Giving your child access to their own bank account can be a big step. There are new alternatives to a traditional bank account and debit card that allow parents to keep an eye on their kids’ financial activity and even take control if necessary.
The Greenlight Debit Card lets parents know exactly how, where, and when their kids spend money. Parents can set up the app so that the child requests permission to spend before every swipe of the card.
Parents can work with their children to set goals and spending categories that help teach good money management habits. With features like automated allowance and the ability to restrict the stores where kids can spend money with the card, the Greenlight debit card is gaining popularity with kids and parents.
Cash isn’t ideal for kids that may lose it or forget how they spent it. For parents who aren’t quite ready to hand over a credit card or give kids their own payment method, financial products like Greenlight are a safer alternative.
Greenlight isn’t free, though. The cost is $4.99 per month per family for as many as five children. The app is fully customizable so parents can set different rules and restrictions for each child.