#howtouse

2022 Backer Savings Scenarios

How any family can use Backer to save smart

A team of aunties

The gender pay gap is still a massive problem — women earn less than men in the same jobs, and women are still trying to recover from disproportionate job losses during the pandemic. For single moms especially, saving for college can feel impossible. But check out this dream team: a single mother, her younger sister, her fabulous godmother, and her favorite aunt.

Visualize the fund growing

Fund owner

👱🏼‍♀️ Single mother

Combined monthly contribution

$36

Backers

🧑🏼 Younger sister

👩🏽‍🦱 Fabulous godmother

👩🏻‍🦰 Favorite auntie

College savings

when the child is 18

$19,700

A displaced community

COVID-19 has been devastating for migrants and displaced families. Many immigrants have experienced a loss of livelihood, rising xenophobia, and curtailed access to services.

With Backer, communities looking to support the next generation's American Dream can band together to defray the cost of an education. A Backer team led by a kid's father, with support from a cousin, a few members of their church, a teacher, and a friend or neighbor, can make a little from each go a long way for the child.

Visualize the fund growing

Fund owner

👨🏻 Father

Combined monthly contribution

$47

Backers

👩🏻‍🦱 Cousin

⛪A few friends from church

🧓🏼 Teacher

👴🏾 Neighbor

College savings

when the child is 18

$25,700

An independent kid

36% of parents are not saving or planning to send their kids to college, which means some kids are on their own when it comes to saving for college. With Backer, a child or young adult can take the initiative to start saving by asking someone in their community to set up an account for them. That kid, their coach, their boss, their uncle, and mentors can all team up to support the kid's educational aspirations.

Visualize the fund growing

Fund owner

🧑🏾 Child

Combined monthly contribution

$60

 + 

$2,000

annual summer job savings

Backers

👨🏻‍🦰 Soccer coach

👴🏼 Boss

👨🏾‍🦲 Uncle

🧠 Mentors

College savings

when the child is 18

$15,500

An incarcerated parent

2.7 million American children have a parent in prison. The arrest and removal of a parent from a kid's life has severe emotional, social, and economic ramifications. A mom, an older brother, and a family friend can help fill the gap in lost income and save for the future using Backer.

Visualize the fund growing

Fund owner

👩🏻‍🦰 Mom

Combined monthly contribution

$28

Backers

👨🏻‍🦰 Older brother

👨🏻‍🦱 Family friend

College savings

when the child is 18

$15,300

A blended family

As of 2022, about 36% of all marriages in the US end in divorce, meaning one in two children will see their parents' marriage break up. Separated or blended families can support their kids' futures more easily with Backer, in any number of combinations (divorced father, his partner, and grandparents; or two exes and current spouses, etc.) to ensure that a kid makes it to college with an unburdened future.

Visualize the fund growing

Fund owner

👨🏽‍🦱 Biological dad

Combined monthly contribution

$40

Backers

👨🏼 Dad's partner

🧓🏼 Grandma

👴🏾 Grandpa

College savings

when the child is 18

$21,900

The reality is that education remains critical for success in our information economy, but most American households struggle to save enough money to put their kids through college.

At Backer, our hope is that these annual savings scenarios will encourage collaborative saving and facilitate financial conversations among all families - not just wealthy ones - making it easier to save money, make smart financial decisions, and ensure a world-class education for the next generation.