Inside: Are you looking for a way to help your kids learn about money? If so, Cash App for kids is the ideal answer. This guide will teach you how to manage money simply by using apps.
Ever wondered why it’s crucial for your kids and teens to have a cashless payment option?
In this digital age, teaching money management skills early to our younger generation is vital.
Having features likeCash App for kids is a great way to introduce them to responsible spending. Not only does it provide a secure method for purchases without the need for carrying physical money, but it also serves as an excellent tool for setting spending limits and tracking budgeting habits.
Plus, it’s a win-win for parents and teens as you can visually monitor transactions while they enjoy a sense of financial independence.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is Cash App?
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
It offers a range of services including a free custom Visa debit card and the option to receive paychecks up to two days earlier.
Additionally, with the Cash App, users can instantly buy and sell stocks commission-free and even trade in bitcoin.
Can a child have Cash App?
Yes, a child can have a Cash App account if they are 13 years old or older. However, it requires parental approval.
Remember, this gives your child the opportunity to learn money management, but it also comes with the responsibility of overseeing their spending.
Why would kids need Cash App?
Well, we are moving to a cashless world. There are thousands of stores and restaurants that only offer cash. We learned this when our son went to an MLB baseball game with his middle school. No cash. Only debit or credit cards were accepted as well as Visa gift cards.
So, we needed to give our kids an introduction to modern, simple, and secure ways of money management.
Cash App might be the perfect solution. Another great option is Greenlight for kids.
Cash App – Do More with Your Money
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
What are the benefits of using Cash App for kids?
Education: Cash App can be an effective way to teach your children about responsible money handling and the dynamics of a digital economy.
Control: You have the flexibility to set spending limits and disable certain features, ensuring responsible use of the application.
Security: Cash App’s encrypted connection adds an extra layer of security, keeping your kid’s transactions and personal data secure.
Emergencies and convenience: It’s an incredibly handy tool for sending cash to your kid during emergencies. No need to rush, just a tap on your phone, and you can send money.
What cash apps can 13 year olds use?
In today’s cashless society, it’s more important than ever for kids to learn how to manage money digitally.
Below are some alternatives to Cash App that serve well for 13-year-olds:
Description:
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Learn to earn, save, and invest together. The banking and investing app for kids and teens.
Comes with a debit card
Allows kids to make savings goals.
Limited deposit methods
Monthly fee
Starts at $4.99/month
Description:
Prepaid cards and a family finance app for kids, teens, and parents.
More than money.
A financial education.
If you want your child to learn money habits that match your values, you’re in the right place.
Description:
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Description:
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Learn to earn, save, and invest together. The banking and investing app for kids and teens.
Comes with a debit card
Allows kids to make savings goals.
Limited deposit methods
Monthly fee
Starts at $4.99/month
Description:
Prepaid cards and a family finance app for kids, teens, and parents.
More than money.
A financial education.
If you want your child to learn money habits that match your values, you’re in the right place.
No bank account needed.
No fancy phone needed.
Affordable for all! Plus free trial!
Mobile setup is not user friendly.
No investing option.
$5.99 month or $3.33/month for 12 months
Description:
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Only able to spend what is loaded on Card.
Free CashApp debit card.
No maintenance or annual fees.
Not FDIC insured.
No parental controls.
Remember, each app has its own unique strengths and weaknesses. Do some research and try out a few to see which one best suits your teen’s financial needs.
How do I create a Cash App account for my child?
Teaching kids about money management is vital for their financial future.
One excellent way to do this effectively is by setting up a Cash App account for children, giving them practical experience in handling finances while under a parent’s supervision. Also, known as a sponsored account.
This guide will walk you through the process of creating a Cash App account for your child and highlight the numerous benefits it offers.
Step 1: Download Cash App
To download Cash App, click this Cash App link to make sure you are in the right spot. Both you and your teen will need to do this step.
It’s easily recognizable – look for the white dollar sign on a green background. Once you’ve found it, simply hit ‘Install’ and sit back while your phone does the work.
Remember, this green goodness is only accessible to users in the United States.
When learning which payment type is best when trying to stick to a budget, you will be pleasantly surprised at how well Cash App works.
Step 2: Create an Account
This is a simple process. Both the teen and the adult will need to do this step separately. If as the parent you don’t have a Cash App account, then you will need to do this step.
To create a Cash App account, follow these steps:
Once installed, open the application and follow the on-screen instructions to set up your account.
You will have to enter your phone number or email address.
For security certification, the Cash App will send you a secret code to verify you. Enter it.
Select a $cashtag, which is a unique username to send and receive money (similar to Venmo)
Step 3: Connect a Bank Account
For the parent account, you need to complete this step and the teen will need to wait.
Remember, in “My Cash” you’ll spot the “Add Money” option for funding.
Open Cash App; it’s the icon with a white dollar sign on a green background.
Tap the top-right profile icon.
Navigate to “My Cash” – it’s a tab on the home screen.
Click “Link a Bank,” nestled within the options.
Follow the prompts to add your bank account or debit card info.
Once your card is linked, you’re all set.
Learn where can I load my Cash App card.
Step 4: Authorization Request of a Family or Sponsor Account
Now, you must link the two accounts together. Cash App calls this a sponsored account. There are one of two ways to accomplish this.
Option #1 – Parents Initiate the Request
To invite someone 13-17, then open the app:
Tap the Profile Icon on your Cash App home screen
Select Family
Tap Invite a teen
Follow prompts to share links using text or email
Option #2 – By the Teen
On the Home Screen, tap the Cash App profile icon.
Proceed to Family Accounts and choose the option “I’m a Teen”.
Complete the Cash App for Kids application form with your details including your name and birthday.
Hit the Request Approval button.
Enter the name, email, phone number, or $CashTag of your parent/guardian.
Lastly, tap Send. This will send an authorization request to your parent or guardian’s Cash App account. They need to approve this request before you can start using the app.
Note: You can’t add funds, send payment, or request a Cash Card until this authorization is approved.
Step 5: Have Your Child Design and Order a Free Cash Card
Now, the fun part! Ordering your own Cash App Card.
Designing and ordering your Cash Card is packed with creativity and ease.
Customize your card to represent your unique personality, with choices ranging from the material, font size, and base design, to text lines.
You can seek inspiration from an array of cool Cash App Card design ideas. Notably, the glow-in-the-dark cards are quite popular among minors.
The whole process is about making your debit card unmistakably yours.
