Giving Your Children Financial Independence | Stroller in the City (2024)

This is a sponsored post. Thank you for supporting SITC.

As my children get older, especially Siella and Ryder, I’m on a mission to help them understand how money works and how to make it work for them. I firmly believe that what they learn now will help them for a lifetime. I know my parents did the same for me and my siblings, and I can tell you I was pretty savvy on how to run a checkbook once I went to college, and was shocked by how many of my classmates weren’t able to.I also firmly believe that making learning fun is the best way to make learning stick, which is why I’ve gotten GoHenry debit cards for my son, Ryder, and my daughter, Siella.

Giving Your Children Financial Independence | Stroller in the City (1)

To most kids, money is an ethereal thing. It just sort of exists out there in the void. That’s especially true these days when cash is no longer a necessity. That’s why I knew it was so important to teach my kids about finances and money sooner rather than later. GoHenry debit cards help our kids learn how to use money in a variety of ways, and it does it by making it both fun and functional.

Watch The Video!

Giving Your Children Financial Independence | Stroller in the City (2)

You see, GoHenry is more than just a debit card. It’s also a financial learning app that helps us teach our kids about money in a fun, engaging way. One of the ways it does that is through their new Money Missions feature – in-app gamified education. Kids can watch videos, take quizzes, and earn points & badges while gaining money skills for life. Missions cover money basics, investing, saving, compound interest, borrowing, giving, and more. It’s easy and fun for kids to learn—and a delight for parents to guide the process.

Giving Your Children Financial Independence | Stroller in the City (3)Giving Your Children Financial Independence | Stroller in the City (4)

What I love about GoHenry is all the ways that kids can learn about money in addition to the financial literacy for students that GoHenry’s Money Missions provide. To begin, we can make it fun by helping the kids choose from over 30 designs. Then, parents can set up weekly transfers so the kids always know exactly how much money they’ll receive. Through the app and the card, kids can create savings goals to plan for future purchases, and they can earn the money that comes in weekly by completing the tasks that we as parents set for them. Parents can even set up Giftlinks, so family and friends can send money directly to their child’s card for special occasions and birthdays.

Giving Your Children Financial Independence | Stroller in the City (5)Giving Your Children Financial Independence | Stroller in the City (6)

GoHenry is more than just a convenient debit card for kids, it’s a complete financial literacy tool. Financial literacy for students is in short supply these days, but with the GoHenry debit card and the accompanying app, we can help our kids learn about money now so that they’ll understand how to use it properly for the rest of their lives.

Use my code BRIANNE25 to get a $25 credit and one month free when you sign up to GoHenry.

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Giving Your Children Financial Independence | Stroller in the City (7)

Giving Your Children Financial Independence | Stroller in the City (8)

  • October 19, 2021
  • credit card for kids, parenthood, sponsored
  • 15 Comments

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Join The Conversation - Comment Below

15 thoughts on “Giving Your Children Financial Independence”

  1. October 19, 2021 at 5:02 pm

    I love this idea! It’s so important for children to understand finances and how they work. AND how to make them work for them.

    Reply

  2. April

    October 19, 2021 at 5:39 pm

    Oh this sounds great! I have a son who just turned 16 and needs to get his own account. I will definitely look into this!

    Reply

  3. October 19, 2021 at 9:40 pm

    I love that this teaches them about finance. It’s such an important subject that they don’t learn about in school. My husband and I are working on teaching it to our boys, and this card may be perfect for them.

    Reply

  4. October 20, 2021 at 5:52 am

    It’s definitely going to be fascinating when my kids get older and they want/need money! I know my husband and I will certainly teach them financial responsibility though, my husband was raised by bankers so how could he not!?!

    Reply

  5. Gervin Khan

    October 20, 2021 at 6:49 am

    This sounds like a good app to teach my kids to manage their own money. I will check this out. Thank you!

    Reply

  6. October 20, 2021 at 8:35 am

    I keep meaning to get one of these cards for my daughter. So important to give kids financial independence it’s great for their financial literacy.

    Reply

  7. Alita Pacio

    October 20, 2021 at 8:36 am

    I see so much value in this post. It’s important for the kids to learn financial literacy as early as they can.

    Reply

  8. October 20, 2021 at 8:37 am

    I wish I have known this earlier. This is really important for the kids to have financial independence.

    Reply

  9. October 20, 2021 at 6:43 pm

    It’s nice to teach kids on how to save up at a young age. Still, we need to supervise them and teach them how to spend properly. Saving some money should also be done!

    Reply

  10. October 21, 2021 at 6:12 am

    Oh niceeeee!
    This is a very interesting topic. Teaching children about finance is a great step to prepare for their future.

    Reply

  11. October 21, 2021 at 6:41 am

    Luckily my kids now the value of money! But if we had things like this when they were younger, it would have been even better! Thank you for sharing!

