From gift cards that never get used to toys from well-meaning relatives, we’re betting there are some presents your kids could do without. Enter Goalsetter, a brand-new savings platform that’s looking to re-define how your kids receive things and learn the value of savings—all at once. Scroll down to find out more.
What It Is
Kids today receive over 30 billion dollars worth of gifts in a year! In hopes of helping families move past the age of overconsumption, former Nickelodeon executive and mom of four Tanya Van Court decided to create an online savings platform just for kids.
Goalsetter allows family and friends to contribute to kids’ goals, such as saving for college, a brand new bicycle, or an experience of some sort. “We are seeing a shift in this generation of parents and kids, away from a consumer-driven economy, and towards a purpose-driven economy,” says Van Court, “Parents are looking for a more meaningful way to give gifts that teach healthy values to their kids instead of teaching consumerism and excess. Goalsetter gets kids excited about saving for goals and helps them exercise a muscle that will be important for their long term financial health.”
How It Works
With the help of mom or dad, kids 13 & under can create an account to track their savings and progress towards their goals (Kids ages 13 & up can register on their own). And, when it’s the season for gifts, friends and family members can purchase digital a Goal Card (offered in multiple fun and bright designs) which allows kids to save for things in three different categories.
1. Save for the future. Grade school kids can save for extracurricular classes, and older scholars can save for college. Goalsetter is partnered with Triumph Bank, where an FDIC-insured account is held in the child’s name. Also—parents can also auto-save towards kids’ goals.
2. Share with others. Kids can use birthdays and holidays as an opportunity to contribute to causes they care about.
3. Spend on things that matter to them. Kids can save towards more meaningful gifts, such as camps, expensive gear, experiences, and more.
The Fine Print
Recipients don’t have to have an account with Goalsetter prior to receiving their card. It’s totally free to set up a Goalsetter account, and the auto-save feature, which allows family members to contribute a pre-established amount, only cost $1 a month.
Find out more: goalsetter.co
Would you sign your kids up for this new savings platform? Share with us in a Comment below!
— Gabby Cullen
Feature photo: Lars Plougmann via Flickr