It’s no secret that one of the most stressful aspects of parenthood is money. How do we teach our kids the value of a dollar? To appreciate what they have? How do we save for their college education? Will we ever get out of debt? Will they?
Well, New York City mom of two Laura Bailyn felt these same pressures. She decided to do something about it, and the idea for Kidfund was born.
So what is Kidfund? It’s actually pretty simple. It’s an effective tool (an app, of course) that helps parents save money for their children’s futures, while giving back to their community.
Like all great ideas built from the ground up, Kidfund has a story. Bailyn tells Babble:
“As the founder of something called Kidfund, I think I’m supposed to say something along the lines of: I was raising my two young children in NYC and had this problem of receiving a deluge of small, well-meaning, but useless gifts on their birthdays that would clutter our apartment and wind up in a landfill. And that’s true. … Or, that the first decade of their lives went by and we still hadn’t opened separate bank accounts for the boys to show them their money or figured out how to teach them to save, let alone be disciplined about giving them a regular allowance. All true. Or, even that I’m worried about the future and how my children will have the resources they’ll need to thrive in an increasingly competitive and uncertain labor market. True.”
But for Bailyn, the real reason goes much deeper. “I was motivated by the unfairness of wealth inequality and the deep and urgent need we have as a society to provide pathways and support for the next generation,” she says. “And I was inspired by the impact that even a little bit of money can have on educational attainment and economic mobility for kids living in lower-income households.”
Well, I’m certainly inspired.
As a mom, Bailyn was worried about saving for her children’s future, but she knows her kids are fortunate. She knows that she has been fortunate.
“It’s just random luck what family a baby is born into,” she tells Babble. “I want to live in a world where that is not the end of the story. I want to live in a world that gives every child a chance to realize their unique potential. And if our government isn’t going to do it, then why not do it ourselves. That is the beauty of networked technology. Transferring money around a network is actually a very tangible thing we can do.”
So with Kidfund, parents can deposit money into a savings account and also allocate a small percentage to helping another child in need who deserves a bright future and education as much as anyone else.
If you’re wondering when is the best time to get started, Bailyn offers this:
“The best advice we can give parents is to start saving now. Don’t wait. Every little bit counts. We designed Kidfund to make it super easy to get started. In three minutes you can download the app, setup your account, link your funding source and set an auto-recurring transfer. It’s all completely free. The accounts are insured up to $250,000 and give 3% interest on the first $500.”
You can also privately set your donation slider, so your child can help other kids save. The app will also engage you over time to invite friends and family. You can use it as your child’s cash gift registry and even receive bonuses through referrals and brand partners. According to Bailyn, “The idea is to help you get more money in your kids’ account and not have to go it alone.”
What an awesome idea for birthdays and holidays. Heaven knows my kids do not need more toys. What they do need is a college education someday. Add with the opportunity to help others receive an education as well, it’s a win-win. As a scholarship kid from meager upbringings myself, I appreciate the generosity of others and try to impart those values onto my kids.
Bailyn shares that Kidfund is currently offering a limited-time promotion for interested parents: Simply set up a Kidfund today and you’ll receive $5 in your kids’ accounts when you start saving.
But that’s not all. When you invite other parents to start saving for their kids, you each get $5 when they make their first deposit. There’s no limit to the number of invite bonuses you can receive, so you can build your child’s fund while helping your friends.
So start saving and giving a little bit back today with this awesome app created by a mom who worries about her kids’ future, just like you.