With the new school year here and your littles a whole year older, it’s time to rethink what they can and can’t do. Finally giving in and getting them a cell phone? Perhaps. Letting them walk to the bus stop alone? Maybe. There are a whole host of “firsts” that you may or may not be ready for, and it’s a lot for any parent to navigate. One area that seems to be a common hot topic with the mamas we know is whether or not you give your kids an allowance and how to manage it. Sending your kids off with a pocket full of cash can seem a little daunting and it’s impossible to know whether your littles are using the money responsibly – until now.
Greenlight is the latest company to help parents navigate the ever-changing world of raising kids in a highly digital world. Greenlight pairs a debit card with an app that both you and your child can monitor through their smart-devices. It’s easy to use, parents can determine how much and how often their children get access to money, and it’s a completely safe way for your kids to learn how to manage their spending. We love that you can separate the type of spending into two categories: money they can spend anywhere, and money they can spend only at a specific store.
Say you give your credit card to your son or daughter and they get a little too excited one afternoon while Back to School shopping with their friends — you’ve asked them to keep their spending below $300, but when you check out their fashion finds later that night, you see a few more outfits in their closet than you had expected (and a pile of receipts on their bedroom floor…). This won’t happen with Greenlight. Through its easy-to-use parental controls, you can approve or reject requests for more money, receive instant spending alerts, and set a limit for their spending on the card as well. If they happen to lose their card while out and about, no fear — the card can be shut down with a touch of your fingertips.
As cards are now accepted nearly everywhere and we become more reliant on our smartphones, cash is slowly being phased out of our everyday transactions. How many times throughout the day do you pay for a coffee or a salad with nothing more than a swipe on your phone? Chances are, it’s becoming a lot more common than you may even realize. Many stores are no longer accepting cash as a form of payment and it’s only going to become more normalized. Kids today are a lot more savvy than even we were when we were young, and teaching them to be financially responsible from the get-go will go a long way. We probably all remember getting our first credit cards while in college and feeling like we had a little piece of magic in our pockets…until the bill came at the end of the month. By starting kids off with a card when they are young, it’ll only help to educate them for managing their finances in the future.
If you have kids between 8 and 18, we are all for giving Greenlight a try. No longer will you find a wad of crumpled cash amongst the backpack abyss. Instead, you’ll know exactly how much your kid is spending and where they are spending it. It’s not easy letting go, but Greenlight will make the transition a little less daunting