Allowance/Greenlight card
I have a 7 and 8 year old and want to start teaching them more about money (investing/saving.) I feel like it’s good to start young. Have any of you mamas used Greenlight with your kids? Are these ages too young? We’ve used cash for allowance in the past but it’s messy 😅 and we are going on a week long vacation where I want them to have the freedom to spend their money on souvenirs while also learning to not blow it all. It think them being able to look at a card balance will help them see how far money can and can’t go. Also, how much and how often do you give your kids allowance??
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We use Greenlight and it has not only helped with money and saving for a goal that they chose, but it is also helping them be more independent with their chores. Since you can add a chores list, the kiddies have to check them complete and the allowance will automatically transfer to them each week. So easy! I also love that I can add jobs - once per week, I’ll add an odd job like, Recycling Manager worth an extra $1 to take the recycling bin to the curb. It’s been very helpful for us and worth the cost. We used to invest but we no longer do this through Greenlight.
@Natalia This is great advice! I’ll have to see what our bank offers, thank you!
@Amanda Very good to know, thanks for the insight!
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I think it’s a good idea but depends on if you trust your kiddos not to lose it or leave it behind. My niece and nephew same age still break/lose their glasses too often, also have you looked into your bank? You might be able to avoid fees I’m not sure but some banks have been rolling out child debit accounts where you can track within your own account and makes it even easier to move money around! Cash always got me to spend even less cuz of the change 😅 and then I had a piggy bank for that where I learned about saving