How do Savings Goals work? How do I set them up?

With Greenlight’s Savings Goals we’ve made it easier for you to empower your children to establish healthy, lifelong financial habits by setting new saving goals to motivate and focus their money management. Your kids can create savings goals to save for specific purposes - like a new bike, phone, game, or trip!

Money can be moved into a Savings Goal from your Parent’s Wallet, from any of your child’s greenlights, or from their General Savings. Your child will be able to move money into a Savings Goal without having to send you a request, but any attempt to move funds out of savings will require your approval.

If you've set a Parent-paid interest rate, it will also be applied to any money in a Savings Goal, and any interest earned will be deposited directly to that savings goal.

Adding a savings goal:

  1.     Navigate to your child’s “Save” tab
  2.     Tap “Add a Savings Goal”
  3.     Enter a title or description of what your child will be saving for.
  4.     Enter a goal amount.
  5.     Tap “Add Savings Goal” to complete the set-up process. 

If you need to change the name or amount of your child’s Savings Goal, or if you need to delete a Savings Goal, follow these steps:

  1.     Navigate to your child’s “Save” tab.
  2.     Tap on the goal you need to edit.
  3.     Tap on the vertical tri-dot icon in the upper right-hand corner.
  4.     To edit, tap “Edit goal” – from there, you can change the name of the goal and/or edit the goal amount.
  5.     To delete, tap “Delete goal” – please note: savings goals must have a $0 balance before they can be deleted.

 

 

 

 

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