Teaching the kids the value of money and encouraging them to save is no easy task. They may get enthusiast about having their own bank account at first. But just getting to look at a savings book every month doesn’t do a whole lot for them. Something they may enjoy is Goalsetter.
Overview
Goalsetter is an insured savings program where kids are actively involved with it. They do this by setting goals for things they want or need for the future as a long term basis. For example, there may be a new toy that they really want. Then they may be coming of age where they know that saving for their,r future is important like a college fund. The Goalsetter platform is designed so they can set their goals, then contribute to the account until they have reached their goal. From that point, they can continue to set goals.
The Claim
The claim being made about Goalsetter is that it is a savings and gift platform that is easy to use and keeps the kids interested.
The Hype
They hype focuses on making this form of savings for the kids a joint effort. Not only is it a platform for the kids to save their money on but others can contribute to their account.
The Cost
There is no cost to become a member of Goalsetter
The Commitment
The commitment begins by really encouraging the kids to participate. By having a full understanding of how the program works yourself you can explain it more clearly to the kids. It is also a way for you as parents to work together for something with the kids. It is a real sharing experience.
Evaluation
There are two main functions for the Goalsetter. There is a platform for savings and a platform for gifting. Which means when birthdays or special occasions roll around instead of giving a gift then gifters can contribute to the child’s account. For the savings account, it begins by setting up a free account. Which is FDIC insured by the way. Then together you and your child can set a goal. Then the next step is to automate the automatic transfers. Then the savings begin. Don’t forget to spread the word to family and friends, so they know they have an option to contribute.
Gifters do not need to have an account. They just choose who the child is they want to gift to. Then there are plenty of cards to choose from to notify of the gift. The digital cards come in set amounts for gifting. For the long term goal like college, savings parents can contribute to the account whenever they want and watch the account grow along with the youngster.
Final Goalsetter Review
Overall we are going to give the Goalsetter a thumbs up. Kids really need to be encouraged to save, and this is an ideal way to entice them to do so. The app is easy to download for tracking by you and the kids.
Our Recommendation
If you are looking for a new approach to banking and finances check out Aspiration Banking Services.
