One of the things I wanted to do for the kids this Christmas was something that would help them both gain some additional independence and learn some responsibility at the same time.
After careful thought, I arrived at getting each of the kids their own credit card. Actually, it’s a debit card and it gives the ability to save their money online and use the debit card to spend it when desired. It’s way better than having them carry cash around and I maintain parental controls over the accounts. This is done through a company called GreenLight.
They work like regular debit cards but I can control things like what stores they can be used at, how much they can spend etc. They are even taught to give to charity as well.
My plan is to begin depositing their allowance onto their cards each week and help them better understand the concept of money. I control everything from the app and can keep track of chores and other things the kids do to earn money each week. It’s really a cool idea and I’m excited to help them better manage their money.
Anyway, I just wanted to share this while it was on my mind. The cards just arrived today and I just finished setting them up.