Step 6: Limitations on Certain Features
Certain financial apps cater to teens by setting limits on transactions.
For example, a teen on Cash App can send and receive up to $1,000 every 30 days. This safeguard is designed to prevent overspending and encourage smart budgeting practices.
Furthermore, parents and guardians have the option to impose their own customized spending limits through the app according to their teen’s financial maturity. However, it’s essential to keep in mind, that these apps are not recommended to be used by teens just like regular accounts due to the risks of misspending and overspending.
Be aware that certain transactions are blocked, including bars, dating services, and rental car services
Encourage your kids to use robust, unique passwords and activate features like PIN lock and facial ID to enhance security.
You can ensure safety by setting a PIN, turning on notifications, and limiting money requests to ‘contacts only’.
This is similar to understanding the advantages of mobile phones for kids.
Step 7: Pick a unique $Cashtag
Tell your child to select a unique and fun $Cashtag for their Cash App account. It’s like a username and can be used in transactions.
Emphasize the originality of the $Cashtag as it needs to be unique.
Expert Tip: To secure their $Cashtag, avoid using personal information like birthdate or social security number. Instead, opt for quirky, fun, and uncommon word combinations.
Step 8: Send & receive money
Cash App provides an easy-to-use platform for instantly transferring money between friends and family at no cost.
A few quick taps allow users to request, receive, or send money, presenting a convenient method for paying a dinner, settling rent with roommates, or any other financial interactions.
In addition, users get a free custom Visa debit card, which they can order directly from the Cash App for both virtual and physical use. The card enables users to make purchases from any merchant accepting Visa cards.
Plus, with the Cash Boost feature, users gain from immediate discounts at select restaurants, stores, applications, and websites when they use their Cash App card.
An Alternative – Use Greenlight Debit Card for Kids
Looking for an all-in-one alternative to the Cash App for your kids?
Explore the Greenlight Debit Card for kids – a superb choice for money management and financial education.
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track their child’s spending and saving habits.
Plus it offers 1% cash back on all purchases and up to 2% interest on savings, this card is accepted anywhere MasterCard is used and comes with built-in features that include educational programming and real-time notifications for every transaction.
Greenlight
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Pros:
Offers a comprehensive financial education pathway
Broad acceptance due to affiliation with Mastercard
Parents retain control over spending limits
Real-time notifications improve security
Cashback rewards are an added bonus
Cons:
Greenlight charges a monthly fee starting from $4.99
Limitations on direct deposits
No possibility for payments from Paypal, Venmo or Apple Cash
Kids under 13 require parental access
Some transaction types are blocked
It’s an innovative and secure financial platform for kids, with plans starting at $4.99 a month.
Safety Measures for Using Cash App for Kids
Educating children about safety measures while using cash apps and debit cards is crucial in today’s digital age.
With increased online scams, it’s important that kids understand the equivalence of digital cash to real money and how to protect their accounts.
This brief overview will highlight key practices to ensure your child’s safety when handling digital transactions.
1. Know the App’s Safety Features
Knowing the app’s safety features is crucial for maintaining security while using cash apps.
These features can include password protection, two-step verification, and biometric scans such as fingerprint or facial ID. Many apps also offer robust encryption to secure data and transactions.
Keeping abreast of the app’s safety protocols not only helps safeguard against potential scams but also instills a better understanding of digital literacy. Understanding these safety measures and functionalities can greatly lessen the likelihood of falling victim to fraudulent activities.
Make sure they don’t learn how to unlock borrow on CashApp!
2. Talk to Your Kids About Money
It is essential to talk to your children about financial literacy from an early age especially if your parents never spoke about money.
Start by making them aware of the concept of saving by using tools like a piggy bank and elucidate the value of delayed gratification.
As they mature, introduce them to the functionalities of debit cards and apps like Cash App that provide hands-on experience in managing finances. Teach them about budgeting, saving, and investing in an age-appropriate manner.
Above all, impart the message that money doesn’t just grow on trees and that every purchase needs to be evaluated against future needs and plans.
3. Use Account Alerts to Stay Up to Date
Account alerts on Cash App are not only handy but critical to your kid’s financial safety. Setting them up is a breeze.
Firstly, head to the “Notification” tab in your app settings.
Thereafter, opt for “Account alerts” and switch it on. This will ensure you’re notified of all transactions.
For an added layer of security, enable “Suspicious activity” alerts; this helps to flag any odd movements swiftly.
4. Set Up a Strong Account Passwords
It is crucial to ensure that your online accounts are secured with robust and unique passwords.
Complex passwords that incorporate a mix of uppercase and lowercase letters, numbers, and special characters can provide a strong line of defense against unauthorized access. Also, you should look at changing these passwords regularly, which further enhances security.
Using a password manager, either online or paper-based, can assist in maintaining and keeping track of different account credentials, maximizing security while minimizing the risk of forgetting passwords.
However, if opting for a paper-based version, it is crucial to store it in a secure and confidential location to prevent unauthorized access.
5. Have a Conversation About Scams and Fraud
The proliferation of digital transactions and cash transfer apps has given rise to numerous scams, making it critical for users to look out for fraud.
Online scams can result in financial loss, with cash apps often not assisting in the recovery of misdirected funds due to errors or fraudulent activities.
Additionally, cybercriminals use these scams to steal personal data, leading to issues like identity theft and fraudulent transactions. Furthermore, the anonymity of digital platforms enables scammers to disappear without a trace after executing a scam, sometimes befriending and exploiting minors.
Therefore, everyone must stay vigilant about potential scams to protect their money, personal information, and overall digital safety.
Key Tips to Watch for:
Discuss current scams happening. Use reliable resources to educate them about how fraud works and precautions to take.
Teach them to *slow down* during transactions to avoid sending money to the wrong contacts.
Advise against sending money to strangers to avoid being scammed.
6. Check Bank Accounts for Any Unauthorized Payments
As a parent, it is essential to regularly check your teen’s checking accounts linked to their mobile wallet for unauthorized payments.
By staying vigilant, you can detect suspicious activity early and prevent possible instances of fraud.
Tracking their spending patterns also helps you understand if they are managing their digital money wisely or if there are sudden changes in their spending habits.
Remember, it is better to be proactive in monitoring these accounts, as most money transfer app funds are not FDIC insured, making the recovery of accidental transfers or payments a challenging task.
