Financial independence is a step toward adulthood, but it’s terrifying to think about handing a debit card over to a teenager. Greenlight proposes a solution: a debit card for kids that is monitored by parents through an app.
Greenlight is a single app, but teens and parents have two different experiences. Parents are able to receive real time notifications of all transactions their teenagers make. Parents choose the stores, restaurants and websites where kids can spend their money. There’s also an option for kids to request money if an emergency occurs.
A neat feature on the app called “Chores” allows parents to set upweekly or monthly allowances. Kids are then able to receive money once they complete their chores. The funds can be dispersed to their Give, Save, or Spend accounts.
Kids are able to “watch their savings grow and learn to make real world trade-off decisions,” explains the Greenlight website.
Family and friends can directly send birthday, holiday or graduation money through Greenlight. The app is affordable at $4.99 a month per family for up to five kids, with the first month free as a trial.