Kidworth: Teaching Savings in Action
How lucky are our kids to have infinite resources around them to help them learn to save money? I’ve been working with one of those resources, a free online program called Kidworth, which helps children to create a “portfolio”: making goals to spend, save and share. The system helps kids to track their savings and also offers an opportunity for family and friends to see their goals, read how close they are to goals and to pitch in as a gift that will go towards their goals. I love that Kidworth teaches savings in action. It’s not just written in a bank book; children are able to watch their savings grow towards a goal.
For example, Big and Middle both wanted iPads. We got them a lot of nice gifts, but not iPads. Instead, we created “Spend” goals for them on Kidworth. Using the free software, they can track the money they’re saving, and we can “deposit” money for them to work toward their goals. You can track money you have set aside in other accounts or add to your child’s Kidworth account via the gift cards they offer at Kidworth. I’m all about rewarding for extra things they do, and I’m excited to reward towards a goal, rather than giving them a trinket or a dollar or two that will be lost or spent on pretzels at school.
They’re also able to share their savings goals with friends and family members, requesting donations to their “spend” goal (or save or share goals, when they choose to have them). Friends and family can order a gift card through Kidworth to be sent to your child — which isn’t just easier than ordering, wrapping and delivering a gift, it’s more beneficial to everyone when they’re contributing to something that the kids want so much that they’re working to save for.
How Kidworth Works
You should try it. Create an account for your family, then add each of your children. Kidworth keeps all of your information private, but, as usual, I still registered my kids as Big, Middle and Little.
Then you can create goals. There are templates already set like “Kindle,” “college savings” and “Toys for Tots Donation.” But it’s just as simple to set up your own goal. So talk to your kids. Ask them what they want to save for. Perhaps it will be a bike, a prom dress or a leather jacket.
Next, it's time to share the goal. You can share it through social media outlets, email and more. You can even send out an invitation, letting people know what your child is saving for and how much she needs. Recipients will be provided with a link that takes them straight to the Kidworth page that’s been created for your child. So that everyone is now able to participate in the goal — and they’ll all be able to discuss it with your child as she gets closer closer and closer to her goals.
Give Kidworth a try.
Julie Meyers Pron is a West Chester, PA mom of three. This post is adopted from her blog, Just Precious.