Cabbage Money Education App 1.0

Cabbage is an application designed to assist parents in instilling sound financial practices in their children, encompassing earning, saving, spending, and charitable giving. The app empowers children to create and manage their financial plans while providing parents with an oversight feature through a dedicated parent version of the application.

The platform simplifies the planning of daily financial transactions by breaking them down into four key categories:

1. Income
   • Planned Income: Regular sources such as an allowance from parents or earnings from a job.
   • Unplanned Income: Irregular income, including gifts or earnings from babysitting, lawn work, overtime, or bonuses.
2. Savings
   • Planned Savings: Encourages saving a percentage of income prior to planning expenses for the period.
   • Extra Savings: Involves setting aside all or part of gifts or additional earnings.
3. Spending
   • Must Pay: Obligatory expenses such as mortgages or car payments for adults; for children, this might include music lessons or subscriptions.
   • Future Expenses: Regular annual costs like sports fees or school trips, which Cabbage helps users break down into manageable monthly savings.
   • Can Spend: Discretionary expenses such as clothing, dining out, concerts, or movies that are not essential but still part of the financial plan.
4. Charitable Giving
   • Planned Giving: A commitment to regularly contribute to a charitable organization or cause.
   • Unplanned Giving: Non-recurring donations, like contributions to fundraisers or assisting individuals in need.

Cabbage provides users with insights into how much they can afford to spend without compromising their ability to cover necessary expenses. This function alleviates the stress of financial decision-making by ensuring clarity on spending capabilities. Additionally, the savings and future expenses feature promotes confidence that users are prepared for anticipated costs and unexpected expenses alike.

PARENTAL OVERSIGHT

The platform allows parents complete access to their children's accounts and alerts them to potential oversights like missed obligations. These notifications serve as valuable learning opportunities for both parents and children, facilitating timely intervention before issues escalate.

SECURITY

Cabbage prioritizes user privacy by ensuring that personal information is never sold or rented. The application employs bank-grade 256-bit SSL encryption and is hosted in secure datacenters to protect all submitted data from unauthorized access.

The primary objective of Cabbage is to equip young users with a reliable system for managing their financial responsibilities and cultivating robust habits before they achieve full financial independence—where errors can prove significantly more detrimental. Cabbage’s applicability extends to adult users as well, reflecting the ongoing necessity of personal finance management. It derives principles from the First Habits System detailed in Mike Miller's book, First Habits Win.