7. Ability to Give Your Kids an Allowance
If you choose to do so, giving your kids an allowance on Cash App is a safe and effective way to teach them about responsible money management. It provides hands-on experience while putting the power of monitoring in your hands.
To set this up, simply create an account for your minor and periodically send money to it as an allowance. They can spend or save it, while you observe their spending habits.
This is a simple way for kids and teens to start managing a small amount of money.
Cash App – Do More with Your Money
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Which cash app will you choose for your kids
To sum it up, equipping your kids with financial responsibility via Cash App or Greenlight is an intelligent move.
These apps provide a platform for learning about savings, investments, and the value of money.
Although risk exists its potential scams, with proper guidance, your teen can safely navigate this. The added perks of trading, direct cash exchanges, and options like BusyKid and Bankaroo can further enrich their financial literacy journey.
So, which digital wallet will you pick for your kid’s first leap into financial independence?
Know someone else that needs this, too? Then, please share!!
These seven back-to-school savings tips will have your kids ready for another year without busting your budget.
July 28, 2023
New backpacks, calculators, shoes, musical instruments, and books—the shopping list for school supplies seems to get longer each year. It’s no wonder that families with children in elementary through high school planned to spend an average of $890.07—an all-time high—on back-to-school shopping, according to a 2023 National Retail Federation Report.
Clearly, back-to-school season can put a major dent in your budget. So how can you save money on back-to-school shopping?
Fear not. Tiffany Morrison, a personal finance writer, says there are ways to save money that can help ease the financial sting: “Back-to-school shopping can be done without breaking the bank.”
Here are seven tips for saving money this back-to-school season:
1. Plan ahead
The last thing that most parents and caregivers may want to think about during summer break is the next school year. But Morrison says it pays to plan ahead to stay in front of your back-to-school finances.
“Having a plan when it comes to school supplies and new shoes can help you not go over budget,” says Morrison, a mother of two high schoolers.
After all, no one wants to start a new school year in debt.
As soon as you can, Morrison says to make a list of the items your kids may need for the upcoming school year. Think about school supplies, backpacks, shoes, a first-day outfit, other clothes your kids may have outgrown—or anything they might need for extracurricular activities. Be as specific as you can, keeping in mind that your child’s school may not release its school supply list until just weeks before school starts—or sometimes even after it starts.
“Knowing exactly what you’re looking for ahead of time is a big help,” she says. “This way, you aren’t overbuying, which is easy to do when you aren’t prepared and don’t have a plan.”
After building a list, research prices. How much do those must-have shoes cost? How much extra is a backpack with wheels? Tallying up the numbers might reveal that back-to-school shopping will be more expensive than you anticipated. But don’t stress. There are a variety of back-to-school savings tips and clever ways to save money that can help you make it more affordable.
For starters—and in the spirit of preparedness—Morrison recommends setting up a back-to-school savings challenge for yourself.
“This involves setting aside a small amount of money, every paycheck, for a few months,” she says. “That way you’re prepared and not stressed about breaking the bank when that time comes.”
Where should you store those savings for back-to-school shopping? A high-yield online savings account allows your money to grow each month thanks to compound interest. It’s safe and easy to access, and you can even use multiple savings accounts to stay organized as you save toward different goals.
2. Look for midsummer deals
Once you have a list, Morrison recommends mapping out which stores have the items. Back-to-school shopping tips like this help you streamline and prioritize securing those midsummer deals so you don’t miss them.
“A lot of stores start having sales on school uniform clothing and school supplies beginning around July,” Morrison says. She adds that you can also find deals in the end-of-season clearance sections of stores.
“I also check to see which stores have any coupons available,” Morrison says. “And don’t forget to check the mobile apps associated with each store. Sometimes they offer extra savings.”
3. Stock up on back-to-school staples throughout the year
Some school supplies are timeless, and they need to be regularly replaced. Things like notebooks, folders, glue, markers, crayons, pens, and pencils always need to be restocked before the next school year.
For that reason, Morrison says that a great way to save money is to spread out your school-supply shopping throughout the year. By jumping on sales when you see them, you can check off a good chunk of your back-to-school shopping before the summer even begins—and at a fraction of the cost.
Another back-to-school savings tip from Morrison? Sift through the supplies your kids bring home on the last day of school. You may find unused plastic folders or spiral notebooks that can be saved for the upcoming year. You can also stow away items with a longer shelf life, like scissors, rulers, calculators, and protractors, so they stay in good condition.
4. Start meal planning
Morrison saves the most money of all on meals and snacks for her kids. That’s why, when it comes to tips on saving money this back-to-school season, meal planning is her biggest focus.
That doesn’t mean planning every lunch down to the last grape. Instead, Morrison likes to plan her kids’ breakfast, lunch, and dinner around their school and activity schedules.
For example, she says if there’s a busy week of school concerts and soccer games, you might be tempted to make an unplanned detour to the drive-thru on the way home. Instead, Morrison recommends always having an easy-to-prepare meal available for when things get hectic. “A simple sandwich with chips and veggies can go a long way,” she says.
To become a better meal planner, Morrison recommends practicing over the summer so you’ll be prepared when the school year is in full swing.
5. Take advantage of tax-free shopping days
Hitting the stores during tax-free shopping days is a lesser-known tip for saving money this back-to-school season. The downside? Only some states offer them, and they can include residency and product restrictions, so do your research before crossing any state lines for back-to-school shopping.
Tax-free shopping days may be a great way to save money, Morrison says. But she also notes that shops and stores may be busier on those days. One tip: Arrive at stores early to beat the crowds and take advantage of those tax-free back-to-school savings without too much stress or having to deal with sparse inventory.
Morrison notes that not all states offer sales tax holidays—and of those that do, some only reduce a portion of the tax. And be sure to check which items are eligible for the sales tax holiday before planning your back-to-school shopping.
6. Involve your kids in scouting out back-to-school savings
Implementing back-to-school savings tips doesn’t need to be the sole responsibility of parents. Teaching your kids about money and getting them involved in the family budget can help them understand the importance of saving money on back-to-school shopping. In the short term, they’ll feel like part of the team in making smart money decisions. And in the long term, they’ll file away life lessons for managing their own money.
Morrison recommends getting younger kids involved in the savings challenge. Whether they have an allowance or not, you can give them a “bonus” and have them deposit it in a back-to-school savings jar. They’ll see their jar fill up over the summer and can enjoy buying a few back-to-school items with the money.
