The importance of saving
Like many people, when you see the digits in your bank balance increasing, the overwhelming temptation to spend your money on things you don’t need can become unbearable.
Even though one could argue that money is for spending, it’s also necessary to see the equal importance of saving money.
For young people, saving money might seem like a task you can face later in life, however building good money habits at an early age and recognising the difference between something you want and something you need is key to becoming financially confident in the future.
Imagine you spend all your money on a new game or bike, but then check your bank balance and you have £0 to last the rest of the month… Do you want to be counting down the days until your next pocket money payment? We think not.
Instead, by managing your money effectively and budgeting for the month, you can plan when to spend your money wisely and when it’s a better time to save instead.
But how can I save money?
The idea of saving money might sound easy, but when you put it into practise it might get a little trickier. Keeping track of what you have spent, where your money has gone and finding ways to save might seem challenging.
The good news is, at nimbl we want to make this journey as simple as possible for you.
As well as your normal child account, you also have a separate savings account where you can transfer money for your ‘rainy day fund’ or for an item that you really want.
What’s even better is that with ‘micro-savings’ you can automate savings every time you spend using your nimbl card. Simply choose an amount ranging from 5p up to £5 and we will automatically transfer it to your savings.
But how do you keep track of all your spending? With easy to view statements you can see exactly what happens on your nimbl card. Every time you spend, transfer money or even when money comes in via pocket money or gifts from relatives. We have made it as simple as possible and all in one place for you to view to evaluate your spending and ultimately help to manage your money better.
It’s time to be empowered and take on the challenge of managing your money, your way – we think you’ll do great.