Description
Cabbage is app to help parents teach children good financial practices in earning, saving, spending, and giving. Cabbage allows children to build and manage a plan for their income, savings, expenses, and charitable giving, while allowing parents oversight in a parent version of the app.
Cabbage breaks down planning for day-to-day financial transactions in a simple and understandable format for each of the four categories.
1) Income
• Planned income – like an allowance from parents or a paycheck from a job.
• Unplanned income – like gifts or extra income from babysitting, lawn work, overtime or a bonus.
2) Savings
• Planned savings – The app encourages saving a percentage of planned income before planning expenses for the period.
• Extra savings – All or a portion of a gift or money from extra income.
3) Spending
• Must Pay – These are expenses that you are obligated to pay, like a mortgage or car payment for adults. Examples for kids would be music lessons or a subscription or membership.
• Future Expense – This could be an annual expense for a sports team or a school trip. For adults this could be for car insurance paid every 6 months or Christmas.
o Cabbage will break the expense into monthly payment (or savings) to make sure the user has saved enough to pay for the expense when it comes due.
• Can Spend – Items that are not obligations but still belong in your plan, like clothing, eating out, concerts or movies.
4) Charitable Giving
• Planned Giving – While not a contractual obligation, this is a commitment to a charitable organization or cause you have made and intend to contribute to routinely. Examples could be a local humane society or church.
• Unplanned Giving – This is for non-reoccurring gifts like a go fund me contribution or helping someone in need.
By using Cabbage to plan and track the user will have a quick and easy way to know how much they “Can Spend’ without jeopardizing their ability to cover expenses they “Must Pay”. This removes the anxiety of making financial decisions without knowing for sure that you can afford it. By using the savings and future expense feature, the user will have peace of mind knowing that they have enough to pay for known future expenses and savings for unexpected cost’s that cannot be planned for.
PARENTAL OVERSIGHT
Parents will have full access to their children’s accounts and will be notified of any potential missteps, like missing a Must Pay expense. These are teachable moments for parents. Notification also help to correct any problem before it can get out of hand.
SECURITY
Your Personal Information is never sold or rented, to anyone, for any reason, at any time. Cabbage does NOT sell or rent your contact information or other personally identifiable information to third parties.
All of the information submitted to Cabbage is secured using bank-grade 256-bit SSL in a secure datacenter.
The goal of Cabbage is to teach young users a proven system for managing financial needs and obligations and forming good habits before they are financially independent where mistakes are much more costly. Cabbage is also applicable for adult users as the need to manage our personal finances is an ongoing requirement.
Cabbage is based on the First Habits System as taught in the book, First Habits Win, by Mike Miller.
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