Mar 30, 2021
Only about 10% of the money in the United States is printed in cash bills. The rest? Digital. Traditional kids’ savings accounts aren’t always as practical — so, how can kids save money this day and age? Step 1: Start with Greenlight. We’ll show you the rest.
Spare change sure does add up, doesn’t it? When your kids use their Greenlight cards, they can turn on Round Ups to send extra cents into their savings. Say they pay $4.30 for a smoothie. 70 cents automatically goes to savings. 10 smoothies later, they’ve saved 7 bucks. Automatic saving = priceless.
Don’t you wish you learned how to save money as a kid? Luckily, your kids can. Work together to define their short-term and long-term savings goals. It may help to share a little bit about your own financial goals — perhaps you’re saving for a college fund for your kids or a down payment on your next home.
While your kids are saving, you can give them rewards to keep up the good work. Setting a Parent-Paid Interest rate is an automatic incentive for your kids to save more. You can set an interest rate (from 1-100%) to reward them for their savings. The best part? They’ll check their balances more often to see how much they’re saving.
Some kids may be more incentivized to save for others than themselves — like Garrett, who donates ⅓ of his allowance to charities. If this sounds like your kids, work together to research charities and start saving to donate.
Try the sibling saving competition. Kids compete against each other to see who can reach their savings goal first. They’ll have so much fun they won’t even know they’re learning along the way. No siblings? Try with cousins or friends — just as fun.
We host sweepstakes for Greenlight kids to learn more about money for a chance to score some cash. To enter the sweepstakes, they’ll need to practice their financial responsibility — like finishing chores or setting savings goals. While they get a chance to earn some dough, they’re also creating good money habits.
Greenlight has kids’ savings accounts, but it’s also jam-packed with tools to help your kids spend wisely, budget, earn money and invest. Download the app (and make sure they do too!) so they can start learning about the world of money.
After your one month trial, plans start at just $4.99/month for the whole family. Includes up to five kids.