Summer Spending & Saving with Greenlight

Summers are busy. Between visits to grandma, beach trips, summer camp, and the inaugural summer job (!), your kids may be spending tons of time away from home. Throughout the coordinated chaos, Summer offers great opportunities to continue money talks with your kids.

Family Vacations

Many families go on summer trips. In fact, 68% of you fine American families* will hit the road before school starts. 

Use this as an opportunity to talk to your kids about the value of saving. Discuss the tradeoffs you made throughout the year to fund your excursion and talk about the specific costs associated with you trip. 

Scholastic has a lesson with a couple handy worksheets – including a trip cost calculator in case you need a bit of help. (Don’t worry – we also learned a thing or two.)

Summer Jobs

For parents of teens, this summer may be the first one employed, and may it be the first of many. Before your kids pull out their Greenlight card to spend all of their Friday paycheck on Fortnight Battlepacks, remind them of the practice of saving. 

Work with them to develop a distribution plan for their paychecks. How much will they put into Save, Spend and Give accounts on a regular basis?

The first job is probably the first time your kids encounter the not-so-simple world of income taxes. And before you click away from this page in search of safer waters, know that the earlier you approach the subject of Uncle Sam with your kids, the more prepared they’ll be when the leave the house. 

Going over their pay stub is a great way to show teens how taxes impact their take-home pay. Talk with them about the purpose of social security, medicare, federal, state and local taxes. The Consumer Financial Protection Bureau has a simple guide to the anatomy of a paycheck that may help. Remind them that smart budgeting (see savings tip above), helps you account for the tax you pay.

(Side note: did you know teens can directly deposit their paychecks into their Greenlight accounts?)

Back to School

In 2018, Deloitte estimated families spent $510 per child**, on average, on back to school expenses. Between clothes, electronics and general supplies, that’s a hefty penny. And also an opportunity to reinforce the conversation of budgeting, especially when it comes with the price tag of a new school year. 

Later in July, we’ll talk about how to instill healthy money habits into routines as the kids go back to school. Follow us on social media for the latest tips and tricks about money talks and recent updates to the Greenlight app.

Don’t have Greenlight yet? 

Get started by signing your family up today.

*2019 AAA Travel Survey

**Deloitte 2019 Back to School Survey


Spotlight Story: William B.

Every kid has a dream car, but how many end up owning it? We know one Greenlight driver who worked hard, saved up and bought his dream car at the age of 16. 

Today’s Spotlight Story takes us on William B’s financial journey, from “Dad, can I have…?” to a part-time job that will eventually pay off his Mustang. If you’ve got a story about your kids doing big things with their cha-ching, reach out with a direct message on Instagram or Facebook, or email us at social@greenlightcard.com.

Meet William 

William, September Spotlight Story, driving the mustang he bought with his own money

William is a junior in high school who plays soccer, hangs out with friends and does normal high school things. But what most people don’t know about him is he’s a money managing machine. 

That’s because William made a big goal for himself: He wanted to buy a car. Before coming up with this goal, he didn’t have a ton of experience handling money on his own. When he needed to buy something, he’d ask his parents for some cash or he’d mow the lawn on a Saturday to earn a quick allowance. But that quickly changed when he set a savings goal for a sporty white 2016 Mustang in his Greenlight app

How William got started  

We’re going way back to William’s first concept of money: “Dad, can I buy that?” To help William learn more about money, his parents looked for something that could make budgeting fun and easy — and something that could do the work for them. They found Greenlight, got William a custom card and the rest is history. 

To start saving for his future car, he set a savings goal to reach $1,000. After getting a part-time job at the local Walmart as a personal shopper, he reached his goal pretty quickly. Plus, his dad promised to match him dollar-for-dollar to reward his hard work. (Psst, this really works. Dollar matching or setting Parent-Paid Interest encourages your kids to keep up the good work!)

Bold fact about William: As a personal shopper, William can pick 178 items per hour.

Being a personal shopper means being quick on your feet! For William, it means picking 178 items an hour and then hand-delivering them to customers who are waiting outside. This was particularly helpful for shoppers who wanted to be safe and distanced in the pandemic. 

Advice from September Spotlight Story, William: Don't let your goals out of sight.

William’s advice goes for all ages (parents included). His two cents: Set a goal, work hard for it and don’t let it out of sight. $1,000 may seem like a lot — especially for a student — but when you chip away at your goal and keep your eyes on the prize, it’s a lot more doable. 

What’s next? 

Now that the ‘stang is in his hands (er, driveway?), William is tackling his monthly car payment using his Greenlight card and hard-earned money skills. Next on his list of savings goals? He wants to blackout the rims of his sporty ride. Kudos, William!

Greenlight announces Series C fundraising to help millions more parents raise financially-smart kids

With more than 2 million parents and kids by our side, today we announced our Series C fundraise and a shiny new valuation.

We’re grateful for the families and investors who have helped us reach this point, and we’re beyond excited to continue to grow. Full press release is below.

Greenlight Raises $215 Million at a $1.2 Billion Valuation To Help Millions More Parents Raise Financially-Smart Kids

ATLANTA, (September 24, 2020) – Greenlight® Financial Technology, Inc. (“Greenlight”), the fintech company on a mission to help parents raise financially-smart kids, announced today a valuation above $1.2 billion after raising $215 million in Series C funding. The series was led by Canapi Ventures and TTV Capital with participation from new investors BOND, DST Global, Goodwater Capital and Fin VC along with Greenlight’s first institutional investor Relay Ventures. 

Since launching its debit card for kids in 2017, Greenlight has experienced explosive growth. The company now serves more than 2 million parents and kids, helping them manage their family finances and navigate the world of money together. To-date, Greenlight kids have collectively saved more than $50 million.

“Greenlight’s rapid growth is a testament to the value they bring to millions of parents and kids every day. My wife and I trust Greenlight to give us the modern tools to teach our children how to manage money,” said Gardiner Garrard, Founding Partner at TTV Capital. “TTV Capital is thrilled to provide continued investment to help the company empower more parents.”

Greenlight is the comprehensive, all-in-one money management platform purpose-built for families. Its parent-managed debit card for kids with companion apps give parents the ability to pay allowance, manage chores and set flexible, store-level spend controls. Kids explore lessons in earning, saving, spending and giving with a debit card and app designed just for them. 

“Greenlight’s purpose-based mission of bringing financial literacy to families is massively impactful.” said Neil Underwood, partner and co-founder of Canapi Ventures, “We’re super excited to back this amazing leadership team who is introducing financial services to an entirely new demographic.”

“Greenlight’s smart debit card is transforming the way parents teach their kids about responsible money management and financial literacy,” said Noah Knauf, general partner at BOND. “Having achieved phenomenal growth year-over-year, this is a company on the fast-track to becoming a household name. We look forward to working alongside the Greenlight team to support their continued growth.”

The Series C funding will accelerate Greenlight’s mission, propelling the company to reach more families and provide them with new ways for kids to learn about the world of money. In the coming months, Greenlight families can look forward to a completely reimagined app and new investing tools made for kids.

“We’re honored to partner with both new and existing investors for our Series C round to continue inspiring future generations to be financially happy and healthy,” said Johnson Cook, President and Co-Founder of Greenlight. 

“Our vision is to help all families worldwide to be smart about personal finance, providing innovative ways for kids to learn, so that every child can reach their full potential. We look forward to continuing to grow with our families.” said Tim Sheehan, CEO and Co-Founder of Greenlight.

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 spending, watch their savings grow 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: www.greenlightcard.com