It's never too early to start managing your personal finances, which is why Greenlight is a good idea. This is a combination banking app and bank account designed to help younger users master managing their money.
Unlike some personal finance programs and budgeting apps, which are dedicated to helping adults take control of their spending, Greenlight adds a lighter touch to the proceedings, making managing money a more enjoyable experience. fun.
In addition to giving children and teens a great foundation for managing their personal finances, Greenlight also offers the option to own and use debit cards. Allowing children to take control of their spending habits while allowing parents to closely monitor their progress has been very popular. The Greenlight app frequently receives thumbs up from users, while the user base is said to exceed 6.5 million.
While older fans of personal finance apps like Quicken or Simplifi are already well served, making Greenlight available to children and teens is a great way to boost education about money matters. The added benefit, along with the ability to maintain strong parental control, is that Greenlight has so far managed to keep costs down, making it a very affordable option for most families.
Green light: prices
The best personal finance software is broadly tailored to the adult segment of the market, while Greenlight is perfectly designed for children and teenagers, as is the high-profile product GoHenry. Another advantage in this regard is that Greenlight keeps things simple, with a simple selection of products built around an app and card combination. You can also use a free trial to try the service first.
From there, Greenlight offers Greenlight Core, which currently costs $4.99 per month, followed by Greenlight Max at $9.98 per month and this is rounded out by Greenlight Infinity. This costs $14.98 per month at the time of writing.
And, because these products come with backup bank accounts, there is interest too. Currently, the rates are respectively 2, 3 and 5 percent. However, it should be noted that these rates can (and likely will) change depending on market conditions.
Green light: characteristics
As is the case with most personal finance software, more expensive packages include more features and functions. Central to the appeal and a mainstay of all products is the debit card that comes with each account for up to five children or teens. There is also a credit card option open to adult users of the Greenlight service.
The Greenlight Core package comes with the debit card, a “Homework, Jobs and Allowances” feature and a financial education game, designed to encourage children to get involved with their finances. The Greenlight Max product builds on that and adds kid-friendly investment, 1 percent cash back on purchases plus phone, shopping and identity theft protection. However, it's worth reading the fine print surrounding these features to make sure they work for you and your circumstances.
Rounding out the feature front are driving reports, alerts and accident detection options, as well as family location sharing and SOS alerts offered with the Greenlight Infinity product. However, again, the Greenlight website has some asterisks attached to these features, so it's important to check any exclusions or limitations based on what you expect from the product.
Green light: performance
Greenlight works very effectively and that is largely due to the great tools offered within the app. There are options to set spending limits and, better yet, create chores for the kids to do. These can be used in their default modes or customized to fit more unique scenarios. Everything is very well designed and thought out, meaning that using the app is a piece of cake for both parents and children.
The best thing about all this is the way the graphics software delivers the information. Everything is very simple, logically laid out, and powerful tools, like teens having their paychecks deposited and visible within the app, make Greenlight's performance level very high indeed.
Also impressive is a more advanced feature, such as the investment aspect of the service, with the reassuring line that nothing can be done without the participation of parents or guardians.
Green light: ease of use
Greenlight is great at providing features and functionality for any parent who wants to keep an eye on things, especially when it comes to kids' expenses. From the beginning, Greenlight encourages kids and teens to learn how to manage their money and use games and other fun features with the app and Website. However, by the same token, parental controls are at the forefront of all three product variants, so control is never far away if you are the parent or guardian.
The same goes for the debit card side because the Community Federal Savings Bank offer supplied with Greenlight products can be fully supervised by an adult. There's even the benefit of cash back, so younger users can quickly learn to see the benefit of being smart with their spending. This is a great way to do things and works in a simple but effective way. Greenlight also offers a credit card option for parents if they feel the need to consume more plastic.
Green light: support
Greenlight works well, but anyone who runs into problems or has questions will find the help portal very beneficial. There are plenty of FAQs here, but there's also the option to ask a question via SMS, while chat tools can also be useful.
At the bottom of the help center page, Greenlight also offers more ways to seek assistance with a text number, email button, and phone number all available to the customer. Help is apparently offered 24/7, with some variations in hours on holidays.
Green light: final verdict
Next to a product like GoHenry, the options that Greenlight presents are very attractive and, perhaps, a little more substantial. The company offers options that are on par with the best personal finance software apps, but focusing on kids and teens is a masterstroke. The product options are also very practical, offering useful guidance on how to manage money while allowing parents to keep a close eye on spending habits.
With three product variants that are also affordable, Greenlight has done a great job of making money management interesting and fun. At the same time, it gives children and teens the ability to take control of their own finances, with plenty of options for parents to make sure things never get out of hand.