Paying your kids an allowance for chores and good deeds has been around for many, many years. However, what has changed throughout the years is how you pay your kids. Cash used to be the go-to payment method for parents giving their kids their weekly or monthly allowances to spend. Today, things are changing. To help kids learn a little more responsibility and prepare them for adulthood, some parents are opting for a new method of paying their kids an allowance and it has proven to be very easy with many benefits. Debit cards for kids such as Greenlight cards are the perfect way to teach your kids about the responsibility of debit cards while also letting them spend the money they earned. It is one of the more easy ways to borrow and manage money for kids these days.
Benefits Of Debit Cards For Kids
- Less Worrying For Parents- One of the biggest worries parents have when giving their kids cash for their allowances is worrying that they will lose it or spend it on things they shouldn’t be spending it on. Nowadays, there are ways to teach and protect our kids from all of that happening. With debit cards for kids, you can easily transfer your kid their allowance straight to their debit card from your phone. They will have their own card with their name on it. You can log into their account and monitor what they spend their money on.
- Monitoring- Not only will you be able to monitor their spending habits and easily reload funds, you will also be able to set up preferences with the card as well. According to greenlightcard.com, you will be able to predetermine what stores and online websites your kids will be able to spend their funds. Most parents are in love with the idea of being able to choose where their kids can spend their allowances and not have to worry about them spending it on items they shouldn’t be buying.
- Notifications- According to techcrunch.com, a great feature of the Greenlight card and other types of kid-friendly debit cards is that the parents get instantly notified when their kids make a purchase. They will be able to see how much they spent and where they made their purchases. Parents will also be able to monitor whether or not a purchase was declined, if they have a low balance and when the card is activated or turned off.
- Instant Transfers- Everything about the debit card is quick and easy. Parents will not only get alerts about their kid’s activities instantly, they will be able to quickly change preferences and transfer more money when they want to as well.
While the Greenlight debit card isn’t the first reloadable and prepaid card of its kind, it is definitely a step above the rest with its user-friendly features and ability to choose predetermined stores and websites for kids to spend their allowances on with ease. It is one of the easiest ways for kids to learn more about being responsible while the parents can monitor their spending habits and tweak them where appropriate.