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Do you need ideas for how to teach money management to your kids? 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 card gives parents the opportunity and convenience to pay kids through the accompanying 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. Then parents transfer money 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 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 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. 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
Using the Greenlight card costs just $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. If you sign up for Greenlight before 10/30 and they’ll deposit a $20 bonus into your account after the 30-day free trial ends. *deposit bonus made approximately two weeks after free trial ends