For kids it’s really important that they learn to keep track of their financial expenditure, which may sound like a very grown up subject but if we don’t teach them how to handle their finances, then they will learn the hard way. Enter Nimbl which is a smartphone app and debit card to help you teach your kids how to handle their money better, in this Nimbl card review we find out if it’s any good.
You have heard the term a kid in a sweetshop and if you give money to a child then it can be giving them a bag of sweets with no guidance, it’s not likely to be a wise move.
They are not mature and have no idea about how to spend money wisely. They might spend the money unnecessarily on things that are wasteful.
For this reason, as parents we need to help our children to become money wise and mature. Keeping an eye on the things our children are spending their pocket money on can be a difficult task, but giving them a debit card with parental controls in place, may be a better choice.
Some children get addicted to chocolates, toys, music of their favourite band, games and so on. For this reason you might always want to know where your kids are spending their money.
Like their social media accounts for example, Facebook, Twitter, and Instagram, if you also want to oversee how they spend and manage their finances then Nimbl could be the answer.
Nimbl vs. Go Henry
As you know I am a fan of Go Henry and you can check out my Go Henry Review. If you are wondering how Nimbl compares I have put together a comparison chart.
Though both of them have the same function, Go Henry is a much more mature product and offers lots of benefits like the ability to set tasks for your children to do so that they can earn more. Also with Go Henry, you can customise your card.
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The Nimbl App
You can join Nimbl anytime; the process of joining Nimbl is very simple. Once you are done with online registration, Nimbl will send you a card in the post, mine arrived in a metter of days.
You are able to activate the cards and view pass code online.
The Nimbl app is at the centre of it all. We all want our kids to become a responsible, confident adult who is able to cope with every situation that comes their way, this includes financial circumstances.
So you as a parent you have a login to be able to set up the relevant parameters and and your child has a login so they can monitor their spending.
As the parent you can set parental controls and restrictions in place to help your child make better choices. If they decide to make a bad choice, like withdraw too much money, then the app acts like a safety net.
The Nimbl app working in conjunction with the contactless debit card will help your children spend money in the right way, as well as facilitate you to keep an eye on their expenditure.
From the Nimble app you can also set savings goal which is another important aspect of money management.
The Nimbl card is basically a prepaid debit MasterCard that is linked securely to the app. Wth the help of these two, you can stay in control and as your children learn how to save, relax the restrictions.
When I first gave my child one of these cards they where really pleased as they felt like they were being treated like a grown up. I didn’t even mention the fact that I had put controls in place, instead when they asked about why they couldn’t do certain things, I could then have a conversation about being more sensible with money.
The Nimbl Card works like any other debit card but it isn’t a credit card, you can’t run up debt or go overdrawn.
You have one Nimbl card per child and one parent account to manage it.
As a parent now you can help your children wherever you are with the help of this card. You can transfer money to the Nimbl cards instantly. Then, you will get message alert when your children will use the card for buying anything.
Why Use Nimbl Card & Nimbl App?
Children can be form habits much easier than adults, this can be both good and bad habits. If your children pick up bad learning then the learning will quickly turn in to bad habits, on the other hand, if they grow up acquiring the best learning then they will form good habits.
A Nimbl card can save your children from the bad habit of excessive spending.
You will also be able to see the statement of the spent money. As a parent, you can instantly lock or unlock it with the help of the app. The app also has a spending control and this will guide your child to take efficient spending decisions.
How Secure Is Nimbl?
Many children lose their cash or it gets stolen but unless someone knows the PIN number they unable to withdraw money from the card. Also there is the option to put an immediate block on the card. This makes it a more secure option than cash.
You can lock and unlock it whenever you want. Even if your child misplace the card, with a simple option on the app you can lock the card and then unlock it when it is found again.
How Easy Is It To Use Nimbl?
Really easy, just set up a regular allowance for the kids which can be a different amount depending on the age of the child.
Nimbl For Parents
As a busy and working parent it is not simple and easy to teach your children the proper way of handling money but with the help of the right tools you can now do it a lot more simply. The Nimbl cards have been designed and planned in such a way that it will help the children between age 8 to 18 years to become financially independent and confident and that too in a very safe and secure environment.
Nimbl For Young People
When you hand over a debit card to your child for the first time, there is a confidence that they get just from being in possession of one of these things..
As a young user of this card, you can get instant alert to know when your money will come. Depending on your stamen you can view the spending decisions. Again, one of the easiest ways of checking balance is through the Nimbl app. You can now ask and invite your friends and family to spend you gifts with the help of Nimbl. Lastly, you can easily learn about spending and saving by managing the micro saving.
The Nimbl sits in the top position of the market. This is like we mentioned, is aimed for the eight to eighteen years olds. This will surely empower your kids to learn about money in a better way. As it is prepaid you do not have to worry about the overdraft and as you will get alert each time your children using the card you can lock it whenever you want.
This will help you to control their monthly expenditure. The card is cheap at just £10 per year. So, make your life simpler by living smartly.
If I could use one word to describe these types of cards its empowering.
I say that because your children are learning the techniques of money management at such an early stage of their lives. They will have their freedom to spend money, yet they will know that the expenditure is being observed by parents.
So there is accountability, without the risk of too much damage being done should your child make the wrong decision.
If you want your kids to be money wise then a Nimbl card could help with this. It's really easy to encourage a healthy balance among managing, saving and spending, with very fun and easy tools.
Again, as there is no fear that the cash gets stolen or lost, you can be relaxed as well.