Color Palette:

1. Color Name: Bubblegum Pink
   Hex Code: 
                            
                            #FF69B4
                        
   Palette Description: This vibrant and playful shade of pink is reminiscent of sweet bubblegum. It adds a fun and youthful touch to any design, making it perfect for creating a cheerful and energetic atmosphere for kids.

2. Color Name: Sunshine Yellow
   Hex Code: 
                            
                            #FFD700
                        
   Palette Description: This bright and sunny yellow shade brings warmth and joy to any space. It evokes feelings of happiness and positivity, making it an excellent choice for creating a lively and optimistic environment for kids.

3. Color Name: Sky Blue
   Hex Code: 
                            
                            #87CEEB
                        
   Palette Description: This soothing and calming shade of blue resembles a clear sky on a sunny day. It creates a sense of tranquility and serenity, making it an ideal choice for designing spaces that promote relaxation and peace for kids.

4. Color Name: Lime Green
   Hex Code: 
                            
                            #00FF00
                        
   Palette Description: This vibrant and energetic shade of green exudes freshness and vitality. It brings a sense of liveliness and rejuvenation, making it a great color choice for creating an invigorating and uplifting atmosphere for kids.

5. Color Name: Lavender Purple
   Hex Code: 
                            
                            #E6E6FA
                        
   Palette Description: This soft and gentle shade of purple resembles blooming lavender flowers. It conveys a sense of grace and elegance, creating a soothing and serene ambiance. This color is perfect for instilling a sense of calmness and relaxation in kids' spaces.

This color palette combines vibrant and cheerful colors like bubblegum pink and sunshine yellow with calming shades like sky blue and lavender purple, along with a lively lime green. It aims to create a balanced and engaging environment for kids, promoting happiness, relaxation, and creativity.