Teenagers. UGH! Love them to pieces but guiding them along the journey to personal responsibility, financial trust, and independence can make us parents want to pull our rapidly graying hair out. Thankfully, there are a lot of tools out there to help us along the way. Putting my kids’ allowance on a debit card is allowing me to teach them about budgeting and every aspect of financial responsibility. This post is part of a social shopper marketing insight campaign with Pollinate Media Group® and Greenlight, but all my opinions are my own. #pmedia #GreenPMG http://my-disclosur.es/OBsstV
Allowance on a Debit Card
It’s funny how unique each of my children’s financial personalities are. My daughter is a natural saver, while my son wants to spend money the second he gets it.
Teaching them the priceless value of knowing how to budget your life is stressing me out more than I’d like to admit. My son just turned sixteen and will be driving soon. He’s about to have quite a few adult expenses to handle, and I’m not sure he’s ready.
Greenlight, the Smart Debit Card for Kids
I used to think that having the kids handle cash would make it easier for them to learn about financial responsibility. Seeing currency instead of just plastic seemed more powerful. But, that’s no longer how the world works. I barely ever carry cash so giving my kids their allowance on a debit card is easier for many reasons:
- Realistic life lessons – know how to budget their money without having it in their hands.
- Safety – a lost wallet no longer means loss of money. This card can be canceled immediately allowing them to save their precious funds.
- I never forget to pay their allowance because it’s automatically sent to their card.
- Assisted budgeting – I can dictate where their money can be spent to help keep them on the right track.
- Take advantage of the completely risk-free 30-day trial to see if it is a good fit for your family and get a $20 deposit bonus when you sign up after the trial.
- Sign up for Greenlight before 9/30, and they’ll deposit a $20 bonus into your account after the 30-day free trial ends. (*Deposit bonus made approximately two weeks after the free trial ends.)
There are several other benefits to giving kids their allowance on a debit card. The ability to slot funds for specific purposes and/or stores allows me to guide him remotely. Greenlight enables you to approve specific stores where your kids can spend money. Simply search for a specific store within the app and add money to your child’s card instantly. Don’t want to set restrictions? Add money via the “Spend Anywhere” Greenlight and your child can spend that money where they see fit. You and your child will receive real-time notifications after each purchase.
For example, my son has needed to take an Uber from certain events where his ride fell through and I was unable to pick him up. Thankfully, he was with someone with the app but if he were on his own, he’d have no way to pay. Now, I can always make sure he has money when needed without fear of him frivolously wasting it elsewhere.
My daughter is now more interested in her budget than she is on the TV. I keep seeing her tracking her account and asking for more paid jobs around the house. Our place has never been so clean and organized! This debit card for kids is ideal for ages 8-18. Greenlight is available for iOS and Android and allows parents to add up to five children. Download the app now!