If I only knew what I know now when it comes to raising financially fit kids.
I grew up in a home where there wasn’t a whole lot of money going around. My parents got divorced when I was in first grade, and I was the oldest of 4 kids. Yep, 4 girls. We moved out of our home with our mom into a small 3 bedroom apartment. This is where we learned that we couldn’t have as much as others and a McDonald’s Happy Meal was a privilege. I learned early on the significance of money. When I had any given to me for gifts or when I was working at a concession stand at the age of 14, I made sure not to just blow my money on everything. Fast forward to the year 2021.
Life as a parent.
Now that I am a parent to 3 kids, I never once truly thought about raising financially fit kids. I just knew I wanted them to have everything that I didn’t with no worries. Don’t get me wrong here. I wasn’t deprived as a child. We just worked a little harder at times. My mother worked hard to give us everything we needed. If we wanted anything extra, we worked for it.
Let’s be honest here. Most kids these days are not given the tools to understand the significance of money. They get and they spend. This isn’t the best way to set them up for success. It is great to allow them to purchase things with their own money because they feel a sense of accomplishment. Don’t we all feel good about being able to purchase something ourselves? Here is my guide to raising financially fit kids.
Learning that not everything is free.
This may be a hard concept for kids to understand, especially since younger ones will not be working. I believe you understand more that everything isn’t free when you are able to grasp the concept that we work to provide. How do you go about initiating this thought process? Chores.
Chores don’t have to be a means of forcing your kids to just work. These can be simple tasks that they should be doing anyway. Set the standard low and work your way up. My 4 year old can help clean up her toys or even make up her bed. Then my oldest can help fold laundry and maybe even start the dishwasher and take out the trash. So how much do you have to pay them for these tasks? I would say 25 cents per task. Now if it is a more tasking chore, you can definitely up the pay.
Setting up a bank account, Greenlight kids’ debit card.
Here is where my excitement comes in with raising financially fit kids. My oldest just turned 10 years old last month. She has been giving money for different occasions and carries it around in her purse. You now what else she does? She feels the need to spend it where ever we go. The money literally is burning a hole in her pocket. When I learned about Greenlight debit card, I knew it was the best route to go with my kids!
Greenlight debit card is quite honestly the most amazing tool for not only kids but parents. See why I am excited about having Greenlight in our home!
Raise financially-smart kids with a debit card and app.
Y’all, Greenlight debit card and app is so good for kids and parents. With Greenlight, you can load money on the debit card and have total control over its use through the app. Parents can set flexible controls and get real-time notifications every time their kids spend money. You know what else? You can actually pay kids money for chores as well as set savings goals through the app!
I have Ryleigh’s Greenlight debit card connect to our bank account. Whenever I want to send her money for either a chore or maybe to be a gift for someone, I can easily do just that through the app. The app isn’t just for parents though. There is an app for the kids to check the amount of money they have on their card. They can also look at how they want to save money as well as check in for completing chores.
This card works just like every other debit card! Ryleigh can go into any store and make a purchase with her card. Again, the parents still have control over this function. The card can only spend what it is allowed. If you put a restriction on purchasing over $100, then the card will not allow that. This gives kids the ability to grasp the concept that some things do cost a lot.
Your child will be excited to understand finances.
There is something exciting about understanding and feeling like you have control over your finances. This is even true for kids. When you give them the tools to make smart choices, they are able to thrive and grow into responsible adults. I never would have thought I would be giving my 10 year old a debit card. Greenlight debit card has totally changed my mind, and I am here for it!
Ryleigh is starting to understand that although it is her money, she needs to be responsible. She can also save her money for bigger things if she wants to and easily thanks to Greenlight. Check it out for yourself. I promise, you will be a thrilled as we are about it!