Older kids can help save money as well. Morrison gives her kids a budget for their clothes and shoes. “If they want something more expensive, they have to help with the difference. They’ll usually stay within budget if they want to save their money.”
7. Make smart saving part of the family
“The older they get, the more expensive they get,” Morrison says. When healthy financial habits are part of your family culture, you can help your kids grow up with the confidence and know-how to make smart money decisions. That will help you manage your back-to-school spending, but it will also set them up for financial success in the long run.
Even during summer break, saving doesn’t need to stop. Finding inexpensive activities for kids can keep the momentum going from one school year to the next—and help you budget more for back-to-school essentials.
Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
Mortgage lenders and Chancellor Jeremy Hunt have agreed that people should be given a 12-month break before repossession proceedings start amid soaring interest rates.
After the rise of the base rate to 5%, Mr Hunt met with leaders of financial institutions including Lloyds, NatWest, Barclays and Virgin Money.
They agreed that the repossession break should be introduced – similar to the one implemented during COVID.
Politics latest: Chancellor meets with mortgage lenders after interest rate hike
Mr Hunt spoke after the Downing Street summit about an option for people to go to their banks or lenders and speak about their options, if they are struggling with repayments, without it having an impact on their credit rating – although this had been mentioned as early as March this year by the Financial Conduct Authority (FCA).
He said that people who change the length of their repayment term or go on to interest-only plans can reverse their decision within six months without it impacting their credit rating.
But there was no announcement of support for people who rent, who are facing landlords hiking prices or selling properties from under them due to rising mortgage costs.
And Labour warned that without making the plan mandatory for all banks – the current agreement covers 75% of the market – around two million homeowners could miss out on support.
The chancellor said: “There are two groups of people that we’re particularly worried about.
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“The first are people who are at real risk of losing their homes because they fall behind in their mortgage payments.
“And the second are people who are having to change their mortgage because their fixed rate comes to an end and they’re worried about the impact on their family finance since the higher mortgage rates.”
Chancellor’s mortgage plan might mitigate against chaos – but it will not prevent pain
Rob Powell
Political correspondent
@robpowellnews
There was never going to be an announcement on Friday about direct “bailout” style funding for those struggling with their mortgages.
Both the government and Labour agree that would risk fuelling inflation further.
So what we have instead is a beefing up of existing tools available to lenders and a reintroduction of some of the easements seen during the pandemic.
The difficulty may be that the sheer depth and length of this mortgage squeeze will likely still leave many wanting more from both the banks and the government.
Read Rob’s full analysis here
Similar repossession breaks were introduced during the pandemic.
An announcement several hours later included data from the FCA, showing 0.86% of residential mortgages were in arrears in the first quarter of 2023 compared with 3.32% in 2009 after the financial crash.
It added that the proportion of disposable income spent on mortgage payments is 5.4%, compared with 10% in the 1990s.
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Martin Lewis, the founder of MoneySavingExpert.com, said; “I met the chancellor on Wednesday and reiterated that the minimum we needed was to ensure that when people asked for help from lenders, they knew that if things changed, it wouldn’t be detrimental to their financial situation and their credit scores would be protected as much as possible.
“I’m pleased to see it looks like the chancellor has listened and those measures are going to be put in practice by the banks. We need to make sure everybody knows their rights if they are in trouble with their mortgage, so they can feel comfortable speaking with their lender and understand the measures that they can request for help.”
Read more: Mortgage rates largely unchanged despite shock interest rise Jeremy Hunt rules out mortgage support and capping food prices Labour unveils five-point plan for mortgage crisis
Banking leaders also offered their support for the measures, with HSBC chief executive officer Ian Stuart saying: “It’s important that customers feel comfortable contacting us if they feel they are getting into financial difficulty because whilst every customer’s situation is different we have a range of options that we can use to help them find their way through.”
But Labour leader Sir Keir Starmer said the public were looking for “actions, not words”, when it came to their mortgages.
He said there are “many mortgage holders, many families, across the country who are now even more worried about paying their mortgage”.
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0:44
Labour: ‘People want action not words’
He said: “They know that the government’s been about for 13 years, they know the government crashed the economy last year.
“What they want, I think, is a much stronger sense that the government is gripping this; action, not words.”
Shadow chancellor Rachel Reeves also attacked the “government’s failure to make this set of measures mandatory”, and said there was “a big lack of clarity and certainty about the timelines”.
She said the Conservatives should “take responsibility” and adopt Labour’s plan, announced on Thursday, that would see all banks made to allow borrowers to switch to interest-only mortgage payments and lengthen the term of their mortgage period.
But a Treasury spokesperson said: “Today’s measures will offer comfort to those who are anxious about high interest rates and support for those who do get into difficulty.
“The chancellor is clear that he expects smaller lenders to sign up and to offer their customers similar flexibilities, and thinks it is the right thing to do – and we are aware several will be considering over the coming weeks.”
Technology is changing many aspects of our world — including change. When I was young, I remember the thrill of cash and the spare change it generated when I spent it. I would scour my change looking for rare coins and deposit the ordinary ones into my trusty piggy bank.
Today that thrill is gone, along with the simplicity a piggy bank or coin jar brought to saving money. Whether you were working on building an emergency fund or simply wanted to save money for a rainy day, change was always there to give you a head start. Today we swipe a piece of plastic or pay for everything online with no paper bills or coins changing hands.
Thankfully, a new type of technology is filling the void electronic transactions have created. Savings apps that automatically round your purchases to the nearest dollar are bringing back the simplicity that spare change brought to saving.
The Best Round-Up Savings Apps
The apps on our best money-saving apps list all do one or two things very well, if not more. For example, some use psychological triggers to help you save wisely while others focus on helping you teach your children how to set and manage long-term financial goals. And while most aren’t officially banks, most have FDIC-insured checking accounts built in, protecting your money from the unknown.
Acorns
Our Rating
Acorns is a comprehensive personal finance app with a built-in checking account, automated budgeting and savings tools, and multiple investment accounts for all stages of life.
Monthly Fee
Deposit Insurance
Up to $250,000
Apply NowRead the Review
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Acorns is built around the idea that you can build your finances to be as sturdy as an oak tree with a start as small as an acorn.
Though Acorns is much more than a round-up app, its simple round-up feature is key to its value. Just connect your credit cards and debit cards to your account and it will automatically round your purchases up to the nearest dollar and deposit the change for you. Once you have at least $5 in round-ups ready to process, Acorns transfers the money from your checking account to your investment account.
