Back-to-School Shopping with Greenlight

There are tons of guides out there with tips on how to squeeze the most out of your back-to-school budgets. 

In this post, we talk about how to bring your kids along for the back-to-school shopping ride. In fact, we think it could be time to put them in the driver’s seat — with some adult supervision, of course — to teach them first-hand about trade-off decisions.

Start with a back-to-school budget.

Put that budget in your child’s Spend Anywhere account within the Greenlight app before you start shopping. When the child themselves makes the purchases on their Greenlight card, they will feel more responsible for how the funds are spent. 

Deloitte’s 2019 Back-to-School Survey reported the average family will spend $519 per child on supplies, electronics, apparel and accessories for the new school year. Start there, or with a budget your family is comfortable with.

Back-to-school budget in child's Greenlight account.

Attack the school supplies list.

  1. Get your 2019-20 supplies and clothes list in a spreadsheet. (Find one of our favorites here.)
  2. Have your kids take inventory of what they already have and what they need for next year. Spreading out items on the kitchen table or bed can spark conversations on what’s essential to purchase new this year versus what’s nice to have.
  3. Make a plan. We recommend starting with school supplies before going into the latest clothes and sneakers.

Shopping online?

Tons of experts have taken the hard work out of bargain hunting. Goodhousekeeping, U.S. News & World Report and The Krazy Coupon Lady and have already published their best deals guides to the 2019 back-to-school shopping seasons. Have your kids review these guides and prioritize their most important items.

Sit with your kids and shop around online for name-brand items, and see if you can find them at a lower cost across Amazon, Walmart.com or other budget sites. You can mark the best prices on your spreadsheet.

Pro tip: Target started School List Assist in 2017. Just search for your school and Target collects all your supplies in an online shopping cart. Do your research with your child to make sure you’re finding the best deals. 

Ready to brave the stores?

The budget can be made or broken in the crowded aisles of Walmart, Target, The Dollar Store or your local shops. To avoid the crowds, we recommend early in the morning or later in the afternoon during the week.

Bring your spreadsheet with you and know how much is left on your list. 

Have your tech-savvy kids download Shop Savvy. It’s a Greenlight fan favorite. While you’re at the store, scan barcodes to see if you’re getting the best deal around, and mark the best deals off the list as you find them.

Have your kids handle checkout. While they use their Greenlight, they’ll feel more ownership of the items they purchased. And hopefully they’ll take better care of their things now that they’ve been in charge of their budget.

Balance your budget before apparel shopping.

Reconcile your budget in the spreadsheet before going shopping for clothes, so your kids know how much they can spend.

Make deals with them or trade-offs for things that may fall out of budget. Have them prioritize what’s most important for now — what do they need now, and what can wait until later in the school year?

Let us know how your shopping goes!

Post photos of your kids on social media using #mygreenlight.

Haven’t joined Greenlight yet?

Get started by signing your family up today.

Allowance: When? How much? What for?

To give or not to give allowance, that is the question (and sometimes a controversial question at that). As piggy banks become obsolete and the need for physical cash dwindles in today’s fast-paced society, one thing hasn’t changed: the call of a child saying, “Hey Mom, I need money.” Whether parenting a 7-year-old or a 16-year-old, chances are pretty high that the A word (yes, allowance) is going to come up.

According to a T. Rowe Price survey, 51% of parents give their kids allowance. While the decision about whether or not to give allowances, the frequency of giving allowance and the amount of money that a child should receive for allowance can be highly personal to each family. 54% of parents who give allowance firmly believe it should be earned. 

Greenlight mom Maggy Parker shared, “I have always viewed allowance as a right of passage for my children. When the kids are old enough to take on regular responsibilities around the house, they are old enough to earn an allowance for their contribution.”

With age comes wisdom (and more allowance money) 

One of the most frequently asked questions about allowance focuses on what age is the best to start handing over money. While there are no official rules when it comes to allowance and each family is different, age 8 is the reported national average.  

Here’s a breakdown of what Greenlight kids average each week (ages 8-18): 

“I set my child’s weekly allowance after researching what the national average for allowance was and then cushioned it by a few dollars to ensure I was giving my son a little extra for his needs now that he’s driving,” said Greenlight mom Eliza Newell. 

Cha-ching, cha-chores! 

According to the most recent survey from the American Institute of Certified Public Accountants, four in five parents who give allowance expect their kids to work for money. and their kids average about five hours a week of household chores. 

