KashPile’s mission is to teach kids the value of smart money management. To accomplish this mission, KashPile offers the following features on its site http://www.kashpile.com:
• Chore Manager: Parents are able assign one-time or recurring chores to their children. Children then check-off completed chores and earn virtual money once the parent confirms the chore was completed.
• Bank Manager: The Bank Manager is a statement of a child’s KashPile account. Parents and children can drill into details of earning and spending during a specified period. Parents can also make adjustments to a child’s account, by depositing or withdrawing virtual monies.
• Budget Manager: Parents are able to set a weekly or monthly spending budget for their children. The budget is displayed to children in the form of a speedometer. Parents can also enable a budget rollover or set a reward to encourage their children to keep their spending within budget.
• Goal Manager: Children can create goals for the things they need or want but cannot yet afford. They can contribute the virtual money they have earned from their allowance, chores and financial gifts from family and friends to any of their goals. Through this process, children quickly learn that money is limited and that they must prioritize things they need over the things they want.
• Shopping Mall: KashPile’s mall includes millions of child-friendly items from Amazon.com®. Children can only add items they can afford to their cart. If children attempt to add items they cannot afford, KashPile will advise them as such and recommend adding the desired items to their goals. Once children have finished adding items to cart, they submit the purchase request to their parents. Parents then approve or reject each item before completing the transaction on Amazon.com®.
• Gifting Tool: Approved family and friends can send financial gifts to a child via PayPal® directly toward a child’s KashPile goals. The “real” money is transferred to the parent’s PayPal® account, while KashPile keeps track of how much money the parent has received for which child and for which goal.
KashPile is the brainchild of Bobby Singh, for whom KashPile was a class project while pursuing an MBA at Columbia University.