3 Real Conversations Greenlight Triggered With My Kids

We’ve been using Greenlight Cards with my 8 and 10 year olds for about five months now. In the early days, the kids were overjoyed just to have cool looking cards with their names on it and my wife and I were pleased with the convenience of easier management of requests to buy Pokemon cards on Amazon.com or little games on the app store.

Over these past few months, however, I’ve realized the questions coming up and the conversations happening are much more meaningful long term for these kiddos than simply having plastic with their names on it. Here are three of my favorite talks we’re having on a recurring basis that wouldn’t have happened without the Greenlight Card.

What’s the difference between a debit and a credit card?

It started when we were checking out at the grocery store, and I let one of them buy his own “cool new pencils” using money on his Greenlight card. The keypad at the checkout asked him “Debit” or “Credit, ” and I told him to press DEBIT and then type in his PIN. He was happy to comply, but later in the car asked me, “What’s the difference between credit and debit?” This started our conversation about how using a debit card means you’re just transferring money that you already have to the merchant, whereas if you were using credit, you were actually borrowing money (for a fee of course) that you promise to pay back later. I explained to him that he’d need a few more years of “practice” demonstrating good decisions before having the privilege of getting real credit from me or anyone else!

How does gratuity work?

We love to eat out in our family. Friday night is Taco Night at Verde in Atlanta, a tradition that both the kids and parents love dearly. I usually will ask the boys if they have their Greenlight card and, if so, I’ll transfer money to their card (using my phone) so they can handle the bill. This is especially fun to watch because, of course, they had to be explained the process. First, you review the bill to make sure it’s accurate. Then you give the waiter your card so they can go swipe it. (I told them the waiters are going to find out if they have any money on the card!) Finally, what comes back is the receipt they will need to sign and add gratuity to.

We’ve had spirited debates occasionally about whether we had good service (earning the waiter sometimes 16-18 or even 20%!), or poor service (which might get them down as low as 12-15%). This exercise usually is also accompanied with some stellar math practice too. I confess, this Dad is usually only as much help as the calculator on my iPhone.

Side note: I’ve detected a pattern that is a life lesson for all of us. The most common indicator of “good service” by my kids is how often the waiter or waitress smiled at us. If they didn’t smile (but nailed the service), the kids have a hard time saying they deserve a big tip, but the times we sit with empty water glasses for half an hour but get a big smiling apology, the boys will usually argue that the service is awesome.

Contributing to the family with chores in exchange for an allowance.

My favorite new lessons learned lately have been around the importance of contributing on a regular basis with day-to-day tasks around the house. In return for this contribution, they receive a small allowance, calculated by their age.

Before allowances, my boys were constantly angling to make deals with me like: “If I do X, can I earn $5?” This bargaining went on so much that it became an argument to get the basic household tasks done. This is why we started an allowance. We made a short one-page contract with each of them that outlined the chores they were expected to do as often as possible and these were covered by the allowance. Any extra projects they could find to help out around the house that wasn’t on that list were fair game to make a deal (e.g. Help mom clean out the attic for $5).

Having the “automatic chores” for “automatic allowance” has been amazing. And it even works!! As a tip for other parents, here are some of the chores that have worked well for both the 8 and 10 year olds:

  • Set the table before each meal.
  • Make the drinks for each person.
  • Load the dishwasher.
  • Empty the dishwasher and put away things you can reach.
  • Make your own lunch before school.
  • No screen time in the mornings or before homework is done in the afternoons (not a chore, but seemed worth putting in writing to make life easier).
  • Take the trash out whenever asked, without complaining!
  • Roll the trash cans to the curb on Wednesday nights and empty ones back to the house Thursday.
  • Make your bed every day (eh, not so much, but once in awhile it happens).
  • Hang up your towels after showers.
  • Sweep the kitchen when asked.

I think our favorite part about this system has been the expectation that these are done WITHOUT COMPLAINING. You parents know what I mean. Sometimes, it’s easier just not having them to do a job so you can avoid another argument. But I suppose because we were so explicit when we came up with this system about the “no complaining” rule they actually heard it.

Plus, just like us adults, they like seeing that weekly allowance hit their accounts as well!

