When you teach kids good money management skills, they’re learning life lessons that they’ll rely on when they’re older. Find out what I’m doing to teach my kids the value of money and how to manage it.
What is it with kids and money? When my girls get a little money, it burns a hole in their pockets. They have no money management skills and the money is usually gone almost as soon as they get it. That’s why I want to teach my girls healthy spending habits. If they start learning young, I’m hoping they’ll carry these skills into adulthood. Here’s how I’m doing it:
I’m going to start giving my girls a weekly allowance. Of course, they’ll have to earn it by helping out more around the house, which is a bonus for me. However, if they have a regular “income”, they may not be so quick to blow it like the birthday or Christmas checks that come in the mail. I’m hoping that they learn about the importance of saving, with the occasional splurge here or there.
Make A Chore Chart
If you’re going to be doling out an allowance, you’ll need a chore chart. Kids need to learn the value of money and working for their allowance helps while preparing them for the real world. For a long time, I would just give my girls money for various things and they started to think that I was their own personal money machine. This way they know that they can get money each week, but they have to earn it.
Greenlight, The Smart Debit Card For Kids
I just signed Ashling up her first debit card and she’s pretty excited about it. Now she has her very own card, just like mom! Greenlight has designed their smart debit card for kids of all ages because they believe, like I do, that children should be taught money management skills sooner rather than later.
This app has so many great features for parents. One feature I like is that I can use it to keep track of where Ashling is using her Greenlight card. It’s not a big issue now because we’re always shopping together. However, as she gets older and more independent, I won’t always there to see how she’s spending her money. However, I’ll be able to monitor her shopping activity by getting notifications when she makes a purchase. I don’t want to put too many limits on how she spends her money but I’d like to be sure she’s making good choices. If not, we can talk and turn it into a teachable moment.
The cost for Greenlight is only $4.99 a month and it’s available for both IOS and Android. You can order cards for up to five children, which is good my five year old is already begging for her own Greenlight card! It’s free for parents to transfer money into their account and you can try it for 30 days. If you sign up after the free trial is over, you’ll even get a $20 deposit bonus!
This card also makes my life easy with the “set it and forget it” feature. This automated feature transfers Ashling’s allowance to her Greenlight card at the same time every week. I can also control where she spends her money by setting it for specific stores. Right now I have it set for it to work anywhere but this may come in hand when she’s a teen. Parents of teens may also like that their kids can request money and it transfers immediately. This would be great for teenagers that don’t plan ahead and realize too late that they need gas money.
The Greenlight card, is safer than cash because even if Ashling lost it, it would be difficult for anyone else to use it. They’d have to have access to both the card, it’s PIN and access to the app. There’s also the option to turn the card on or off at any time. This works great for both lost cards and misbehaving kids!
Sign Up And Get A Bonus
Don’t forget: Sign up for Greenlight before 10/30 and they’ll deposit a $20 bonus into your account after the 30-day free trial ends. *deposit bonus made approximately two weeks after free trial ends