Wallets are where money is kept when it is deposited to SpendAble. It helps keep a track of money from the participant and guides them and support workers to follow the financial management plan.
How many wallets do I need for a participant?
You need a minimum of 1 wallet and you can have a maximum of 30 wallets.
It depends on your use case whether you need to have a single wallet or more than one.
Use Case 1: Financial Management Plan and Budgets
If you're supporting a participant that wants to follow a financial management plan or a budget you could set up multiple wallets to align with their budget. When they transfer money to their account they can then have it separated into the separate categories and funds aren't mixed. This guides support workers and participants to stick within the budgets.
There is also a benefit with gradual budgets like clothes budgets where the money is added in small amounts each week but is available when the participant needs it.
Use case 2: Using a wallet for all participant spending
If you are using SpendAble to make money available on a card and don't need to follow a budget or financial management plan then you should only create 1 wallet for the participant. This way, any money deposited is added to this wallet and can be used by the participant or support worker.
This could be used for when the cards are only used for a single expense like groceries or the participant's social money.
Can I add wallets in the future?
Yes, you can add wallets whenever you need them and they are free to add.