Acorns offers four different types of financial accounts: a general (taxable) investment account, a custodial account for children, a retirement investment account (IRA), and a checking account. It has two paid plans, with monthly membership fees starting at $3.
Acorns offers mobile apps for Android and iOS devices. They have all the features and capabilities of the desktop version.
Apply NowRead the Review
Chime
Our Rating
Chime is a personal finance app that helps you manage your money, save for the future, and build credit. It has one of the best savings yields of any FDIC-insured round-up app.
Monthly Fee
Deposit Insurance
Up to $250,000
Apply NowRead the Review
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Chime is a mobile-first personal finance and online banking app. You don’t have to use it as a round-up savings app, but it’s easy enough to do so — just opt in to have your Chime Visa debit card purchases rounded up to the nearest dollar and transferred to your Chime savings account.
And that savings account is among the best on this list. Your cash earns 2.00% APY¹, far higher than what most other round-up apps can manage.
¹The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of May 12, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
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Qapital is a goal-based savings app that makes it easy and fun to save automatically. Its biggest downside: an unavoidable monthly fee of at least $3.
Round-up savings is actually just one way Qapital does this — it’s one of several custom rules (in this case, the “Round-Up Rule”) you can set to put your extra cash to work. Other rules include the Set & Forget Rule (which puts aside a set amount every week or month) and the Freelancer Rule (which saves a set amount from each deposit to cover estimated taxes).
Qapital also has an FDIC-insured checking account and debit card for everyday spending. Balances earn interest at a low rate, but it’s better than nothing.
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Worthy Bonds
Our Rating
Worthy Bonds is a crowdfunding platform, not a banking app. But it does allow round-up investments from a linked bank account, starting at just $10. With all bonds paying 5.65% APY, it’s the highest-yielding option on this list.
Monthly Fee
Deposit Insurance
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Worthy Bonds is not a traditional round-up savings app, if there even is such a thing. It’s a crowdfunding platform that sells shares (also called Worthy Bonds) in loans made to small businesses and development projects across America.
All Worthy Bonds yield 5.65% APY. If you want, you can link an external bank account to your Worthy Bonds account and round up each purchase to the nearest dollar. Once your balance hits $10 — the value of a Worthy Bond — Worthy Bonds buys you a new bond.
Worthy Bonds is a fun and rewarding way to support everyday entrepreneurs, but there’s a catch: no FDIC insurance. So don’t invest more than you can afford to lose.
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Greenlight
Our Rating
Greenlight is a family finance app that helps kids (and parents) manage and grow their money. With high-yield savings, an investment platform, and even a credit card for parents, it’s the most comprehensive app on this list.
Monthly Fee
$4.99 and up
Up to 5.00% APY
Deposit Insurance
Up to $250,000
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Greenlight is an online custodial bank account that’s designed to help parents teach their children about money. A Greenlight account comes with a customized debit card and advanced ways to save and earn, including round-ups. Every time your children swipe their customized debit cards, the total value of the purchase is rounded to the nearest dollar and the spare change is transferred to their savings account.
That spare change has the potential to earn much more change. Depending on the type of account you open, your children can earn between 1% and 5.00% APY interest on their savings.
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Methodology: How We Select the Best Round-Up Apps
We used six metrics when comparing the micro-saving and micro-investing apps that offer round-up saving functionality. These metrics relate to the cost of the service, allocation of money saved through round-ups, the types of accounts they offer, and other functionality. Here’s what we paid the most attention to in our analysis.
Cost
Round-up apps are all about saving money, so it’s pointless to use them if the fees eat all your savings. To be fair, most apps with this functionality charge reasonable fees, but we did come across a few with fees that were a huge turnoff.
All apps on our list cost under $10 per month, even for the most premium memberships. Two options — Chime and Worthy Bonds — are 100% free to use with no monthly or hidden fees.
How Round-Ups Are Used
It’s important that the money you save grows over time. After all, inflation is a very real force in finance — if your money isn’t growing, it’s shrinking. All the options on our list offer ways to grow the money you set aside, whether through investing in the stock market or earning a meaningful interest rate on your savings balance.
Custodial Accounts
Financial education is valuable at any age, and the sooner you start teaching your kids concepts like savings, the better off they’ll be.
That’s why options like Greenlight are on our list. Custodial accounts and giving kids access to financial information are a great way to teach your children about money management.
Risk Management
Many of the best round-up apps focus on micro-investing — investing small amounts of money over time — to begin building a meaningful portfolio. But investing can be risky. We paid close attention to the risk management features each investing-focused round-up app offers. Every investment-focused app on this list offers highly diversified stock and bond ETFs to help keep risks at bay.
Savings Triggers
Round-ups are a great way to start your savings, but if you’re only saving your spare change, it will take forever to generate a meaningful safety net. All options on this list offer round-ups as well as at least one other savings trigger, like the ability to automatically transfer money to savings on a weekly, biweekly, or monthly basis.
Some apps offer other, more elaborate savings triggers.
For example, Qapital offers several triggers. You can set a spending budget, and when you spend less, the difference automatically goes into your savings.
Additional Banking Features
According to the FDIC, about 5.4% of Americans — more than 7 million people — don’t have bank accounts. That’s why we love to see companies like Chime make quality banking services available to everyone. Many of the companies that made our list offer accessible online banking services.
Round-Up App FAQs (Frequently Asked Questions)
If you’ve never used a round-up app, chances are you have a few questions you need answers to before you get started. Answers to some of the most common are below.
Do Round-Up Savings Work?
Round-up savings apps are a great way to kick start your savings, but their effectiveness largely depends on you. If you don’t spend frequently, round-up savings won’t generate meaningful balances. It’s best to use this feature as a small part of your work toward your overall goal of saving money.
If you want to aggressively save money, consider using round-ups in conjunction with other features, like scheduled savings contributions.
Which Is Better: Acorns or Stash?
That depends on how you’d like to invest your savings. If you’re interested in building and managing your own investment portfolio of individual stocks and ETFs, Stash is the way to go. If you’d rather let the pros handle the investment decisions and rebalancing efforts, Acorns is your best bet.
What Is the Best Round-Up App for Kids?
The hands-down best round-up app for kids is Greenlight. The platform was designed to give children some financial independence while giving parents a fun way to teach financial literacy. However, if you want a family experience on a platform where your and your children’s accounts can be viewed in the same place, you may want to consider Acorns.
