Money Magazine Australia - - THIS MONTH - STEPH NASH

If you’ve got chil­dren, you’ll know that birth­days and Christ­mas can mean an ex­cess of toys and gad­gets – most of which they don’t re­ally need and pos­si­bly don’t even want.

Some­times one wellthought-out gift is a bet­ter way to go but big ges­tures of­ten come with a big cost. This is where Purposit can help.

The new app helps you to bring fam­ily to­gether to pitch in for a gift your child will re­ally ap­pre­ci­ate. It might be a dog, a small mo­tor­bike or their first (hope­fully fairly cheap) car. The app en­ables you to crowd­fund mean­ing­ful pur­chases ex­clu­sively with fam­ily and close friends.

Con­trib­u­tors can de­posit funds into your bank ac­count via the app, and see how you’re pro­gress­ing to­wards your goal in real time.

If you set up a gift goal for your child, you bear no cost but con­trib­u­tors do in­cur a fee of 2.9% plus 90¢ per con­tri­bu­tion.

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