Saving money is one of the most critical parts of building wealth. Families with robust savings have more financial security and freedom, which can compound over time. That’s why it’s so important for families to start saving and to do it together. That’s Goalsetter’s mission and why they now have a free app on both iOS and Android!
What is Goalsetter?
Founded in 2014 by former media executive Tanya Van Court, Goalsetter is a financial literacy and planning platform, savings account, and debit card designed for savers of all ages. The platform’s mission is to get every family in America saving. Not only is Goalsetter designed to help families save money, but it also helps teach kids and teens valuable financial lessons.
Goalsetter doesn’t just give you a savings account; it provides you the tools to build up savings over generations. These aspects set Goalsetter apart from the average saving app, and the additional features the platform offers make it worth trying for anyone.
How Goalsetter Works
To sign up for Goalsetter, all you need to do is make an account and link your bank. Then you can invite your family to save with you!
Goalsetter has a few key features, all of which help strengthen your family and finances.
- Simple Savings: A savings account for each family member (FDIC-insured up to $250,000).
- Auto Save: Automatically deposit a set amount either weekly or monthly.
- Round Ups: Each time you pay with the Cashola debit card, Goalsetter will round up to the nearest dollar and save the difference in your savings account.
- Goals: Set and define specific financial milestones within your savings account.
- Goalsetter Investment: A new investment advisory feature allowing you and your family to buy and sell stocks and ETFs and receive market recommendations (Investing requires Goalsetter Gold subscription).
- Smart Spending:
- Cashola Debit MasterCard with Parental Controls: Card for teens and kids 8-18 years old that are locked for spending certain amounts. Parents can also set rules to determine how and where their kids spend money.
- Send To A Friend: Easily send and receive money between accounts.
- Financial Literacy Quizzes: Kids will need to pass a fun, weekly financial literacy quiz in order to access their Cashola card.
- Earn & Learn:
- Allowances: Parents can easily allocate recurring cash to their kids.
- Earn Money With Quizzes: Parents can reward their kids when they pass each of the financial literacy quizzes.
- Invite Friends, Earn Money: You’ll receive $1 and have the option to give $1 to a charity of your choice when you refer other friends and family members to Goalsetter.
- Give & Gift:
- Goalcards: Give and receive real money towards real goals as gifts for a birthday or other special occasion.
- Family Circle Savings: Invite family members to contribute toward your kids goals.
While the app itself is free to download, Goalsetter has an affordable monthly subscription cost. There are two plans with the first month being completely free:
- Goalsetter: $3.95 a month (includes everything listed above)
- Goalsetter Gold: $5.95 a month (includes access to Goalsetter’s new Investment Advisory Feature)
All in all, Goalsetter centralizes your family’s finances and makes everything easy to manage. You can quickly send your kids their allowances, manage your spending, and build your savings account through the platform. The best part about it? Almost everything circles back to teaching kids the importance of financial literacy, a skill everyone should have.
Why Saving is So Important
Saving is essential for many reasons, and encouraging your kids to save money early can help set them up for success in their futures. Savings accounts don’t need to start with hundreds or thousands of dollars. Over time your savings, even if you start with just $10, can grow like a snowball rolling down a hill into something huge. For many, the hardest part is getting started though. Goalsetter provides a boost when you’re getting off the ground.
Not only does a strong savings account help your future, but it can also help you in a pinch too. Building an emergency savings fund is a critical step toward building financial security. 50% of Americans would have trouble affording a $400 emergency expense, like a medical bill or car repair, while one in five could not pay it at all. Your savings account can serve as a backstop to protect you from dipping into your checking account when you need to cover unexpected bills.
#SavingOurselves Campaign
On Juneteenth 2020, or Emancipation Day, Goalsetter launched the #SavingOurselves Initiative, committing to getting one million African American children to sign up for the platform. Tanya Van Court, told UrbanGeekz that financial independence is the key to closing the racial wealth gap.
“I believe that now, COVID more than anything has highlighted for us the need to strive towards financial independence as individuals, as families, and as a community, so that we can have more power over our choices,” she said.
Fast forward to 2022, Goalsetter has raised nearly $40,000 to date via GoFundMe to help support this awesome campaign. That’s quite an accomplishment!
The Bottom Line
Goalsetter is an excellent platform if you’re looking to aid your kids in saving money for their futures. Teaching the importance of financial literacy and savings habits from a young age can make all the difference. Not only will your kids’ benefit, but you’ll start saving for the future as a family. After all, families that save together, stay together!
Read More: You Don’t Have To Be Rich To Start Investing And Build That Wealth (+ Get A $10 Bonus)
