Jan 5, 2021
5 money resolutions to make with your kids in 2021
Let out that sigh of relief and toss out your 2020 calendar because 2021 is (finally) here. As you and your family start thinking about goals and new habits to build this year, we’re here to help you with your financial resolutions.
The best part? It’s an activity for the whole family. Making money resolutions together can be fun — and involving the kids helps them own it by doing it. Not sure where to start? Here are five.
#1: Talk about money as a family more
Money conversations will come up naturally with your Greenlight app (woohoo!), and you can keep it going in normal, everyday situations. Saving up for a family vacation in the future? Tell your kids how much it will cost. Buying a new TV? Show them how you’re shopping for sales to spend less.
Pro tip: Podcasts, like Million Bazillion presented by Greenlight, can also get the ball rolling on money talks. Tune in on your next long car ride or a lazy rainy day.
#2: Boost smart money habits
In with the good habits, out with the bad. Are you worried your kids are spending a lot? Or too much in one place? Help them dial it back. With parent spend controls, we make it easier for you to guide their money decisions and then help them stick to it, automatically.
By nature, money management is a balancing act full of choices. A budget does exactly that — it divides up earnings where they should go. That’s for all ages, whether money from a gift, allowance or income from a job.
Smart money habits thrive when there’s support and follow-through. Looking for a fun visual? Try this. Greenlight notifications will keep you in the know, so you won’t miss a chance for an important money check-in.
#3: Set savings goals
Here’s a chance to do more listening. What are your kids interested in saving for? Maybe they want to start small, like with new wireless earphones, or go big with a major milestone — like this Greenlight teen who bought his dream car. But they don’t need to stop there. From emergency funds to investing funds, kids can take the reins and set savings goals in the Greenlight app. Looking to offer even more incentive? Set a Parent-Paid Interest rate so your kids can save AND grow their money.
#4: Learn about investing
Hooray! Investing is coming soon to Greenlight. No worries if you’re not a financial expert yourself — we’ll help you and your kids choose, buy and track stocks all in one place. They can start with $1, seriously. Once they know the basics of investing, they’ll be explaining it to YOU.
#5: Explore charitable giving
Many studies have shown the benefits of generosity — and for the giver, too — not just the receiver. All while making the world a better place! When kids want to help others and important causes, they develop empathy and learn by doing. Here’s how one Greenlight kid is making a difference by helping other kids beat cancer. Together, you can explore all kinds of charities in your Greenlight app and find out where your kids can make their mark.
Here’s our resolution: to always have your back, this year and every year. Join our Facebook community of parents just like you for tips, advice and parenting hacks of all sorts. We can’t wait to hear what you have planned for 2021!
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