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I just found an excellent FREE web source for “banking” services for children FamilyMint. Let me say upfront that NO money is involved with respect to this website. The site provides a simple front-end for you to set up a bank for your children’s use where YOU are the banker and hence responsible for the security of their deposits. The children are your clients. You/the banker decide where the money is actually kept and it is not linked in anyway to this website.

I teach my children stewardship using a modified version of Stewardship Street from Doorposts. I do not use actual boxes or piggy banks for the individual savings categories. Instead I have been using a spreadsheets to keep track of everything. My children are old enough to understand a bank statement and they no longer need to see or touch the money for it to be real to them. Their money is deposited in accounts in their respective names at a local credit union.

FamilyMint enables you create a bank and name it anything you want. You set up an account for each of your children and then either you or they can set up savings goals such college, a new video game or vacation. You and they can then track deposits, withdrawals and their progress toward each goal. Money can be transferred between account categories and you the banker must approve each transaction as well as make transactions on their behalf. You can also set up a Savings Plan and have each deposit allocated by percentage into the various accounts representing their savings goals. Our accounts are set up similar to the ones in Stewardship Street and when I make a deposit, it is instantly divided up into the separate categories according to the percentages I set up for them.

I sat up my family bank and the accounts for my children including the various savings categories and how the deposits are to be allocated and “transferred” the balances from the spreadsheet to my FamilyMint Bank in less than 15 minutes.

I had a question about how to allocate the deposits and wrote a note to their support staff. I got a reply back within an hour. It turns out that the answer to my question was right in front of me but I know now that their support staff is right in top of things!!

Check them out! I love the concept and I know that you will find it easy to create a family bank and it will be a valuable asset in teaching your children stewardship, financial planning and goal setting.

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