Managing money with your kids can be a difficult conversation. Particularly around the holidays, and with household budgets tightening after a whirlwind 2020, talking about saving versus spending is more important than ever. Thankfully, there are new tools that parents can use to not only teach their children about the value of money, but empower them to manage their own spending, and provide a sense of financial independence to children of almost any age. FlipGive has teamed up with Greenlight to help make that holiday conversation easier than ever!

Greenlight is a debit card for kids that works just like any other, but is managed with help from their parents. Parents can easily send money to their child's Greenlight card with the Greenlight App, but it does so much more than that. It also lets parents see how children are using that money, and can even automatically transfer allowances. Greenlight also lets kids set savings goals for things they want, and can split the money parents transfer into Spend, Save, and Give categories to help even further with foundational money management. Read on to discover how Greenlight can empower your child's spending this season!

Create a fall budgeting bucket list 

You’ve probably seen the fall bucket lists that are all over Pinterest right now. Your kids can make one too! With your budgeting bucket list, talk about saving, setting spending limits and picking up extra work to bump up the budget. Here’s a list for your kids to get started: 

• Pick three outdoor chores to add to your rotation as the temperatures drop. Every two weeks of allowance (it’s automated!), put a % in your holiday gift funds.
• Spend on one fun fall activity. Take a picture and pat yourself on the back because you budgeted for it. 
• Set a new savings goal every month for the rest of the year. Have some fun with it! 
• Have a practice negotiation exercise with a scarecrow or a pumpkin. Remember: negotiating your allowance impacts your budget! Make it fun with an autumn-themed negotiation subject. 

Let them spend

Probably not the advice you were expecting, right? Well, if you haven’t heard it enough from us… kids learn by doing. They learn what it means to spend money when they actually do it. 

Let’s face it — they’re going to spend money at some point. And if you want a nice gift over the holidays (wink, wink), it’s better to be there with them for their first big purchase so you can point out ways to save up for the next one. Go online shopping together and let them pay for a holiday item of their choice (like decorations for their room or a holiday gift) using their Greenlight card.

Look for sales together

You know what’s better than scoring a sale? Finding a sale with your child. It’s the parent jackpot because 1) You’re both saving money and 2) You’re laying the foundation for your kids to always look for sales. 

From early bird October deals to Black Friday, you have lots of opportunities to teach your kids the value of a good bargain. When Cyber Monday rolls around, take a moment to talk about online safety. And when we get to December (finally!), show your kids how to use their Greenlight app to create different buckets for their holiday spending. P.S., if it gets too out of hand, set spending limits in your companion app.

Make a gift list

One of the greatest joys of the holiday season is giving. Instill this habit in your kids by sitting down and drafting a gift list with them. From Uncle Jim’s chocolate-covered pretzels to gag gifts for the siblings, this exercise will get your kids ahead of the game on their shopping lists — with an estimated cost for each gift. 

Aside from holiday gifts, kids can also celebrate generosity by giving back to the community. This year, volunteering might be tough (unless you’re volunteering virtually), so a nice alternative way to give is by donating to charitable organizations.

 Remember what matters

It’s easy for shoppers of all ages to get caught up in the holiday spending chaos. With COVID-19, budgets may be tighter and celebrations may be different. Come back to what matters most: your family. 

While this may not be a “money talk,” it’s a great real-life talk. Let your kids ask their questions or express their opinions about this holiday season. We’re all doing the best we can, so if you need a friend, coupon expert or budgeting tool, you can always lean on Greenlight.