Imagine what the world would be like if kids learned how to handle money when they were young.

Many good things could happen like learning to live within your means making and sticking to a budget starting to invest as a teenager or child and planning for a safe retirement among many other things. This idealistic way to start saving for your child's future isn't as unrealistic as it used to be. In fact there are many great places online where you can teach your kids about money.

You may even find that your kids learn a lot about money from the media they use every day like video games TV streaming services and so on. But in our schools they don't give kids any materials to help them learn about money. In this situation it's up to the parents to take the lead and sign up their kids for programs that teach them about money. But in the past few years there has been a lot of progress in this area. More parents now require it in schools but there is still a long way to go.

Even people who studied corporate finance in college said they didn't learn anything about their own money. Hence firms like Greenlight are helping children learn about money from a young age which is a big step forward for financial literacy for kids. So in this article we will discuss ways to give financial literacy to kids with Greenlight.

1. Greenlight Debit Card

The Greenlight card is a debit card for kids and teens that keep their money safe and teaches them about money. Since the card is secured money must be put on it before it can be used. Parents can send money to their kids through the Greenlight app and kids can get their money directly deposited. Also parents don’t have to worry as through real-time notifications you will find out right away what your kids are trying to buy with their money. Greenlight will also let you know if a purchase was turned down or if you need to add more money to the account.

Transactions can be done in many ways and quickly. Let's say your child is in a store and wants to buy something. You will then be told that you can either send them money right away to cover the cost or you can say no if you don't agree with the purchase.

Moreover the Greenlight card comes with the Greenlight mobile app which both parents and children may use. But there are some differences between what parents and kids can do on the app. Children for instance can check the balances on their cards keep track of how much they spend and set savings goals. Even though parents can set limits on how much their kids can spend and watch how they use their debit cards. Parents can also move money from their own accounts and set up payments for allowances.

2. System of Tasks and Payouts

Parents can make task schedules and check-off lists in the Greenlight app. When kids do their chores parents can use the app to pay them. It's a great way for kids to keep track of their chores in one place and parents can save time by setting up recurring chores. Parents can also set up notifications to remind their kids to do chores which is another useful feature.

The app also lets kids keep track of their allowance learn how to make a budget and keep track of how much money they spend. Having such a fun way to do chores is good for both the parents and the kids. Parents will like how easy it is to make a chore calendar and kids will feel more independent and proud of themselves.

3. Learn to Invest with Greenlight Invest

Through Greenlight Invest kids and teens can learn the basics of investing and buy fractional shares of exchange-traded funds (ETFs) and stocks for as little as $1. All of their kids' investments need to be approved by their parents.

There are two places to learn about Greenlight Invest: Greenlight Invest for Kids and Greenlight Invest for Parents. Both give kids and their parents a chance to learn more about how to invest. Parents can also set aside money for important purchases like college or a first car. It's the same to move money into Invest as it is to moving money anywhere else in Greenlight. Parents can also get the Greenlight Family Cash Card which is a credit card that lets them invest in their rewards. After your one-month trial plans for the whole family start at $4.99 per month which includes up to five children.

4. Visual Aid for Learning

Traditional bank accounts don't pay much interest so it's hard for kids to see how their money grows over time. Using Greenlight they may be able to see the growth more quickly. This could encourage kids to save more money and be more responsible with the money they are given. Some kids learn best by seeing things and this is a great way to take advantage of that.

5. Classroom Learning for Teachers and Students

Greenlight for Classrooms is an online interactive library for educators that focuses on financial literacy. It contains classes for students of all ages and grade levels from kindergarten all the way up through the high school. Each lesson is connected to the national standards for K-12 personal financial education. These lessons were published by financial experts and the Council for Economic Education. These standards cover essential financial topics such as earning spending saving investing and managing credit among other topics.

Over one hundred animated films are included in Greenlight for Classrooms. In addition to this an assessment bank includes thousands of vocabulary items and exam questions for practical learning. These questions may be multiple-choice yes or false or scenario-based alternatives. As optional extras you may choose to purchase quizzes suggestions for individual projects activities for group discussion and a guide for instructors.

Final Thoughts

In the modern world it is just as necessary to provide students with a fundamental education as it is to teach them a variety of skills including financial literacy skills.

Literacy in financial matters is without a doubt one of the most significant skills one may possess in today's environment which calls for an increase in the number of individuals who are capable of independent thinking and possess the required abilities to take their own financial decisions efficiently.

Teaching youngsters about money management not only encourages them to be self-reliant but also gives them the self-assurance they need to face the challenges of adulthood without fear. So Greenlight for kids might be of great assistance to you as a parent if you are seeking a suitable spot to begin teaching your kid about financial literacy.