Greenlight Offers Options for Off-The-Grid Kids

We’ve heard from many of you that you’d like the ability to set up child accounts for your kids without phone numbers. Our newest update solves this by enabling parents to register their children with a username and password. No phone number required.

With this update, kids with iPods, tablets, or other smart devices can log into the Greenlight app and explore lessons in earning, spending, saving and giving.

How to set your kids up

steps for setting up Greenlight app for kids
From your child’s profile within the Greenlight app, click into the child’s settings. Select Enable App Usage and create a username and password. And off they go.

Kids can monitor their own balances

With the trend toward more digital purchases, kids no longer see their wallet getting smaller as they spend cash. Greenlight gives your kids the ability to check and manage their balances to make sure they’re within budget.

GFX: Child view of spend, save and give balances.

Greenlight tip: We recommend setting time to talk with your kids whenever you give them allowances. Together, discuss distributions of allowances between Spend, Save and Give and discuss why you’re making these choices.

Request greenlights

Kids can send requests, also known as Greenlights, when they want to make purchases outside of their Spend Anywhere account or any of the Greenlights you currently have set up.

Child sending spend request for parent to approve

For kids, this gives them a path to request money if they’re in a pickle. And for parents, this gives you the ability to safely distribute funds for purchases you’re comfortable with.

Showcase the power of saving

Saving for short and long-term goals can be challenging, especially when the satisfaction of taking a full piggy bank to the local teller is a figment of banking past. 

With the Greenlight app, kids can see how they’re progressing toward saving goals line-by-line. They can watch that money grow as you add Parent-Paid Interest and see balances update in near real-time. Bet your old piggy bank couldn’t do that. 🐷

Child viewing save history with Greenlight app.

Greenlight kids save 3x more than the national average. It’s never too late to kick off conversations, and present kids with real world scenarios to encourage saving.

Don’t have Greenlight yet? 

Get started by signing your family up today.

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!

The Fundamentals of Wants and Needs

Rome wasn’t built in a day and neither were financially-smart kids. The secret to setting your kids up for a solid financial future is to start with the basics. Deeper than the value of a dollar, budgets and why it’s so important to save lies the very basic lesson of: wants and needs are not the same thing. 

While the difference between wants and needs may feel straight forward to grownups, the concept can be complex to kids. Breaking down needs, wants, the fine line between the two and how to make trade-off decisions is critical for instilling money management and financial planning skills. 

Know your needs

Needs are essentials. When teaching your kids how to determine what a need is, it’s important to highlight what is a true necessity and what is a needy request —it’s all about perspective. Here are the categories we consider bare necessities: 

  • Shelter
  • Clothing
  • Food
  • Water

We find that getting as specific as possible when explaining necessities helps kids master the concept and begin to apply it in real-life trade-off decisions. 

Tell me what you want, what you really, really want

If you’re a parent, you’re probably used to hearing the rally cry “I want _____” from your kids. Wants can be described as the things your kids may circle in a magazine or put on an Amazon wish list for the holiday season. Greenlight mom Bonnie Koon even shared that her son once requested $10,000 via his Greenlight app. 

Wants are often inspired by peers, pop culture and hobbies. Here are some hopeful requests made by Greenlight kids. We’ll wait while you have a giggle or two.

When raising financially-smart kids, it’s important for parents to let their kids know that wants are a part of life but making smart choices around those wants will set them up for success. 

The gray area 

No lesson in needs and wants with a child is going to be easy peasy lemon squeezy, so it’s important to get specific for clarity’s sake when dealing with such an abstract conversation. 

Is ice cream a food? Yes, but ice cream is certainly not a necessity. Are Yeezy’s shoes? Yes, but $300 for a pair of shoes is not necessary or a requirement. 

It’s important for parents to let their kids know that it’s okay to want certain things. But making smart choices around those wants will set them up for success. In general, having a discussion around “wanting” things in life can be a powerful and inspirational discussion. You can want to make the soccer team. Want to be president. Want to have a family when you grow up. It is wants and dreams that put humans on the moon and brought us Beyonce. But when it comes to finances – you can’t always get what you want.

Being able to tackle these types of questions head-first will help kids understand the true meaning of a necessity instead of something they very much want, crave or think they need to meet the status quo. 

One way to help kids fully understands wants and needs would be to have them write a list of what they think are needs and what they think are wants. From there, break down needs — if they are a true necessity or not — and tackle what goes into getting a want (such as saving for that pair of Yeezy’s or picking up extra babysitting opportunities to help pay for the spring break trip to New York City). To take it a step further, discuss a budget of $1,000 with your child and include a mix of needs (rent/groceries/phone or car payment) and wants (a new iPhone/concert tickets/new shoes) to showcase that all needs must be met before money goes to wants. 

Want it? Save for it 

Wants and needs make a perfect opportunity to teach the importance of saving money to reach a goal. Want a new pair of jeans? Save for it. Have $100 extra each month after covering necessities? Add extra money to your savings goal to buy a new MacBook. These wants can act as perfect motivators to increase saving.

Setting up clear savings goals with Greenlight will not only teach kids how to set a savings goal and budget to meet their desired goal, but it will motivate them to save more in the long run. We’ll be talking more about saving in November, so stay tuned for tips from Greenlight families on how to have the right money talks.

Save with Greenlight 

Set up a Greenlight savings goal today!