    Reply

  12. October 21, 2021 at 8:52 am

    I actually just wrote a post about finances for adults so this actually holds a special place in my heart. If we were teach financial logic to people when they are very young then they wouldn’t need to learn these things when they’re older. It would already be part of them

    Reply

  13. October 21, 2021 at 4:34 pm

    Brilliant idea you did there! The sooner kids get to learn how to play and mingle with their money, the better their future times will be for them! Thanks for sharing about it all.

    Reply

  14. Neely Moldovan

    October 21, 2021 at 4:54 pm

    Such a great way for kids to learn! I wish this had been around when I was younger!

    Reply

Leave a Comment

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Giving Your Children Financial Independence | Stroller in the City (2024)

FAQs

How do I make my child financially independent? ›

Raising Your Kids to Be Financially Independent Adults
  1. Start With Basic Budgeting.
  2. Split the Costs of “Must-Have” Items.
  3. Teach Them About Credit Cards.
  4. Talk Openly About What They Can Expect in Terms of Support for the Future.

Why is financial independence so important? ›

It also requires responsible management and control of one's finances, making informed decisions about spending, saving, and investing.” The biggest advantage offered by financial independence is that you can control the things that matter most in your life. You're beholden to no one.

What are some strategies to help you reach financial independence? ›

Welcome back. Here's where you left off.
  • Introduction.
  • Get your own bank account.
  • Create your own budget.
  • Make a plan to pay off student loans.
  • Begin building your credit.
  • Save up for rent.
  • Learn about health insurance options.
  • Figure out transportation.

How to help your adult child become financially independent? ›

You can guide your adult children in establishing good credit by encouraging responsible credit card usage and timely bill payments and educate them on the value of maintaining a good credit history. Conversely, ensure they understand how debt can negatively impact financial independence.

How do you prove financial independence from parents? ›

To prove your financial independence, you must be able to document that you have been totally self-sufficient for one full year prior to the residence determination date, supporting yourself, for example, through jobs, financial aid, commercial/institutional loans in your name only, and documentable savings from your ...

What is considered financially independent from parents? ›

Becoming financially independent from your parents means paying for your own bills, including your cellphone or internet services, car insurance, and Netflix, Spotify, or other subscription services you might have.

What is the power of financial independence? ›

Greater financial security

Being financially independent means you are in a better position to ensure you don't find yourself at the mercy of these factors. When you're financially independent, you can choose roles that suit your approach to risk rather than being dependent on a salary.

What does financial independence look like? ›

But financial independence can have various meanings. One popular definition is having enough money to be able to stop working. A more attainable interpretation is that you don't have to rely on someone else, such as your parents or a spouse, for money.

What does it mean to achieve financial independence? ›

Financial independence is a state where an individual or household has accumulated sufficient financial resources to cover its living expenses without having to depend on active employment or work to earn money in order to maintain its current lifestyle.

What is the fastest way to become financially independent? ›

8 Expert Tips to Help You Become Financially Independent
  1. Know Your Finances. ...
  2. Reduce Debt. ...
  3. Live Below Your Means. ...
  4. Increase Your Income. ...
  5. Invest in Your Future. ...
  6. Build an Emergency Fund. ...
  7. Monitor Your Credit Score. ...
  8. Seek Professional Financial Help.
Jul 3, 2023

What are 5 personal finance strategies? ›

The five areas of personal finance are income, saving, spending, investing, and protection.

What could make financially independent life easier? ›

The easiest approach to financial independence comes from treating your savings as an expense you must pay, like a bill. To ensure your savings are working for you, consider a 401(k), IRA or Certificate Account where gains in interest can grow your investment more than sitting in a regular savings account.

At what age should children be financially independent? ›

“Household formation costs are very expensive, college is very expensive – everything costs more. I have a lot of empathy for people who are just starting out.” That said, the typical age of financial independence should be between 20-23 years old, according to a Bankrate survey.

At what age do most become financially independent? ›

Among the key findings: 45% of young adults say they are completely financially independent from their parents. Among those in their early 30s, that share rises to 67%, compared with 44% of those ages 25 to 29 and 16% of those ages 18 to 24.

Should you help your adult children financially? ›

It's important to make clear to your adult kids that it's their responsibility and in their best long-term interests to earn their own way. Stress that any financial assistance you provide to them should be viewed as a bridge to their eventual financial independence — and not a handout.

How do I set my child up for wealth? ›

Open a high-interest savings account with your child, and have them start setting aside a certain percentage of their income each month toward it. The point isn't that they might face a financial emergency next month. The point is to build good financial habits from the very beginning.

How much do you have to make a year to be financially independent? ›

It doesn't take an exorbitant salary, either. Americans say they'd need to earn about $94,000 a year on average to feel financially independent. That's about $20,000 more than the median household income of $74,580.

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