Teaching Children Financial Responsibility

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Watching my kids grow up is bittersweet. On one hand I am so excited for them to experience the world on their own and take charge BUT on the other hand I selfishly want time to stand still so they can be my babies for a little longer. I can get caught up in the frenzy of school and activities that I sometimes forget just how big they are getting.

Teaching Children Financial Responsibility

As I slowly encourage their independence outside the home, I enthusiastically encourage it at home when it comes to organizing their things, cleaning up after themselves and helping out around the house. The big kids can be trusted to pick out their own clothes for school and get ready in the mornings with a tiny bit of guidance from me, of course. As much as I let them do at home; I know I have to start preparing to give them more responsibility and ownership of their little lives, especially Ryder.

Teaching Children Financial Responsibility

Ryder started a new school all the way uptown so he is in a new neighborhood and feels like he is on his own a little more these days. He isn’t quite old enough to ride the subway by himself yet but we are slowly and cautiously giving him more room to be his own person and take care of himself, like letting him to go our corner bodega store on his own.

Teaching Children Financial Responsibility

One of the most important lessons I can teach my big boy, and all my children is how to be financially responsible. We have given the kids an allowance in the past as more of a novelty for them, but this is something I really have to think about now. I usually give Ryder a few bucks when he goes on playdates after school so he can buy a water and snack if he wants. But there are times I forget and don’t have cash on me, and I recently discovered Greenlight which is the perfect solution for my growing boy!

Teaching Children Financial Responsibility

Greenlight is a debit card for kids that parents can manage from their phones! Parents can restrict the card usage and allocate allowance from a phone. We do everything else from our smartphone why not give our kids their allowance! Asking my nine-year-old to keep track of cash isn’t realistic but if he has his own debit card he will feel very grown up, yet I am still able to help and manage his money. He will also have a version of the app (when he is allowed to use his own phone) so he can check the balance.

Teaching Children Financial Responsibility

The Greenlight app is incredibly easy to use and the service is only $4.99 per month for up to 5 kids per account. You can divide the funds into two categories: money they can spend anywhere and money they can ONLY spend at certain stores or types of stores that have been parent pre-approved. You are basically giving your kid the “green light” to spend. If your child tries to spend at a non-approved store or goes over their limit they are declined. Giving Ryder his own debit card teaches him about money management and spending—and that there are limits.

Teaching Children Financial Responsibility Teaching Children Financial Responsibility Teaching Children Financial Responsibility Teaching Children Financial Responsibility Greenlight debit card is a great tool for parents to teach their kids about spending, saving and the importance of money management. I am excited for Ryder to feel a sense of independence. He already seems more mature with his own card and he has been behaving like a real big kid since we gave him this feeling of financial freedom.

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31 thoughts on “Teaching Children Financial Responsibility”

  1. How adorable! The back to school styles for kids is my favorites! I love how grown up he looks! My kids love looking at all the fall options that are on dkwittle ones . As a family, I feel like we get most of our kids clothes from there because of the overall unique style and how you can use the pieces in so many different ways.

  2. That’s really lovely. It would be so nice to give them the chance to manage their money properly without overspending. I think this is such an awesome idea. I’m definitely thinking about getting this for the family.

  3. This is a really awesome idea! I love that you can approve certain stores! It really is a great deal and good way to help give kids some financial independence. We will have to give this a try.

  4. That’s really awesome and it’s definitely going to make them more responsible. Kids respond to responsibility better when we give them enough room to move and make them feel like they’re really growing up. This is such a brilliant idea.

  5. It’s such a valuable lesson to share with kids. I love that you can safely teach kids to manage money while still allowing some independence.

  6. I love the parental controls you can have on that card and the way it can truly be used as a teaching tool to prevent bad spending later in life. Plus, it’s a WAY easier way to give allowance!

  7. I’ve thought about getting this for my kids, but they seem to lose everything. They have all lost their library cards countless times. I want them to be responsible and hopefully soon they can have this, it will make my life easier.

  8. Wow! I’d never heard of something like this before. My daughter is almost reaching an age where she will need to have a little financial independence and this looks like a really good solution for those early beginnings. Super great info here.

  9. You are a braver person than I am. I don’t think I could let my kiddo go anywhere on his own in New York. The one thing for sure I do want to teach my kiddo is independence and also financial responsibility. As my kiddo gets older I am definitely going to do something like this.

  10. Cards are king these days, they are even taking them at the farmer’s market I go to. This sounds like a good way to teach kids financial responsibility.

  11. I think this is a good idea. Kids will learn to be financially responsible using their own debit card. I love the idea too that kids do not have to carry cash, which can easily be stolen or misplaced.

  12. I like your idea. This is a great way to teach kids how to handle their own money. Totally convenient for parents too. For a low fee, you can manage up to 5 cards through an app on your phone. Awesome.

  13. Financial responsibility is HUGE and really goes a long way, especially if you learn it early!! When you do, you’re just setting yourself up for SUCCESS!!!

  14. Oh I am loving the parental controls! I know a few people who talked about wanting something like this when their kids were at sleep away camp.

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