Welcome to Saving Sprouts.com
your child-friendly financial companion designed to instill the habit of regular savings in children aged newborn to 15 years.
Our app, accompanied by parental guidance, empowers children to cultivate financial discipline from a young age.
About Saving Sprouts
At Savingsprouts.com, we believe in nurturing financial literacy and responsibility from childhood. Our platform offers a safe and engaging environment for children to learn the value of saving, while parents play a supportive role in their financial journey.
Vision:
Our vision is to foster a generation of financially savvy individuals who understand the importance of saving and prudent financial management, starting from their formative years
Mission:
Our mission is to provide children with the tools and guidance necessary to develop lifelong saving habits, promoting financial independence and confidence as they grow.
Values:
Fairness
We ensure fairness in all our interactions and transactions, prioritizing equal opportunities and equitable outcomes for all users.
Integrity
We conduct ourselves with honesty and integrity, adhering to ethical standards and principles in every aspect of our business operations.
Trust and Confidence
We strive to earn the trust and confidence of our users by delivering on our promises, maintaining transparency, and safeguarding their interests.
Professionalism
We approach our work with professionalism and expertise, consistently striving for excellence and continuous improvement
How It Works
- Daily Savings Drop: Children can deposit a preset amount daily into the Dropbox, which serves as their virtual savings account. However, the amount can be changed at any time to accommodate varying savings goals. To record the daily deposit, children simply click on the corresponding date box in the app. It's important to note that the app allows only one operation per day to ensure accuracy and consistency in savings tracking. Any missed recordings will result in the record for that day lapsing.
- Additional Savings: In addition to the daily deposits, children can also record any extra savings made during the month at random dates. This feature ensures that forgotten daily drops or spontaneous savings are accounted for and included in the overall savings progress.
- Bank Deposits: A savings account will be opened in either the child's or parent's name at a bank or post office. At the end of each month, the total monthly savings and additional savings amounts will be deposited into this account, either physically or electronically. Both deposits and withdrawals are manually recorded in this folder to maintain an accurate financial record.
- Monthly Instalments: Parents can manually enter monthly installment payments made in the child's name, such as recurring deposits, life and health insurance premiums, gold monthly scheme payments, chit fund premiums, etc. This folder helps keep track of recurring financial commitments and savings plans for the child's future.
- Property Register: Any investments made for the child's future, including bank deposits, properties purchased, and gold and jewelry acquisitions, can be recorded in this folder. This allows parents to monitor and manage the child's assets and financial growth effectively.
- Gifts Received: Details of guests attended and gifts received on birthdays and other events can be recorded in this folder. Keeping track of gifts helps teach children gratitude and allows parents to maintain a record of their child's milestones and celebrations.
- Vaccination Schedule: Parents can record the vaccination schedule for their child in this folder, along with details of vaccinations already administered. This ensures that the child's healthcare needs are tracked and managed efficiently.
- Medical Issues: Any health problems encountered by the child and the corresponding treatment received can be recorded in this folder. Keeping track of medical issues helps parents stay informed about their child's health and well-being.
- Expenditure on Child: All notable expenditures incurred for the child, including education expenses, extracurricular activities, and personal needs, will be recorded in this folder. This allows parents to maintain a comprehensive financial record and budget effectively for their child's needs.
Parents can utilize these features to track their child's daily savings and overall financial information, enabling them to monitor their child's savings habits and financial growth effectively. By fostering a culture of financial responsibility from a young age, parents can empower their children to make informed financial decisions and build a secure financial future
Importance of Savings & Compounding Explained (by Parents)
Children Savings Bank Accounts
Striking Benefits
Savingsprouts.com offers several striking benefits, including Encouraging regular savings habits in children through daily deposits and financial tracking. Empowering parents with tools to monitor their child's financial activity and progress. Providing a safe and engaging platform for children to learn about money management and financial responsibility. Offering convenient subscription options and complimentary features to enhance user experience.
Benefits to Parents & Society
Savingsprouts.com benefits parents by equipping them with resources and tools to teach their children about financial literacy and responsibility. By promoting savings habits from a young age, parents can instill valuable life skills in their children and set them on the path to financial independence. Additionally, by fostering a generation of financially savvy individuals, Savingsprouts.com contributes to building a more economically empowered and resilient society as a whole.
Kaushik Reddy
School Principal
"At our school, we prioritize holistic education, which includes teaching children important life skills like financial literacy. savingsprouts.com has been an invaluable resource in this regard. It not only complements our curriculum but also empowers our students to become financially responsible individuals. I highly recommend this platform to all parents and educators!"
Sara
Designer
"As a childcare provider, I understand the importance of laying a strong foundation for children's future success. savingsprouts.com has been instrumental in teaching the children under my care about the concept of saving and the power of compounding. It's heartwarming to see them develop smart money habits at such a young age!"
Sharada
House Wife
"As a mother, I've always wanted to instill good financial habits in my children from a young age. Thanks to savingsprouts.com, my kids have learned the value of saving and budgeting in a fun and interactive way. I'm grateful for this wonderful platform that has made financial education a breeze for my family!"
