One thing we have focused on as parents is trying to teach our kids good money management. While they are young and not earning a lot of money, it’s a great time to teach the principles of money management that will serve them well throughout their life. When they manage money on a small scale (with low risk) they will be better equipped to face the real world when it’s time.
We’ve tried a lot of systems over the years – from a cash only system to spreadsheet ledgers. But my favorite by far has been Greenlight cards. We have been using Greenlight cards for over a year, and it has been so incredible that we now have cards for all 4 of my kids from ages 6 to 12.
A Greenlight card is essentially a debit card for kids, but it has a back end that allows you to categorize and manage all of the money coming in and out. I love the idea of teaching money management online because it more closely mirrors what they will do as adults!
As a parent, you have a “Parent Wallet” in Greenlight that allows you to distribute funds to your kids seamlessly. You can set a weekly allowance as a recurring payment or have chores that if they complete they get paid a certain amount. You’ll even get a notification any time they spend money with the amount and location.
You can also control where they are allowed to use their debit card. For example, you can say that they can only use it at the grocery store and not online. I love the ability to set parameters!
The kids don’t need smartphones to use Greenlight cards – none of my kids have one – they can simply check their balance using a computer or your app with your assistance.
Greenlight is a very affordable option as well. It only costs $4.99 per month and allows you to have 5 cards under the basic plan. You can pay extra to have cards customized with their photo, but we stuck to the basic plan and have been very happy with it.
If you are looking for a way to teach kids money management, I highly recommend Greenlight. We couldn’t love it more!
What skills are you trying to teach your kids at a young age?
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