It’s The Most Wonderful Time of The Year to Save and Budget

The hustle and bustle of the holiday season is upon us! There’s no better time than now to take up the topic of budgeting and saving with the family. The National Retail Federation forecasts that holiday retail sales will be up 4.2% over 2018, for a total of $730.7 billion spent on gifts for family and friends! Before your kids make their holiday gift lists, start conversations on how to set budgets and save up.

Bring on the budget

Setting a clear budget for the holidays and sticking to it will show your kids they don’t have to go into debt to have a holly jolly holiday season. The average American took on more than $1,000 in debt during the holiday season in 2018, so showing kids the importance of setting a budget, planning for the budget (calculating how much everything will cost for the season and how much they will need to save) and how to stay within the budget will serve them in the future. 

Make a list (check it twice)

Lists aren’t just for Santa Claus to find out who’s naughty or nice during the holiday season — they’re the perfect tool to help stay on budget when it comes to spending.

Before heading out to a store or logging onto Amazon, ask your kids to make a list of who they want to buy presents for and if they know what they plan to get each person (if so, have them add their gift idea to the list). To make sure your child doesn’t run through their holiday budget, ask them to look into the price of what they want to buy before they plan to shop for it.

Having a list to work through will keep shopping focused, both in-store or online, if you’re out shopping on Black Friday or going after deals on Cyber Monday, teach your kids focus is key.

Set a savings goal 

Within the Greenlight app, encourage your kids to set up Saving Goals, specifically for holiday. Perhaps they name it their Christmas Fund or their Gift Goals. Here’s how to set up a Saving Goal: 

  1.     Navigate to your “Save” tab.
  2.     Tap “Add a Savings Goal.”
  3.     Enter a title or description of what you will be saving for.
  4.     Enter a goal amount.
  5.     Tap “Add Savings Goal” to complete the set-up process.

Parents, remember that your kids need permission to spend their savings. As they move money out of their Saving Goals into a spending greenlight, they’ll send you a request. Be on the lookout for when it’s time for them to cross holiday shopping off their to-do list.

The season for deals and shopping steals 

After your kids have saved to meet their holiday Saving Goals, it’s important to talk them through smart spending. The holidays are a great time to teach bargain shopping (especially with a budget in mind). Here are the three shopping days you and your family should consider for deals and steals: 

  • Black Friday: The day after Thanksgiving is considered to be one of the busiest retail days of the year and it’s known for its big sales, discounted prices and often crazy in-store crowds. Black Friday is a good day to teach your kids how to navigate in-store experiences and what it’s like to shop with specific items in mind. It’s never too early to start shopping Black Friday deals, you can check out a comprehensive guide here.
  • Small Business Saturday: The Saturday after Thanksgiving (also known as Shop Small Saturday) is an opportunity to teach your kids about supporting locally owned businesses and small, unique brick and mortars in your neighborhood.
  • Cyber Monday: The Monday after Thanksgiving, known as Cyber Monday, is the hottest day for online retailers to offer some of their best deals for the season. Can’t make it to the mall on Black Friday? Consider shopping Cyber Monday deals from the comfort of your own home. 

Talking to kids about sales, coupons, discounts and the benefits of when to shop in-person and online can help create savvy shoppers for life. 

A little thoughtfulness won’t break the bank 

Gift giving often becomes a major focus during the holiday season, but not all gifts have to come from a store. Some of the most thoughtful gifts come straight from the heart. When your kids are making their holiday gift giving lists, make sure to have the conversation that small, thoughtful gifts can go a long way. 

Cookies, DIY ornaments, arts and crafts projects, handwritten cards and random acts of kindness to those we know and love won’t break the bank. And the warm and fuzzy feeling they bring about is what the holiday season is all about after all.

Add Parent-Paid Interest 

Parents, to encourage saving, consider adding Parent-Paid Interest within the Greenlight app. 

Greenlight offers parents the opportunity to set and pay interest rates on savings to demonstrate the magic of compound interest. Here’s how to set up parent-paid interest!

Get ahead for the holidays with Greenlight

Join Greenlight today to encourage wise saving and smart spending ahead of the winter holidays. Set up a holiday specific savings goal today!

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.