Teaching kids to manage money wisely is an important principle, yet sometimes is a difficult concept to convey. But providing them with “real world” experience is simple, thanks to Greenlight, the smart debit card for kids. I can’t wait to tell you all about it today!
We have weekly family councils where we discuss important matters and upcoming events. It’s basically a formal session where all of us can feel comfortable giving input and talking about various hopes or concerns.
Lately, my husband and I have placed a special focus on teaching our children how to be financially smart. Our kids may be young (10, 7, 5, and 2), but we believe it’s important to start this conversation early. Now is the time to set in place good habits that will carry on into adulthood.
During one of these meetings, we made the kids aware of major expenses they would incur later on in life (like college tuition, missions for our church, rent, car payments, etc.) that they can be saving for now. We discussed the importance of “living within our means” so we can cover those costs as they come, no matter how far in the future it seems.
Especially with young children, sometimes “talk” doesn’t quite sink in quite like a “hands-on” learning opportunity. After discovering the Greenlight debit card, we knew this was the “real life situation” we were looking for to supplement what we’ve been trying to teach our ten-year-old about money smarts.
Our kids receive an allowance, given at the beginning of each month. It’s something we newly-implemented that is separate from their chore earnings so they can have money to practice managing. From there, we ask them to separate their income into three different categories (Saving, Spending, and Giving), where we’ve assigned a certain percentage to each. Whatever is in the “spending” division is theirs to use (or even save) as they please, no questions asked.
And this is where Greenlight makes our lives so much easier. We, as parents, can use the Greenlight app on our smartphone or tablet to deposit funds (i.e. allowance) onto a debit card for each child. Then, we can take it a step further and even specify acceptable retailers where it can be spent, along with dollar limits. The deposit function can be automated, so the money will be added to their cards on schedule, without us even thinking about it.
Not sure if Greenlight is the perfect fit for you and your family? You can try Greenlight, risk-free, for 30 days! And then, if you love it and sign up after the trial, you’ll receive a $20 deposit bonus!
The Greenlight app is available for iOS and Android, and is so easy for parents to access anytime, anywhere.
Be sure to sign up for Greenlight before 9/30 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.
Now I don’t have to worry about cash getting lost or stolen after transferring into the kids’ hands. If my kids misplace their Greenlight debit card, I can turn it off in a snap by accessing the app.
The kids are always begging to use plastic cards at the store to pay for items, just like mom and dad, so I love that the Greenlight debit card allows them to do just that. They are able to feel independent while learning how to handle their finances in a responsible way.
I created this Monthly Allowance Tracker so the kids can keep tabs on how much they are receiving and where it’s going. It’s a wonderful, visual way for them to manage their dollars. They get really excited to complete a line each month. 🙂
Download and print your Monthly Allowance Tracker here. *Printables are for personal use only.
What things are you doing to teach your kids about money management? I’d love to get some new ideas!