Primary Accountholders and Authorized Approvers can easily set up recurring allowances to pay out weekly, bi-weekly, or monthly — no cash or coins needed! You can even have allowance automatically split between your child’s Spend Anywhere, General Savings, Giving, or Cash to Invest categories.
Here’s how to get started:
-
- Open your child’s dashboard by tapping their profile from the top of the app
- The “Set up allowance” tile.
- Enter the “Allowance” $ amount then tap “Continue”
- “Set a schedule” and tap “Continue” -
- Choose the payout frequency by selecting “Weekly”, “Every two weeks”, or “Monthly”
- Choose the day of payout in the second drop-down- this will determine which day of the week you’d like the allowance to be paid
-
“Allocate allowance” and tap “Continue”
- This will determine which percentage of their allowance will be allocated to each category (Spend Anywhere, General Savings, Giving, and Cash to Invest)
- You can tap into each percentage to set a range from 0-100% so that 100% of the allowance has been allocated
- Tap “Complete” to finish setup.
Please note: Allowances are paid out around 6 a.m. EST on your scheduled payday.
Want to tie allowance to chore completion instead?
Check out how to connect allowance and chores here!
Where will their allowance money be pulled from?
Once allowance is set up, funds will be transferred from your Greenlight Wallet to where you allocated your child’s funds to!
Pro tip: Turn on Autofunding by linking a funding source to make sure allowance can always be paid out on time! If your Greenlight Wallet doesn’t have enough funds — and Autofunding isn’t enabled — allowance will be paused until you add more money for the next allowance payout.
Allowances are paid out around 6 a.m. EST on your scheduled payday.
Need to pause an allowance?
You can stop allowance at any time with a quick toggle:
-
- Head to your child’s dashboard
- Tap the “Allowance” tile
- Use the toggle to turn allowance off
Comments
Article is closed for comments.