With the advancement of technology and taking in note how fast kids are maturing now a days, it might be necessary for you to teach them money management from an early age.
Providing them a credit card is the best option to do so.
This may not sound useful and rather a blunder to you even imagining of giving them a credit card with the endless temptations available outside.
But, what about a credit card which you can control?
Well, a Greenlight Card is something that exactly serves the purpose.
It is like a kids debit card with parental control which will let you set spending limits and choose exactly where your child can spend money. By this method, you will be able to teach them how they can spend money responsibly without sending you into a debt burden.
It is the smartest strategy to keep you kids away from ill spending –
You obviously do not want your kids to do the same money mistakes as you did when you were a child and at that time financial literacy was super low. But now, as time has turned and we have entered into almost a new world ,financial literacy is a must.
In short term, the Greenlight Card is an easy way to make sure that your kids are having the money they need without the danger of letting them go wild with the spending and accidentally draining your account.
Let your kids learn how and where to spend –
The greenlight card offers two types of deposit money into:
Spend anywhere – this will allow your kids to spend anywhere that accepts master card
Parental control category – here you will be able to set a limit to the amount of money which can be spent and also set the businesses where they can only spend the money. You will also be able to allow your kids to withdraw a certain amount of money from the ATM .
Thus, it makes sure that although the card is in your kid’s hands, you are still the official card holder and you can get real time alerts whenever and wherever the card is used.
It is more than just a debit card , these are the reasons why –
- You can set up greenlight to automatically pay your kid’s allowance whether weekly or monthly.
- You can set up one time or recurring chores in the app that monitors and ties allowance
- If your kids are doing job, it becomes easy to have their paychecks directly deposited onto their cards
- It encourages your kids to save money from their allowance or income by letting you pay them interest on the card’s balance at whatever rate you choose
To get started both you and your kid can download the app but the view for both of you will be different. Your kid will be able to use the app for checking balance and setting goals whereas you can set controls and do things mentioned above.
It basically encourages your child to learn money management by giving them realtime experience.
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