Trivikram
Software Developer
"Living overseas, I've always wanted to contribute to my grandchildren's upbringing in India. With savingsprouts.com, I can do just that by gifting them the opportunity to learn about financial responsibility. It's heartening to know that despite the distance, I can play a role in shaping their future through this wonderful platform."
Amit
Entrepreneur
The user-friendly interface and interactive features make it easy for them to track their progress and stay motivated. I've noticed a significant improvement in their understanding of the importance of savings and the power of compounding, thanks to the educational resources and real-life examples provided by Savingsprouts.com.
How Compounding Works ?
Understanding the concept of compounding can be an invaluable lesson for children under 15 years of age, as it demonstrates the power of regular savings over time. Compounding refers to the process of earning interest not only on the initial principal amount but also on the accumulated interest from previous periods. This can lead to significant growth in savings over the long term.
Let's illustrate this with an example:
Assume a child starts saving Rs 100 daily, totaling Rs 3000 monthly, at the age of 1 year. The savings are compounded quarterly at an interest rate of 7%. Here's how the savings would grow over the years:
| Age | Amount Deposited (Rs) | Interest Accumulated (Rs) | Total Amount (Rs) |
|---|---|---|---|
| 1 | 36,000 | 945 | 36,945 |
| 2 | 72,000 | 3,179 | 75,179 |
| 3 | 1,08,000 | 7,247 | 1,15,247 |
| 4 | 1,44,000 | 12,854 | 1,56,854 |
| 5 | 1,80,000 | 19,307 | 1,99,307 |
| 6 | 2,16,000 | 26,750 | 2,42,750 |
| 7 | 2,52,000 | 35,338 | 2,87,338 |
| 8 | 2,88,000 | 45,259 | 3,33,259 |
| 9 | 3,24,000 | 56,715 | 3,80,715 |
| 10 | 3,60,000 | 69,930 | 4,29,930 |
| 11 | 3,96,000 | 85,143 | 4,81,143 |
| 12 | 4,32,000 | 1,02,615 | 5,34,615 |
| 13 | 4,68,000 | 1,22,629 | 5,90,629 |
| 14 | 5,04,000 | 1,45,487 | 6,49,487 |
| 15 | 5,40,000 | 1,71,517 | 7,11,517 |
As shown in the table, the initial amount deposited grows over the years due to the compounding effect of quarterly interest. By the age of 15, the total amount saved has grown substantially, showcasing the benefits of regular saving and the power of compounding. This example illustrates to children how consistent saving habits can lead to financial security and growth over time
Subscription
Savingsprouts.com offers a variety of subscription plans tailored to meet the needs of different users.
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Standard Subscription: Rs 100 per annum, without any need for referrals.
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School Endorsed Subscription: Rs 30 per annum for students from schools that endorse Savingsprouts.com. Students must quote the code allotted to their school during registration.
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Referral Discount: Rs 30 per annum for new members who quote the ID of an already registered student, regardless of school affiliation.
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Undertaking for Referral: Rs 30 per annum for students who give an undertaking to refer two new members within one month. If the referrals are not made, the balance of Rs 70 will be charged.
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Grandparent Gift Subscription: Grandparents in India can gift the membership fee for their grandchildren overseas, paying in Indian rupees and using Indian payment methods. They have to choose Standard subscription of Rs:100/- Model only.
Two-Child Subscription: One subscription allows parents to enroll and monitor the savings of up to two children using the same password. This makes it convenient for parents to track the financial activities of both children under a single account.
Free Trial: All subscribers can enjoy a free three-month trial period with full access to all app features. After the trial, users can choose the subscription model that best suits their needs.
Frequently Asked Questions
Standard Subscription: Rs 100 per annum, without any need for referrals.
School Endorsed Subscription: Rs 30 per annum for students from schools that endorse Savingsprouts.com. Students must quote the code allotted to their school during registration.
Referral Discount: Rs 30 per annum for new members who quote the ID of an already registered student, regardless of school affiliation.
Undertaking for Referral: Rs 30 per annum for students who give an undertaking to refer two new members within one month. If the referrals are not made within a month, the balance of Rs 70 will be charged.
Grandparent Gift Subscription: Grandparents in India can gift the membership fee for their grandchildren overseas, paying in Indian rupees and using Indian payment methods. They have to choose Standard subscription of Rs:100/- Model only.
Two-Child Subscription: One subscription and one password can be used to monitor the savings of two children, facilitating easy tracking for parents.
Founder
Savingsprouts.com is the brainchild of Sri Sinu jangaonkar Chiluveru, a seasoned accountant trained in chartered accountancy and business consultancy. With a successful career spanning both public service and corporate sectors, Mr. Chiluveru retired as Deputy General Manager from the renowned public sector undertaking Singareni Collieries Company Ltd. He is deeply committed to social service and empowering future generations through financial education.
Sri Sinu jangaonkar Chiluveru
Contact Us
Get in touch
If Any queries please feel free to contact us.
Location:
Boudhanagar, warasiguda circle 5, Hyderabad, Telangana
Email:
info@savingsprouts.com
Call:
+91 94911 45327