The Xbox Family Settings app is finally getting an update that allows parents to set spending limits on microtransactions for their kids.

Xbox announced this news today and revealed that parents and guardians have been asking for the option to track and manage their kid's microtransactions since last year. Thankfully, the next Xbox Family Settings app update will finally provide these options and more.

There will be three spending limit-related features coming to the app. The first one will be the ability for parents to set spending limits. Parents and guardians will now be able to manage how much their child spends on games, microtransactions, and more. They can do this by adding money directly to the Xbox account in the app. Xbox says this new feature will be a great way for parents to reward their children for good grades, doing their chores, or just simply being a good kid.

The second one will be the Ask to Buy option. So if a kid ever wants to buy something, like a Fortnite skin, for example, parents will get notified before the kid could even have the chance to do so.

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“Parents can then make the purchase on their child's behalf (if it's a game or app), or add money to their account for an in-game purchase, like a new skin or accessory,” Xbox's blog post reads. “And if you don't want to approve the purchase, simply select the ‘deny' button on the notification you receive.”

The third feature is the ability to view a child's account balance. If a parent is interested in how much money their child has left on their account, they can review that balance at any time.