Are you a parent looking to teach your children financial literacy and good money habits from an early age? Greenlight might be the perfect solution for you.
As children become more familiar with technology, it’s essential to introduce them to age-appropriate financial tools that can help them learn the value of money management.
Greenlight is a financial platform offering various features designed specifically for children and teens. Children can learn how to responsibly manage money in a safe and controlled environment with a parent-managed account and a debit card that can be customized with spending controls.
But even if all of these sound sweet to the ears, is this platform worth your investment, or is there a better financial tool out there? In this Greenlight review, we’ll look at this financial platform and help you decide if it’s the right choice for you and your family.
What is Greenlight?
Greenlight is a fintech company that provides parents an innovative way to manage their children’s finances. With Greenlight, parents can set up a prepaid debit card for their children and monitor their spending and savings habits.
But Greenlight isn’t just about the debit card – it’s an entire suite of financial tools and educational resources designed to help parents and kids navigate the world of personal finance.
Greenlight offers a comprehensive approach to money management that can benefit the whole family. Other Greenlight’s features are spending controls, cashback on purchases, and competitive savings account interest rates.
Features of Greenlight
Below are the key features of this tool:
1. Prepaid debit card
Parents can set up prepaid debit cards for their children, allowing them to purchase debit cards and learn about responsible spending.
2. Spending controls
Parents can limit how much their children can spend and where they can spend it, ensuring their money is used wisely.
3. Allowance payments
Greenlight allows parents to set up automatic allowance payments for their children, helping them learn about saving and budgeting.
4. Savings goals
Kids can set savings goals and track their progress towards achieving them, learning about the importance of saving money for the future.
5. Educational app
Greenlight’s educational app is designed to help kids learn about money management in a fun and engaging way.
6. Family Cash Card
Parents can also apply for a credit card with up to 3% cash back on purchases, making it easier to manage their finances while teaching their kids about responsible credit card use.
Who Is Greenlight Suitable For?
There are better tools than greenlight for families with older children or those who need to withdraw large amounts of cash each month.
However, Greenlight offers many features to help younger children learn about budgeting, saving, and investing.
With low monthly and no trading fees, Greenlight is an affordable option that won’t break the bank.
And for parents who want to stay involved in their children’s financial lives, the platform offers a variety of parental control and monitoring features, including spending limits and the ability to track purchases in real-time.
In addition to the prepaid debit card for kids, Greenlight also offers cashback credit cards for adults, making it easy for parents to manage their finances while teaching their children about responsible credit card use.
How Much Does Greenlight Cost?
Greenlight offers transparent pricing and three easy-to-understand plans to meet every family’s needs.
- Greenlight Core Plan
The Greenlight Core plan provides all the basic features you need to manage your child’s finances, including up to 5 debit cards, the educational app, and powerful spending and savings tools. And this goes for $4.99 per month.
- Greenlight Max Plan
The Greenlight Max plan is the perfect upgrade for those who want to enjoy all the benefits of the Core plan and more. With the Max plan, you get an additional 1% cashback, the ability to invest for your kids, and priority customer support.
- Greenlight Infinity Plan
The Greenlight Infinity plan provides ultimate financial management tools. With this top-tier plan, parents can enjoy all of the features of the other plans, as well as powerful location sharing, crash detection, and SOS alert feature.
Pros of Greenlight
- Cashback rewards
- Investment options
- Parental monitoring features
Cons of Greenlight
- Limited to younger children
- Monthly fees
Alternative to Greenlight
While Greenlight is an excellent option for families with young children, Tiller Money is a great alternative to Greenlight because it focuses on individuals and families of all ages.
Tiller Money offers customizable spreadsheets that seamlessly integrate with Google Sheets and Microsoft Excel, providing a tailored and efficient approach to budgeting.
With its automatic data population feature, Tiller Money simplifies financial planning and budgeting, making it the perfect choice for those seeking a more comprehensive financial management platform.
Is Greenlight worth it?
While it may not be the best option for families with older kids or those with higher spending needs, Greenlight is an excellent choice for families with younger children who want to establish good financial habits early on.
With low monthly fees and no trading fees, Greenlight provides a cost-effective solution for families looking to teach their kids about money.
Ready to give it a try? Click here to sign up now and enjoy your first month of Greenlight for free!