With the majority of parents expect their kids to earn allowance, chores often factor in as a stairway to an allowance pay out — however, this can look different for different families. 

Some families expect a completed chore list for an allowance pay out. If the lawn isn’t raked, the Lego’s aren’t put away, the bathroom trash isn’t taken out and the reading log for the week isn’t filled out, no allowance gets paid. 

Other families assign specific dollar amounts to chores, so if the child only completes five of their eight chores for the week – they don’t get the total allowance amount, just what each task equaled. 

Greenlight dad Allen Anderson shared that he gives his daughter a baseline allowance every week, but he gives her the opportunity to earn more on a weekly basis by doing more chores. 

Allowance leads to smart habits

Greenlight kids who receive allowance save 26% more and donate 37% more money than those who don’t. This suggests that allowance, paired with parental guidance, leads to healthy financial habits.

Payouts made easy

When it comes to paying out allowance, it shouldn’t be complicated. Since remembering to get cash back at the grocery store or finding an ATM is a hassle, Greenlight has made it easier on parents by offering an auto-funding option.

Parents can set weekly or monthly allowance payments tied to chores within the Greenlight app, so funds can be easily distributed. 

To encourage good habits, parents can also allocate those allowances to their kids’ Spend, Save and Give accounts. 

Try Greenlight now

Sign up your family for Greenlight today! 

Greenlight Raises $54 Million to Empower Parents to Raise Financially-Smart Kids

Today, we announced $54 million in Series B funding. We’re thrilled to double down on our roadmap and reach even more families on our mission to empower parents to raise a generation of financially-smart kids. Full press release below.

Greenlight Raises $54 Million to Empower Parents to Raise Financially-Smart Kids

ATLANTA, September 16, 2019 – Greenlight Financial Technology, Inc. (“Greenlight®”), the fintech company on a mission to empower parents to raise a generation of financially-smart kids, announced today it has raised $54 million in Series B funding led by Drive Capital with participation from JPMorgan Chase and Wells Fargo. Existing investors TTV Capital, Live Oak Bank and Relay Ventures also participated. The investment will fuel continued growth and accelerate the company’s development roadmap.

“Greenlight has built an incredible platform that makes it convenient and safe for parents and kids to manage their money. We’re proud to support their growth and help them on their mission,” said Chris Olsen, Partner at Drive Capital who has joined the Greenlight Board. “What attracted us to Greenlight is the scarcity of tech platforms empowering consumers to be more financially successful.”

Greenlight offers a debit card for kids that parents manage through the Greenlight app using flexible parental controls. The company has experienced rapid growth since launching its product in 2017, helping more than half-a-million parents and kids manage daily family finances. 

The Greenlight product allows parents to choose the exact stores where their children can spend, manage chores and allowances, set parent-paid interest rates on savings and more. Kids monitor balances, create saving goals and learn to make real world trade-off decisions.

“At Wells Fargo, financial literacy and helping our clients succeed is a part of our core values,” said C. Thomas Richardson, head of Strategic Partnership Investing at Wells Fargo. “Greenlight offers parents an opportunity to build that core competency of financial literacy in their child’s formative years, through its innovative, interactive and fully digitized product offering. We are impressed by Greenlight’s rapid growth, and we are excited to help fuel the next phase of its development.”

The Series B funding will accelerate Greenlight’s mission-driven roadmap to weave more educational layers into the app experience along with investing, to get kids familiar with the tools to build long-term wealth.

“We’re thrilled to partner with our Series B investors to bring Greenlight to millions of new families and help parents prepare their children for healthy financial futures,” said Tim Sheehan, CEO and Co-Founder of Greenlight. “In the near future, I hope that this generation of kids grow up to spend wisely, learn the importance of saving and feel confident investing to build wealth over the long-term.”

For more information on Greenlight, please visit greenlightcard.com, or follow Greenlight on Facebook and Instagram.

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About Greenlight:

Founded in 2014, Greenlight Financial Technology is an Atlanta-based fintech company that’s committed to empowering parents to raise financially-smart kids. Its groundbreaking family finance product, Greenlight®, is a debit card for kids that parents manage by app using flexible parental controls. Patent-pending technology enables parents to choose the exact stores where their children can spend, manage chores, set parent-paid interest rates on savings and more. Kids monitor balances, create saving goals and learn to make real world trade-off decisions.

The Greenlight Card is issued by Community Federal Savings Bank, member FDIC, pursuant to license by MasterCard International. For more information, please visit: greenlightcard.com.