How to financially prepare your kids for back-to-school season

Parents aren’t the only ones pulling out their wallets for back-to-school season. According to a 2019 survey from the National Retail Federation, teens are spending an average of $36.71 of their own money and pre-teens an average of $26.40. 

This year, your back-to-school budgeting may be a little different (okay, a LOT), but one thing remains the same: A new school year means new costs. Which also means new opportunities for your kids to learn about money. Follow along for our tips on getting your kids ready for the upcoming school year!

Plan beyond the school supply list

School supply list with pencil and ruler

Back-to-school budgeting brings up a lot of conversation about school supplies for the first day, but what about the whole school year? When you sit down and talk to your kids about their school supply lists, you may want to chat about other expenses that might pop up throughout the year. Here are a few to consider:

  • Sports
  • Yearbooks
  • ACT/SAT study materials
  • Lunch money 
  • School pictures

Shifting over to a virtual learning environment? Some of the usual expenses may go away this year, but you should be ready for new ones. Think: Virtual classroom decorations, new desks and high-powered laptops.

Talk about back-to-school deals

Love a good BOGO deal? So do we. But your kids may not understand how much it matters to score a good deal — especially during a busy retail season like back-to-school season. 

As you probably know, smart shopping means looking for deals, shopping early and doing research before buying. To get your kids into these habits, try comparing prices online and showing them how to find discounts. Bonus: Help your kids make savings goals throughout the school year. They can do this with their Greenlight app

Separate wants from needs

Trade-off decision about spending extra on pizza delivery

Coming up with a back-to-school budget is a great time to talk about wants and needs. If your kids have a school supply list from their teacher, use it as a guide. If not, it doesn’t take too long to come up with one yourself — or use a quick start list of common items by grade

Go through your kids’ school supply lists one by one. Talk about each item and whether it’s a must-have or a nice-to-have. Then, decide how they (or you) would like to budget accordingly. Maybe your kids want to splurge on a set of trendy binders but they’re okay with buying cheaper folders and erasers. Or maybe they’d rather save for something else down the line, like a laptop or an iPad. And look at that… they’re already thinking about wants and needs! Piece of cake.

Always come back to learning

Your kids might be excited about the first day. They might be nervous. You might be stressing about setting up a virtual learning environment. Or maybe you’re just not ready to think about any of it yet!
 
Here’s what really matters: Your kids are learning. And we’re not just talking about school. Kids learn by doing chores, deciding how to spend their money and setting savings goals. Just pull up your Greenlight app and let the learning (and fun) begin.

A fresh new look for Greenlight

In 2017, Greenlight started on a bold mission to raise a generation of financially-smart kids. Now, that mission is growing. Because… well, we’re growing.

1 million strong

Earlier this year, we surpassed 1 MILLION kids and parents. That’s more than 1 million of you who…

  • Dreamed up new features for us to build.
  • Reached savings goals (and then created more). 
  • Finished chores on time and earned allowances.
  • Chuckled at our corny jokes. 
  • Gave money to charities.

And throughout it all, it’s the 1 million of you who inspired us to keep reaching for new milestones.

Fun, fresh and new

We thought a lot about how we could celebrate you, be better for you and evolve the Greenlight you know and love.

As a team, we decided it needed to be big. It needed to be new. 

So we came together to imagine a new brand — a brand that can be there for every first, every birthday, every transition and every milestone. A brand that inspires your trust and is there to celebrate every little joy of being a parent.

Today, we’re so happy to introduce you to the new look for Greenlight, as we take on an even bigger mission: to shine a light on the world of money for kids and parents.

What changes?

Starting today, the new look and feel will take over our website, social media, emails and more with (minty) fresh colors, a new logo, fun patterns and delightful photos that reflect our vibrant community of families.

What’s next? Stay tuned. Over time, you’ll see our new look across more and more of the Greenlight universe.

What stays the same?

Us! We’re still Greenlight. We’re just growing up, like your kids do. For now, your app and debit cards will still look largely the same. But, changes are on the way — we’re just getting started!

From our Greenlight team to your family, thank you for getting us here. With 1 million reasons to celebrate — and many more to come — welcome to the new Greenlight.