Thursday's App of the Week: BreadVaultFargo, ND (WDAY TV) -- From allowance to mowing lawns to selling lemonade, people of any age can bring in the almighty dollar. But knowing what to do with it can be a whole other deal.
Fargo, ND (WDAY TV) -- From allowance to mowing lawns to selling lemonade, people of any age can bring in the almighty dollar. But knowing what to do with it can be a whole other deal.
In our weekly App series, WDAY-6 reporter Bill Schammert takes us behind the scenes of a local company putting financial responsibility in the palm of your hands.
Tucked away just north of I-94 is a small West Fargo Company more than a year in the making.
Ross Almlie: "Bread is slang for money and vault is a nice place for safe storage for money, so we combined the two together and that gave us Breadvault."
Founder Ross Almlie says it was an idea that started in his kitchen. How to combine a childs love for technology with one of lives greatest lessons - financial responsibility. From that discussion comes the BreadVault iPhone and iPad application. It's free, uses real money and gives parents all the power.
Almlie: "We want households to not have any barriers to adopting what we're trying to teach their kids, and their parents for that matter."
All the money is funneled through a nationally recognized online brokerage firm. No fees, no security risks. Once logged in, just determine the ratio in which you want money deposited between the save, invest and give accounts.
Almlie: "We want kids to understand that you should only spend money that you have. Credit will exist in your adult life, but doesn't need to exist as a kid."
If your child wants something, maybe it's a video game, they can select the item, or scan the barcode. The price and product are automatically uploaded to the application. Then based on how much money is in the account, they can buy or save and wait. Final approval for any purchase, investment or donation is the parents responsibility.
BreadVault is tenatively scheduled to launch on Tuesday - taking the piggy bank to the digital tech-crazed youth.