Giving your children more responsibility with handling their own money is a valuable step in helping them pick up good financial literacy, but sometimes it can be daunting to let go of complete control when it comes to their spending. Thankfully, nimbl has the answer, and can help teach your children how to spend their money safely and sensibly. Whether your child is using their nimbl card for the very first time, or just needs a little more guidance on how to spend responsibly, nimbl’s spending controls are here to help!
Cash machines
With just the tap of a button, you can choose whether your kids are able to use their card to take money out at cash machines. When cash withdrawals are enabled, you will have the option to set a withdrawal limit for each day; and when these are not enabled, your child will not be able to use their nimbl card at an ATM.
Where the card is used
Through nimbl, you can also control where your child’s card can be used. If you want to limit how much they spend at the local corner shop, for example, you can turn off spending at tills or checkouts. Similarly, you can choose to enable controls for online spending, if you want to limit how much your kids can use their card online, or can even turn off online spending altogether!
Spending limits
As well as controls over where the card can be used, you can decide whether to apply daily, weekly or monthly spending limits and if so, choose how much.
Perhaps your kids were gifted money at Christmas, so have a little more money in their account than they usually would. If you want to encourage them to avoid spending it all in one go, spending limits are the perfect way to prevent this being splurged out shopping or online!
Equally, if your child wants to try and save a little more of their money this year, spending limits are a great way to set them budgets for each month or week, so their pocket money isn’t spent all at once.
If you’d like to try out setting spending limits for your child, but aren’t sure how to – look no further! We’ve put together a step-by-step guide to help you out:
Setting spending limits in the mobile app
- Step 1: Log on to your nimbl parent app
- Step 2: Tap on your child’s name on the dashboard to view their card account
- Step 3: Scroll down a little and tap on the ‘Spending Controls’ button – here you will find all of the spending control options
- Step 4: Select the toggle to turn on controls for daily, weekly or monthly spending limits, and enter the amount you would like to set the limit at
- For cash withdrawals: You will also be able to set controls for cash withdrawal under the ‘Spending Controls’ tab. Simply toggle the button to ‘Allow cash withdrawals’, and if you would like to set a withdrawal limit, you can set this here by typing in a maximum figure
Setting spending limits on a web browser
- Step 1: Log on to your nimbl parent account via https://nimbl.com/public/client/login
- Step 2: Click on the Menu button, and select Spending Controls
- Step 3: Tick the boxes to turn on controls for daily, weekly or monthly spending limits, and enter the amount for each limit you are setting
- For cash withdrawals: You will also be able to set controls for cash withdrawal under the ‘Spending Controls’ tab. Simply tick the box to allow cash withdrawals, and if you would like to set a withdrawal limit, just type in a maximum figure
We hope this has been a helpful guide into how to use nimbl’s spending controls, and how each feature can help your children become financially savvy, and develop positive money behaviours for the future.