Let Kids Manage Their Own Budget
The sooner kids realize the value of dollars spent, the quicker they’ll catch on to the importance of saving. When they have to make decisions on whether to spend or save their own money, they consider the trade-offs they are making. Kids learn a lot from managing their own money, and the sooner they get started the quicker they’ll learn.
Teach Kids about Saving
Greenlight provides a suite of tools to help create teachable moments around saving. Show kids their Greenlight Savings Account and explain how to make saving a habit. When they start earning some money of their own, encourage them to save some of it. You can allocate portions of allowance payments to Savings, to instill smart money management.
Teach Kids the Importance of Giving
One of Greenlight’s most unique features is Giving. Within the Giving tab of the app, kids can put their own money aside to donate or make a purchase for a nonprofit of their choice. Instilling this thought leadership when they are young will instill good prioritization in money management later on.
“It’s great that we can allocate a certain amount to ‘give.’ My daughter was so proud she had money to donate to kids in our district who struggle to purchase school necessities.L.M.
Hi everyone, Tim Sheehan, Greenlight Co-Founder & CEO here with some exciting news – Greenlight 2.0 is HERE! That’s right, if you haven’t already heard, the brand new version of Greenlight has just made its way onto the scene.
When we started mapping out what we wanted to include in Greenlight 2.0, we reviewed all of the amazing comments, suggestions, ideas, etc. we’ve received from our Greenlight families. All of that feedback helped us create this updated version of Greenlight that we hope you’ll love!
What’s new in 2.0?
You’ll notice immediately when you open the updated version of Greenlight that there is a new look and feel to the app. Our goal with this version was to make the app even easier to use while incorporating some great new features and functionality. I think the app looks fantastic especially when you add pictures of your kids.
Now, when your child needs cash (e.g., to buy something from a place that only accepts cash), you can add money to the “Any ATM” greenlight to set a specific amount that your child can withdraw from any ATM. (i.e., only the amount of money that the parent specifies in the “Any ATM” greenlight may be withdrawn from an ATM.)
Also brand new in 2.0 is Savings Goals! This feature allows your child to set aside money for a specific purpose – like a new bike, cell phone, game, or trip – and visually see how they are making progress toward reaching that goal! Also, Greenlight kids will receive Parent-paid Interest on the money they save in their specific Savings Goals accounts.
Greenlight’s brand new Giving feature allows Greenlight families to allocate a certain portion of a child’s funds to be set aside for donations to charities and purchases from non-profit organizations. This is something that hits very close to home for many of us on the Greenlight Team. We have seen numerous Greenlight families express this same sentiment and request a feature that would make it easier to allow their kids to dedicate a portion of their money for charities that they are passionate about.
These are just a few of the many new and improved features within Greenlight 2.0. Don’t just take my word for it though, take a look for yourself! 🙂
Don’t have Greenlight yet? Sign up now!
Have you already played around with the latest version of Greenlight? Does 2.0 get the Greenlight from you and your family? Please let us know by sending us an email or by messaging us directly within the Greenlight app (go to Settings > Help > Contact Us).
All of us at Greenlight are focused on 1 goal: to help parents raise financially-smart kids. We’ll continue to work hard toward that goal.
THANK YOU for being a Greenlight family! 🙂
As the average U.S. household debt continues to rise, Greenlight families are seeing a different trend. We’re thrilled to announce today that Greenlight kids have saved more than $1 million dollars using Greenlight Savings, The Educational Savings Account for Kids. Official story here. With the average U.S. household savings rate at 2.8%, Greenlight kids are saving a whopping 8.4% of their money on average. That’s triple the national average!
The Educational Savings Account for Kids allows kids to see real growth in their savings account, how interest works over time, and the impact of spending versus saving, which helps them understand the importance of saving for the future. Not only that, but parents can set their own interest rate and pay the interest automatically within the child’s Greenlight Savings. The national average interest rate for bank savings accounts is 0.08%, making it difficult to educate kids on the value of savings. The average interest rate set by Greenlight parents is 19.84% enabling kids to see the benefits and importance of savings almost immediately.
Since April, Greenlight kids have more than quadrupled the amount of money in their savings accounts. We are proud to continue offering new features like the Educational Savings Account for Kids as an option that is convenient for families and offers flexibility for each family and each child’s unique needs. We are helping parents teach their kids to be smart about money and set them up for success financially, and are hopeful that impact can change the financial course for a new generation.
We’re on a mission to help parents raise financially-smart kids and are thrilled to see so many families using Greenlight Savings to teach their kids the importance of saving. But, we’re not done just yet. We have several new features that we’re excited to release in the near future. Stay tuned!
Kids are tough. Shopping for foods they’ll eat, making lunches, getting them to do their homework, getting them up and out the door on time, and getting them to put down their tech and go outside can be challenging. One of the biggest challenges we as parents face when it comes to kids is getting them to eat healthily.
The money conversation. It can be one of the hardest conversations we have with our kids (let’s be real: it can be one of the hardest conversations we have with anyone). But it’s also one of the most important conversations we have to have as parents.
This is a guest post by DiAna Kelley, founder of the Giving Me Life Foundation, a nonprofit organization that teaches strategies about monthly budgeting, credit, and financial retirement to teenagers and young adults in order to create healthy financial lifestyles.
This is a guest post written by Catherine Alford, founder of the award-winning personal finance blog, www.CatherineAlford.com.
I grew up in a family where we didn’t talk about money. Once, I asked my mom how much money she made, and she whipped around in the car and scolded me saying, “That’s a really personal question. Don’t ever ask anyone that.”
Greenlight isn’t the only child’s debit card around, but we think it’s the best. That’s not just because it’s secure and easy to use, it’s because we have one feature that sets us apart: store-level controls.
You care about your financial security, and so do we. It’s even more important to make sure your private data is protected when you’re handing control over to your child. That’s why Greenlight goes above and beyond to offer the best possible security, starting with encryption.
Earlier today, Amazon announced a new feature that will allow teens to shop online within their own accounts, while letting parents either approve every order or set pre-approved spending limits – all under one Prime account.