Final Word
The options listed above are our favorite automatic savings apps, but by now you know they’re not all the same. Each app has its own features, costs, pros, and cons. Here are a few features you should compare before you decide which one to sign up for:
Cost. Some round-up apps are free and others have monthly fees. Consider the cost and how it might impact your savings before you sign up.
Banking Features. Are you one of the millions of Americans who are underserved by traditional banks? If so, consider signing up for an option like Chime that offers complete online bank accounts.
Investing or Saving. Do you want to grow your money in the stock market or a savings account? Have you considered investing in high-yield savings products like those offered at Worthy Bonds? Make sure you consider where your money’s going when you round up before you sign up with a provider.
Do You Have Children? If you have children, consider signing up for an app that offers custodial accounts, or signing up for Greenlight for your children and using a different app for yourself.
STASH DISCLOSURES
Paid non-client endorsement. See Apple App Store and Google Play reviews. View important disclosures.
Nothing in this material should be construed as an offer, recommendation, or solicitation to buy or sell any security. All investments are subject to risk and may lose value.
1 Stash Banking services provided by Stride Bank, N.A., Member FDIC. The Stash Stock-Back® Debit Mastercard® is issued by Stride Bank pursuant to license from Mastercard International. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Any earned stock rewards will be held in your Stash Invest account. Investment products and services provided by Stash Investments LLC and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.
2 All rewards earned through use of the Stash Stock-Back® Debit Mastercard® will be fulfilled by Stash Investments LLC and are subject to Terms and Conditions. You will bear the standard fees and expenses reflected in the pricing of the investments that you earn, plus fees for various ancillary services charged by Stash. In order to earn stock in the program, the Stash Stock-Back® Debit Mastercard must be used to make a qualifying purchase. Stock rewards that are paid to participating customers via the Stash Stock Back program, are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.
3 Group life insurance coverage provided through Avibra, Inc. Stash is a paid partner of Avibra. Only individuals who opened Stash accounts after 11/6/20, aged 18-54 and who are residents of one of the 50 U.S. states or DC are eligible for group life insurance coverage, subject to availability. Individuals with certain pre-existing medical conditions may not be eligible for the full coverage above, but may instead receive less coverage. All insurance products are subject to state availability, issue limitations and contractual terms and conditions, any of which may change at any time and without notice. Please see Terms and Conditions for full details. Stash may receive compensation from business partners in connection with certain promotions in which Stash refers clients to such partners for the purchase of non-investment consumer products or services. Clients are, however, not required to purchase the products and services Stash promotes.
Stash has full authority to manage a “Smart Portfolio,” a discretionary managed account. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss of principal. Stash does not guarantee any level of performance or that any client will avoid losses in their account.
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Joshua Rodriguez has worked in the finance and investing industry for more than a decade. In 2012, he decided he was ready to break free from the 9 to 5 rat race. By 2013, he became his own boss and hasn’t looked back since. Today, Joshua enjoys sharing his experience and expertise with up and comers to help enrich the financial lives of the masses rather than fuel the ongoing economic divide. When he’s not writing, helping up and comers in the freelance industry, and making his own investments and wise financial decisions, Joshua enjoys spending time with his wife, son, daughter, and eight large breed dogs. See what Joshua is up to by following his Twitter or contact him through his website, CNA Finance.
Your kid’s first bank account doesn’t have to be a traditional bank account. Several legitimate financial technology companies offer family finance apps with kid-friendly debit cards, customizable parental controls, chore management systems, and even parent-paid interest.
FamZoo is one of those companies. For my money, it’s one of the best. And with no minimum age for kids to join or no limit on the number of kids you can have on the account at one time, it’s never too early or too late to start using it.
Of course, you want to know what you’re getting into before downloading any finance app. Take a few minutes to understand FamZoo’s features, capabilities, upsides, and downsides.
What Is FamZoo?
FamZoo is a personal finance app for families. Major features include debit cards for kids, family and personal budgeting tools, chore assignments and payments, and basic banking capabilities like direct deposit and electronic funds transfers. Each account corresponds to a family unit, with a single recurring fee that covers all debit cards on the account and all advertised features.
FamZoo allows an adult account holder — generally a parent or guardian — to monitor kids’ usage and set parental controls that limit what they can do with their funds. Unlike most family finance apps, it doesn’t require a smartphone.
Funds held in FamZoo accounts have deposit insurance up to the current FDIC limit of $250,000.
What Sets FamZoo Apart?
FamZoo stands out from other kid-friendly debit cards and finance apps for several reasons:
Sophisticated chore management capabilities. FamZoo has everything you need to assign, track, and compensate for your kids’ household chores. It’s a big improvement on your family’s chore whiteboard or whatever other nondigital system you use.
Parent-paid interest. FamZoo balances don’t earn interest by default, but you can encourage your kids to save by paying them interest out of your own account. You’re free to set the interest rate and the balances it applies to, making it easy to incentivize specific financial behaviors (like saving regularly).
No external bank account needed. FamZoo is easier to use if you have an external bank account, but unlike most family finance apps, it doesn’t require one. You can fund your account with cash at thousands of load points around the United States, or with direct deposit from a qualifying employer or government benefits provider.
No smartphone needed. You don’t need a mobile app to access FamZoo. You can log into your account from any device with an internet connection. FamZoo even has a text messaging interface that utilizes simple text commands for common functions like funds transfers and payments.
Key Features of FamZoo
FamZoo has straightforward pricing, kid-friendly debit cards, a range of access options, and tons of financial features for the whole family.
Pricing Options
FamZoo requires a paid membership. There’s only one membership level that includes all features, but you can save a considerable amount of money if you prepay in advance. The longer you pay in advance, the more you save:
Pay by the month: $5.99 per month
Prepay six months: $25.99 ($4.33 per month)
Prepay 12 months: $39.99 ($3.33 per month)
Prepay 24 months: $59.99 ($2.50 per month)
If you’re paying by the month, you can switch to a prepaid membership at any time.
Account Access (Mobile & Web Apps)
You can access your FamZoo account through the FamZoo mobile app (iOS or Android) or through its website. If you don’t have a smartphone or haven’t downloaded the app, you can perform many FamZoo functions through a text message commands system, but this is probably too clunky to use as your primary FamZoo interface.
Kid & Adult Debit Cards
Every person in your family can get a debit card if they (or you) want, including young kids.
Your account needs at least one adult card owned by someone 18 or older (generally a parent or guardian). This is the master card for the account. You can add additional adult cards for your spouse or co-parent and any offspring 18 or older.
