The first term of the school year is already in full swing, and you may find that your kids are keen to hit the shops and socialise with their friends on the high street in their free time. So, how can you help make sure that when they do head out on a shopping spree, they are are spending their pocket money sensibly?
Luckily, nimbl, the pocket money card and app for kids aged 6-18, has tonnes of handy features that are perfect for helping you keep your children safe and shopping responsibly as they hit the shops – giving them financial independence whilst giving you peace of mind.
Set spending limits. Whilst most kids are generally pretty responsible and capable of sticking to a budget, sometimes they may need a little extra support to help keep their spending to sensible levels. Before they head out shopping, it’s often helpful to sit down with them and set them a maximum budget to spend when out and about. And, if your kids need a little more guidance, nimbl’s handy spending controls, give you the option of setting a daily, weekly or monthly spending limit, helping you keep them on track and stop them splurging all their pocket money in one go!
Saving, while spending. As KidStart users, you’ll all be familiar with the idea of saving whilst you spend – and through nimbl, this is something you can encourage your kids to do too! nimbl’s nifty micro-savings feature, when enabled, allows your child to automatically put a few pennies aside in their savings pot every time they spend with their nimbl card – meaning they can still put some of their pocket money away for a rainy day as they hit the shops!
Let them try. Ultimately, children learn best by doing, so letting them experience spending their own money in the real world is key for developing good money management behaviours! Their shopping habits may not be perfect right away, but using nimbl’s features mean you can still give them independence whilst preventing any major money mis-haps. And, if your child does go a little overboard with their spending, be sure to sit down with them afterwards to look through their spending statements and talk over how they can try to manage it a little better next time.
We hope you find these top tips on guiding your kids to become sensible spenders useful! If you’d like to sign up to nimbl and have a go at putting these fantastic features to use, you can do so here: nimbl.com/aff-kidstart