Money Management for Kids
As my kids have gotten older, we started giving each child an allowance to teach them the value of money.
Our system works as follows, depending on each child’s age, they get a dollar for each year. The twins currently get $8 a week, while Anthony gets $12 a week. They only get paid if all their basic chores are done and their school grades are consistent. No work, no pay!
Their basic chores include keeping their rooms clean, cleaning up their bathroom area, making sure their laundry gets to the hamper and their shoes aren’t thrown around as they walk in the door. Basic tasks that keep the areas of the house that they regularly occupy tidy.
They also have opportunities to earn extra money by helping with bigger house projects, making honor roll at school, helping me with blog campaigns, and so on.
Anthony is very financially savvy. He loves to save his money, so when he asks for something I know it’s an item he has his heart set on. However, up until recently his way of saving his allowance was to lock up all his cash in a travel trunk he keeps in his room. This wasn’t the safest place to keep it and, I had no way of staying informed about what he was doing with it. So, we were both excited to learn about Greenlight, the smart debit card for kids!
Greenlight Debit Card for Kids
The Greenlight card is a debit card system for kids that allows parents to deposit funds onto the debit card through an app that is available for both iOS and Android. While adding fund within the app, you can control where their money is spent and how much they can spend at certain types of retailers. All, while the kids love the independence of having their own debit card and pin number.
The Greenlight card has been an amazing teaching opportunity for us, Anthony is learning how to manage his account, and he loves to watch the balance grow.
For me, as a busy mom, I love that I’m no longer rummaging for cash at the end of the week. The app connects directly to my bank account so I can load whatever I want onto each card, as often as I’d like. For the kid’s weekly allowance, the automated allowance feature is the best. I set it and forget it! The kids always receive their allowance on time and it’s off my to-do list.
Anthony has been talking about getting a new limited-edition magic band at Disney World since last spring, so he took his Greenlight card for its first shopping trip last weekend and it was so fun watching him check out, you could see his confidence growing.
Also, he could check on the app to see his balance, while he decided whether to splurge on a pixie stick.
While he was making his purchases, I was always in the know too! With the Greenlight card, you receive an instant notification of all activity on the account. Which is an awesome feature especially as the kids start venturing into stores alone.
Greenlight is also a lot safer than cash. If the card is ever lost or stolen, no problem, simply turn the card off within the Greenlight App. Parents can turn a card on or off at any time instantly!
Greenlight 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.
Take advantage of the special 30-day trial to see if the Greenlight Debit Card is a good fit for your family.
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