Cards for kids under 18 have built-in parental controls. Teens 13 and older jointly own the card with you, while you’re the legal card owner for kids 12 and under.
Direct Deposit for Teens & Adults
Teen and adult cards can accept direct deposits from employers, government agencies, and other qualified payers.
You can split the direct deposit between multiple FamZoo cards, or between one FamZoo card and an external bank account. This feature is useful if FamZoo isn’t your primary bank account and/or you’d like to share part of your paycheck with your kids (or they with you).
Reload Options
You can reload FamZoo debit cards via direct deposit, transfers from external bank accounts or digital wallets, and cash deposits at tens of thousands of retail load points nationwide. You can find retail load points at many Walmart, CVS, Kmart, Rite Aid, 7-Eleven, and Walgreens outlets. Retailers generally charge a fee for cash loads — often $4.95 per load, but it can vary.
Parental Monitoring & Controls
FamZoo has some basic parental monitoring and control features:
Card lock and unlock, which allows you to put a kid in financial time-out if they’re overspending (or in trouble for nonfinancial reasons)
Activity alerts, which ping you in real time when a kid uses their card
Money requests, which allow you to approve or decline kids’ attempts to transfer money into their account
Decline info, which provides detailed information about every declined transaction
FamZoo allows instant card-to-card transfers, which are ideal not only for one-off grants to kids but for weekly or monthly allowance payments. You can automate these transfers if you wish so you don’t have to initiate every single one.
Chore Management & Payment Tools
FamZoo has a sophisticated chore management and compensation system. It’s built around a “chore chart” that you can use to assign chores, specify a dollar value for successful completion of each, and mark each as completed (thus releasing payment) when they’re done. You can assign chores directly to specific kids, create a “first dibs” chore chart that allows kids to assign chores to themselves, or both.
If you trust your kids, you can allow them to mark chores complete. Or you can use the chore review feature to hold payment for completed chores until you confirm they’re done.
If you prefer, you can reverse the payment-for-chores arrangement and set negative values for negative chores. In other words, instead of a $5 payment for “making the bed,” you can assign a $5 chore penalty for “not making the bed.”
Customizable Subaccounts
With FamZoo, each user can create as many customizable subaccounts as they wish, earmarking each for a specific purpose (or no purpose). This is a useful feature if you’re teaching your kids the basics of envelope budgeting, encouraging them to separate emergency savings from discretionary savings, or helping them save for specific goals.
Parent-Paid Interest
FamZoo pays no interest on balances, but it does have a parent-paid interest feature that lets you reward kids for saving. You can pay interest on a specific subaccount or on a kid’s entire balance, and you’re free to set whatever rate you wish.
Automated Family Billing
You can use your FamZoo account to cover shared expenses like utility bills and automate payments on them, just as you would with a regular bank account. This is a big help if you don’t have another bank account.
Advantages
FamZoo is an affordable family finance app with above-average chore management features and useful tools for savers of all ages.
Sophisticated chore management and payment features. Unless your current bank or money management app has a digital chore management platform that rivals FamZoo’s, FamZoo’s is an improvement on whatever system you’re using.
One fee for the whole family. FamZoo is reasonably priced. Unlike some family finance apps, it charges one monthly fee for the entire family, rather than by the card or child account.
Significant savings when you pay in advance. You can save more than 50% off the monthly fee when you pay 24 months in advance. That sounds like a long time, but if you’re happy with FamZoo, you can use it for much longer — until your kids are out of the house, or even beyond.
Subaccounts help kids budget and save. FamZoo’s subaccounts feature makes it easy for kids (and parents) to save for specific goals, separate emergency cash from everything else, or create and fund category-based buckets for everyday spending.
Direct deposit for teen and adult users. Teen and adult cards can accept direct deposit from employers and benefits providers. Even if you’re the primary breadwinner in the home, you can allocate a portion of your paycheck to FamZoo and the rest to your main bank account.
Doesn’t require a smartphone or linked bank account. FamZoo has user-friendly mobile apps for iOS and Android, but you don’t have to use them if you don’t want. Its web app is just as capable, and it even has a text messaging interface that you can use for everyday money management.
Open to all ages. FamZoo has no minimum age. This is a notable advantage over family finance apps and kid-friendly debit cards that cut off eligibility at age 12 or 13.
Disadvantages
FamZoo’s few downsides include a distinct lack of educational features and no built-in interest or rewards — parents have to pony up if they want.
Limited educational features. You can teach your kids a lot about managing money simply by using FamZoo, but maybe that’s not enough. Unlike competing apps like Greenlight and GoHenry, FamZoo has no education vertical to speak of — no articles, videos, games, or tutorials.
No FamZoo-paid interest or rewards. FamZoo pays no interest on balances in any accounts, nor does it have a debit card rewards program. If you want to encourage your kids to save more or spend wisely, you have to do so out of your own pocket.
How FamZoo Stacks Up
FamZoo shares the spotlight with several other popular family finance apps built around kid-friendly debit cards. One of the most popular is Greenlight, which has a wider range of features at correspondingly higher cost.
FamZoo
Greenlight
Whole-FamilyPricing
$5.99 per month or less
$4.99 per month and up
Chores
Yes
Yes
Interest
Parent-paid only
Parent-paid or Greenlight-paid
Debit Card Rewards
No
Yes, with higher-priced plans
Investing
No
Yes
Minimum Age
None
None
Final Word
FamZoo is an affordable, all-ages family finance app for families big and small. It really shines on chore management and payment — it’s almost certainly better than your current system — and is ideal for parents who want to encourage kids to save more. In a mobile-saturated world, it’s also nice that FamZoo doesn’t require a smartphone.
FamZoo does fall short in some important ways though. Chief among these are its nonexistent rewards program and lack of FamZoo-paid interest. If you want to reward your kids for saving, you need to pay them out of your own pocket. It would be nice if FamZoo had more educational resources too.
Ultimately, it’s your call as to whether FamZoo is right for your family or whether a different family finance app makes more sense.
The Verdict
Our rating
Monthly Price: $5.99 per family
Discounted Price: Up to 58% off when you pay 24 months in advance
Parental Controls: Yes, card lock/unlock and money request approvals
Chores: Yes, management system with built-in payments
Rewards: None
Interest: Parent-paid only (comes out of parent account)
Direct Deposit: Yes, for teens and adults
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
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With all of today’s home-based tech gadgets and virtual personal assistants, smart homes are quickly becoming ubiquitous. And with high demand for connected products, so too comes ease of use, accessibility and affordability.
