how to manage their money. Truly an ounce of prevention is worth a pound of cure when it comes to money management. If only I had something like this when I was a teen I could have avoided a lot of pitfalls in my financial life! This product is highly recommended by our family.

To check out what others on the Mosaic Review Team reviewed please head over here.

Disclaimer/Disclosure: I was given use of this product for the purpose of obtaining my honest opinion. I received nothing else. This is my honest opinion. Please consider that every family is different and results may vary.

1 comment:

Christephi S said...

I love that your son's savings goal is a racing wheel…pretty sure my Hubby needs to set up a goal for that too. Ha! Great review! :-)