A New Way to Save Money for Your Kids

Why is it so easy to spend money through an app—call a car, order food, buy a coffee—but not as easy to save it? A new app makes putting money into your child’s savings account as easy as tipping the barista.

Kidfund is an app that allows parents to quickly and easily open a savings account for their kid that links to their child’s profile, then invite friends and family, and tap gifts directly into kids’ accounts as they grow. “Opening a savings account is a great first step,” Laura Bailyn, co-founder and CEO of Kidfund, says. “But unlike an old school savings account, the Kidfund technology offers a savings account powered by the support of family and friends. It’s a great way to receive cash gifts for the big things in life, instead of adding to the endless pile of toys. Plus, it empowers children to spread the wealth to level the playing field for the next generation.” 

We may not know what the future holds for our children, but we know it will cost money. By starting to save for your child’s future now, parents can set their children up for success in life. Whether the money pays for college, to start a business, buy a home, or travel the world, having money to fund opportunities throughout life is essential. Plus, research shows that childhood savings actually increases educational attainment because it shifts kids’ mindsets, making them feel that their future is planned for and instilling the habits they’ll need to take care of themselves when they’re grown.

“My aunt and uncle sent me a Kidfund gift for my birthday,” Jonah, Bailyn’s 13-year-old son, says. “It’s cool to see the pictures and remember that day, and their post in the app reminds me that they are there for me. Plus I set the charity slider to 10 percent, so I’m helping other kids save, too.”