It’s becoming more and more important to teach kids how to handle money.
With the rise of online shopping and deals that don’t require cash, teaching kids about money at a young age is important for making sure they have good money habits for life.
The Greenlight App is a new tool that gives families the power to teach their kids about money in a fun and modern way.
We’ll talk about the Greenlight App’s features, pros, and possible cons in this review.
What is Greenlight?
Greenlight is a financial app and debit card designed specifically for families and children. It aims to empower parents to teach their children about money management and financial literacy in a modern, interactive way.
The Greenlight app provides a range of features, including parental controls, educational tools, and customizable options, to help families instill healthy money habits in their children from an early age.
With Greenlight, parents can set spending limits, allocate funds for specific purposes such as allowances or savings goals, and monitor their child’s spending in real-time. The app also offers educational resources such as interactive quizzes, articles, and tips tailored to different age groups, making learning about money engaging and accessible for children and teens.
Key features of Greenlight app
Parental Controls
Greenlight puts parents in charge by giving them strong parental controls that let them carefully handle their kids’ money.
From the app, parents can:
- set limits on their child’s spending
- give money for specific reasons (like rewards or savings goals)
- and see real-time records of their child’s spending
Educational Tools
Greenlight does more than just make transactions possible; it’s also a place for teaching people about money.
The app has articles, quizzes, and tips that are interactive and made for different age groups. This makes learning about money fun and easy for kids and adults.
Customization
Greenlight knows that every family’s financial situation is different.
That’s why the app lets parents make a lot of changes:
- they can make multiple accounts
- set up recurring allowances
- and choose spending areas that work for their family
Security Features
Greenlight cares a lot about security, and the app has many features to keep users’ banking information safe. Parents can rest easy knowing that their child’s money is safe and sound thanks to features like real-time transaction reports, card lock/unlock, and FDIC insurance on funds.
Who is Greenlight for?
Greenlight is an innovative financial app created for families and parents who want to teach their kids about money and responsibility. It’s also good for teens and young adults who are learning how to manage their money for the first time.
Greenlight’s educational features and easy-to-use interface are meant to give users the tools they need to make smart money choices and start good money habits early on.
What can kids and teenagers do with Greenlight?
Kids can ask their account manager for money through the Greenlight app.
Adults can also give money for certain things or as an income, and it can be set to happen automatically or based on conditions.
You can give people tasks like cleaning their room and taking care of the family pet, along with due dates and how often they need to be done. The app lists some jobs that kids can do, and adults can add their own.
Teenagers who work can have their pay sent straight to their Greenlight account. They can earn money by doing what was suggested (70% to Spend Anywhere, 20% to General Savings, 5% to Giving, and 5% in Cash to Invest) or changing what was suggested.
How much does Greenlight cost?
Greenlight has three pricing plans, all of which start after the one-month free trial.
Plans for Greenlight start at $4.99 a month and come with bank cards for up to five kids. Other plans include Greenlight Infinity, which costs $14.98 per month, and Greenlight Max, which costs $9.98 per month.
Free trials are typically the best way to experience a new program or service, but using Greenlight isn’t quite that easy.
You must activate the included debit cards and link to a legitimate bank account in order to properly assess whether or not you will use this app.
It can be difficult to undo all of that, so using the free trial isn’t as risk-free as it usually is with other apps.
Does Greenlight offer investing?
Yes! You can invest in Greenlight app if you are subscribed to the Max and Infinity plans.
With parental approval, kids and teenagers can learn about investing. Parents can also use their apps to invest for their kids’ futures — college, car, or anything else the future holds.
Is Greenlight a real bank?
No, Greenlight is not a bank; it’s a fintech company that provides a personal finance app and secured debit card for kids.
Greenlight cards are issued by Community Federal Savings Bank, a member FDIC financial institution.
What are the advantages of Greenlight?
Greenlight app has benefits for its users.
Parental Controls
Greenlight’s standout feature is its robust parental controls, empowering parents to set spending limits, allocate funds, and monitor their child’s spending in real-time, providing peace of mind while teaching financial responsibility.
Educational tools
Greenlight provides interactive quizzes, articles, and tips tailored to different age groups, making financial education engaging and accessible for children to learn about budgeting, saving, investing, and more.
Unique experience
The app enables parents to customize the experience for each child by creating multiple accounts, setting up recurring allowances, and designating spending categories, offering flexibility to tailor the app to their unique needs and preferences.
Security features
Greenlight prioritizes security and privacy, offering features like real-time transaction alerts, card lock/unlock, and FDIC insurance on funds, giving parents confidence in the safety and security of their children’s money.
Ease of use
The app has a clean, intuitive interface that both parents and children can easily navigate, allowing seamless setup of accounts, management of allowances, and tracking of spending within the app.
What are the disadvantages of Greenlight?
Despite its benefits, using Greenlight app has some disadvantages. This includes:
Monthly fee
While Greenlight offers a free trial period, it charges a monthly subscription fee for continued app use, which, although relatively low compared to some other financial apps, may deter some families, especially those on a tight budget.
Limited banking features
Greenlight has some basic banking features, like spending accounts and savings goals. But it doesn’t have some of the more advanced features that standard banks do, like loans, mortgages, and investment accounts.
Parental involvement
Parents need to be involved and keep an eye on their kids for Greenlight to work well. This is a good thing for families who want to teach their kids about money, but older teens and young people who want more freedom might not like it as much.
Final thoughts
On the whole, Greenlight is a great app for families who want to teach their kids good money habits from a young age. Greenlight makes learning about money fun and easy to do with its parental controls, teaching tools, and simple interface.
Some problems with Greenlight include a monthly fee and restricted banking features. However, for many families, the pros of using it for teaching and managing money far outweigh the cons.
Photo by Yura Fresh on Unsplash