How to track your child’s spending with the FLX App
Managing pocket money is a great way for kids to learn financial management. But left to their own devices, they may spend unwisely.
That’s why you need to provide parental guidance on how to manage their money. While you don’t want to micromanage their spending, you want to keep a watchful eye on it.
Keeping track of your child’s spending means you can step in when needed to curb reckless or inappropriate behaviour. But how do you strike a balance between allowing your child financial independence while overseeing the purchases they make?
That’s where FLX can help. The high-quality FLX card and app are designed with both kids and parents in mind.
Here’s four reasons FLX is a great solution for kids to learn to manage their pocket money and for parents to oversee their spending.
1. You can receive instant notifications every time your child spends money
Your Flexischools app will alert you every time your child makes a purchase with their FLX card so you can monitor your child’s spending. Real-time notifications are sent to your phone or Apple Watch.
2. You can apply certain restrictions
Your child can make purchases in-store and online with the FLX prepaid Mastercard. You may have concerns they could use it to make inappropriate purchases – but don’t worry because FLX is one step ahead. FLX automatically restricts age-inappropriate merchants, including tobacconists, liquor stores, bars, nightclubs, gambling shops and dating sites.
FLX also has a no-cash-out rule that restricts your child from making cash withdrawals from an ATM or point-of-sale terminal. This ensures that all purchases are made electronically and reflected in their transaction history.
If you want to stop purchases altogether for a specific period, you can lock your child’s FLX card from your Flexischools app.
3. You can track their savings
FLX is also a great tool to teach kids about the value of saving money. If you notice your child is displaying positive saving behaviour, you can acknowledge this with praise. Encourage them to set savings goals that they can track on the app. The more they see their money grow, the more motivated they will be to spend less and save more.
4. You can manage your child’s money from your Flexischools account
FLX is a finance and savings app linked to a prepaid Mastercard. There’s no need to open a bank account. Just sign up to FLX and download the FLX app on your child’s phone.
Your child’s FLX account automatically links to your Flexischools account. This allows you to easily transfer pocket money from your Flexischools wallet to your child’s FLX account and monitor their spending from the Flexischools app.
Families from over 2500 Australian schools already use the FLX App to keep track of their children’s spending and saving activities. Join FLX here.
This is general advice. Read the PDSs & TMDs at www.flexischools.com.au/legal before deciding if FLX is right for you. The FLX Services & Flexischools are provided by InLoop Pty Ltd ABN 27 114 508 771 AFSL 471558 (trading as Flexischools). The FLX Prepaid Mastercard is issued by EML Payment Solutions Limited ABN 30 131 436 532 AFSL 404131 pursuant to license by Mastercard Asia/Pacific Pte. Ltd.