But as with all expenses, it’s important to budget for smart tech upgrades to your abode. Luckily, it’s easier (and more affordable) than it’s ever been. Here, we explore some of the more common smart home tech investments, along with a few things to consider when deciding whether they’re worth the cash.
Virtual Voice Assistants
These devices use natural language processing (NLP) to match a user’s voice commands and execute an action, like “Turn off the lights.” Many of these voice assistants use a “wake word,” like the name of the device (“Hey Google,” for example) in order to alert the assistant so that it’s ready to listen to you.
From online shopping to reading your email for you, virtual voice assistants have the potential to do a myriad of helpful things around your home.
Major Brands: The top players in the virtual voice assistant arena are Amazon’s Alexa, Apple’s Homepod, Microsoft’s Cortana and Google’s Home — but the list is growing. It’s been reported that Facebook may be working with Amazon’s Alexa and Apple’s Siri to create its own smart speaker in this burgeoning market.
Average Price Range: The most basic versions, like Amazon’s Echo Dot, can start at as little as about $50, while more mid-range devices go for about $130 (Google’s Home) and high-range assistants like Apple’s Homepod go for $349.
Life Expectancy: While it’s hard to predict how long these up-and-coming tech devices will last, it’s safe to say that there will be plenty of similar products for a long time to come. Not only that, but virtual assistants will likely continue to improve significantly when it comes to their capabilities, connectivity and affordability. To put things into perspective, it took 13 years for the television to reach 50 million Americans but only two for smart speakers to do the same thing.
Is it Worth It? It depends on how (and how much) you’ll be using the device. If you call on your virtual voice assistant at every whim, the upfront cost may be well worth the convenience. On the other hand, a 2017 Ovum survey of both U.S. and U.K. residents said that about 50 percent of users don’t find virtual assistants useful. Though it’s difficult to narrow down the reasons why, it’s a clear message to manufacturers that they need to up their game to stay competitive.
Smart Thermostats
Intelligent heating and cooling systems have taken the tech world by storm, particularly due to their affordability and savings potential. These smart thermostats learn users’ habits — when they leave for and come home — to optimize in-home temperatures in a way that traditional thermostats can’t. After all, if you’re going away on vacation, there’s no need to leave your AC on the whole time, but you might want to turn it up an hour or two before you return. Cue smart thermostats.
Major Brands: There’s a lot to choose from when it comes to intelligent thermostat needs. Popular brands include Ecobee4, Nest Learning Thermostat, Lux/Geo Wi-Fi Thermostat, Lux Kono Smart Thermostat, Bosch Connected Control BCC100 Thermostat and Honeywell Lyric T5 Wi-Fi Thermostat.
Average Price Range: While you can find some smart thermostats for under $100, most range from about $170 to $260, depending on their uses and features. Some cost as much as $500.
Life Expectancy: Intelligent thermostats have the potential to last just as long as traditional thermostats, as long as you maintain them correctly and don’t misuse them. However, it’s important to note that some smart thermostats are hardwired into your home while others aren’t. If yours operate on battery power, it could last a full two years before needing new batteries — but always pay attention when your thermostat alerts that its batteries are low.
Is it Worth It? Not only are smart thermostats extremely convenient, they also have massive potential for saving you some cash on utilities. While the upfront cost may be a bit hefty, smart thermostats often pay for themselves in the long run. The Energy Star program states that homes equipped with smart thermostats can save up to $180 per year on heating and cooling. What’s more, intelligent thermostats can provide you with reports that show you how to optimize your heating and cooling settings to save even more money.
Smart Lighting
Yep, even light bulbs are getting smarter these days — and not just in the “clap on, clap off!” way, either. With smart LEDs, you can connect all the light fixtures in your home to your virtual voice assistant or smartphone to control individual lights in every room. Not only is this super handy, but it can also provide an extra layer of security if, say, you’re out of town and want to randomly turn lights on and off so it appears that someone’s home. Plus, color-changing bulbs make for great mood lighting and can even sync up to music and movies for extra effect.
Major Brands: Though brand doesn’t matter as much when it comes to intelligent light bulbs, popular bulbs include the Philips Hue White, Philips Hue White and Color Ambience A19 Star, C by GE Starter Pack, Cree Connected Light Bulb, Eufy Lumos Smart Bulb White, LIFX Color 1000, Ikea Tradfri Gateway Kit and MiPow Playbulb Rainbow.
Average Price Range: While you can find affordable options under $20, some intelligent light bulb kits cost upward of $200, depending on the number of bulbs and features included.
Life Expectancy: Regardless of price, the vast majority of smart LEDs have a lifespan greater than 20 years. That’s anywhere from 20,000 to 50,000 hours — or up to five times longer than any other light bulb in stores today. Compare that to the measly 1,200 hours of an average incandescent light bulb, or a CFL’s 8,000 hours.
Is it Worth It? Even if you do decide to outfit your home with a $200 smart light bulb kit, it’s arguably still worth it. They last practically forever, they can help keep your home safer, you can control them from your smart device from anywhere you have internet access, and they’re better for the environment than traditional bulbs.
Even though the upfront cost of smart LEDs can be a little off-putting, you might consider this an investment purchase. Yes, they’re more expensive at first, but take a look at this calculation from Simple Family Finance, which added up the total costs of all three types of bulbs, plus 25,000 hours of electricity usage — this is how the expenses broke down:
Incandescent: $218.50
CFLs: $64.63
LEDs: $53.75
That’s a lot less money over the long term, which means a lot more money in your wallet for making other awesome smart upgrades to your home. Smart garage door, anyone? (Yep, they have those, too.)
Mark Simmonds brings 20 years of insurance industry experience to his role as managing director and chief product officer at Esurance. His diverse expertise in many areas of the business, including product, underwriting, finance, operations, and more, help shape his writing. Visit Esurance’s website to find out more about how certain smart home products can reduce your homeowners insurance.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or view of Intuit Inc, Mint or any affiliated organization.
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Mark Simmonds brings 20 years of insurance industry experience to his role as managing director and chief product officer at Esurance. His diverse expertise in many areas of the business, including product, underwriting, finance, operations, and more, help shape his writing. Visit Esurance’s website to find out more about how certain smart home products can reduce your homeowners insurance. More from Mark Simmonds
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