Teach Money Management to Kids- Greenlight Card
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Do you need ideas for how to teach money management to your kids? Try it out by using a green light card with them!
Teaching my kids financial literacy and how to manage their money is very important to me. We have been using an allowance system for a while now. I want my kids to learn how to earn, save and appropriately spend their money. But, I have to tell you, that I am the worst at paying my kids! I never have cash on hand and hate trying to get the exact amount they earned to give to each child. I always put it off.
Today I want to tell you about a new service we have discovered that is going to solve that problem for our family. Greenlight card, the smart debit card for kids is a brilliant solution for moms like me who never have cash on hand! It also is there perfect opportunity to teach money management to kids!
How We are Using the Greenlight Card to Teach Money Management to Our Kids
The Greenlight debit card gives the opportunity for parents to teach kids money management skills. The app gives you the convenience to pay kids through the accompanying Greenlight app available for iOS and android. You sign up for the program and receive individual debit cards for your kids. I got one for both my 12 and 10-year-olds and they are thrilled beyond belief.
You set up a parent account, then parents transfer funds to their kids cards with the app. When you transfer over the money you can even decide which stores they are allowed to spend their money at and restrict certain stores. You connect it to your bank account and can add money into your wallet within the app for one transfer from your bank or have it transferred over each time you pay.
What I Love About the Greenlight Card
What I was most impressed with was that I got a text when my kids spent their money. It told me where it was spent and how much they spent. I love this feature so much because it allows me to really be aware of their spending even when I am not with them.
Another amazing feature that I love, for busy parents like me is the set it and forget it feature that allows you to schedule the payments for your kids each week. This is the kind of thing I need in my life! I can choose the amount of money I want to send to my kids each month.
I feel like my kids are never great at taking care of their cash, so this is a great way to not lose dollar bills or coins. They set their own pin number for the card making it secure. Plus, having the control done through an app, people cannot really steal much money if the card is lost or stolen. If the card gets lost or stolen, you can just turn it off in the app and request a new one.
Using the Greenlight cards gives my kids a lot of independence, but I still have access to their spending and can help them and guide them in their choices. They are learning about the real world in a gentle way. The Greenlight card also offers a savings account for kids.
My kids were excited to swipe the cards on their own and learn how to use a debit card in the store. This is a great skill for kids to learn to prepare them for the future.
Cost of The Greenlight Card
When using the Greenlight card there is a monthly fee of $4.99/mo per family, which includes cards for up to 5 children. It also offers zero-fee loading for parents transferring money into their Greenlight account. They have a 30-day free trial to try it out.
