Deciding whether or not to give your child an allowance is a personal decision. If you do decide to give them an allowance, one of the next decisions you’ll need to make is how to give it to them. One popular option is to use an allowance card, which are prepaid debit cards that can be used anywhere. But which one is the best? Let’s take a look at two of the most popular options – Greenlight and GoHenry.
Greenlight is a popular choice for parents because it allows you to customize spending limits for different merchants and categories. For example, you can set a limit for how much your child can spend at the grocery store or how much they can spend on entertainment each week. You can also set up sub-accounts for different purposes, such as savings, spending, and giving. This can help teach your child about budgeting and may even encourage them to start saving for their future goals. Another great feature of Greenlight is that you can receive real-time alerts whenever your child makes a purchase, so you can always know where they’re spending their money. We actually have a full Greenlight review if you would like to know more.
GoHenry is another popular allowance card for kids. One of the main features that sets it apart from Greenlight is that it has a built-in savings component. When your child spends money, a certain percentage will automatically be deposited into their savings account. This can help teach your child the importance of saving money for their future goals. GoHenry also has a feature that allows you to round up purchases to the nearest dollar and deposit the difference into your child’s savings account. For example, if your child spends $3.50 at the store, 50 cents will be deposited into their savings account. This can help them save money without even realizing it! Lastly, GoHenry offers an optional parental control card which can be used to manage all of your family’s finances in one place.
Both Greenlight and GoHenry are great options for families who want to give their children an allowance with a prepaid debit card. However, there are some key differences between the two cards that may make one better suited for your family than the other. Greenlight offers more customization options when it comes to setting spending limits, while GoHenry has built-in features that encourage kids to save money. Ultimately, the best choice for your family will depend on what’s most important to you. Whichever card you choose, you can rest assured knowing that you’re giving your child a valuable financial tool that will help them grow into responsible adults! You can also view our list of best debit cards for kids page if you would like to know more.