I've been using Greenlight to manage my kid's allowance for a couple of months now. What is Greenlight? It's a way of helping you manage your kids allowance while your kids learn valuable money management skills.
Here's how I use it, which will give you the basics.
My teenage kids earn $20 per week in allowance. This is their money to buy what they want in both material items (video games, tapestries for their walls, Billie Eilish vinyl...) as well as experiences (school dance tickets, movie tickets...).
Previously I would log their allowance into a spreadsheet. As they spent money, I deducted...as they earned money, I added it. This worked okay, but here were the challenges it caused:
They had no way of spending money outside of the house unless I gave them cash.
I was asked "how much money do I have left?" at least once a week.
Any purchase they made not involving cash had to involve us.
I had to keep up with the bookkeeping on a spreadsheet...blah!
I finally decided it was time to upgrade the way their allowance is managed, which is how I found Greenlight. Here's how I use it.
Each of my kids have their own debit card tied to their Greenlight account.
I have Greenlight auto pay them $20 per week for allowance.
They make purchases using their debit card.
They can see their balance right there on the Greenlight app.
They are also able to make investments via the Greenlight (requires a parents approval for each investment).
It is so easy to use, I can't believe I just now started using it. In addition when they get cash gifts from relatives, I take the cash and just add more money to their Greenlight account (who uses cash anymore anyway?). You have the option to pause the auto payment of allowance. You can assign chores through the app. There's a lot there, some of which I'm not even using yet.
Anyway, if you are a parent looking to a great option for managing your kids allowance, check out Greenlight. You'll end up saving yourself a ton of headache.
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Personal Capital: My go to place for tracking all things Net Worth.
YNAB: My go to place for managing my spending and budget.
Betterment: I use this account for general investment purposes.
M1 Finance: I use them for my dividend stock investments.
Greenlight: How I manage my kids allowance.
ANote Music: One of the ways I invest in Music Royalties.
As always this blog is meant for entertainment. I'm not a financial advisor in any way, shape or form. Anything I suggest here will need your own due diligence.