Teaching about money

(16 Posts)
ashey1972 Thu 30-Jul-15 14:30:42

My DD is 12 and DS 10. I've been thinking about getting the gohenry or osper cards for them to help them take more control if their pocket money and hoping to teach them about managing their money better. I'm a but worried about online payments and stuff and if this will give them too much freedom. Has anyone used them? Or got any advice? Thanks smile

MN164 Thu 30-Jul-15 14:46:14

We have ATM cards with Halifax for our two (similar age). I prefer this because:

- they get interest of 3% on their money
- they can withdraw money and check their balances from any cash machine
- they can deposit money at Halifax without me
- they cannot use the card online, contactless or in a shop

The account is free and there are no "fees"

ashey1972 Thu 30-Jul-15 16:32:57

thanks @MN164 smile Can you see what they spend at all? I worry about them using debit cards without me and just wasting there money.

Teddingtonmum1 Thu 30-Jul-15 19:10:16

My ds 12 who has a Lloyds card gets his allowance and usually spends the the lot in less than a week but when it's gone it's gone he knows the score ( so usually he starts calling grandma ) but he is getting better, on holiday he had a 10 euros a day budget and he came back with nearly half as he didnt want to spend it so it's getting through somewhere ..

Electrolux Thu 30-Jul-15 19:15:45

Message withdrawn at poster's request.

Electrolux Thu 30-Jul-15 19:16:15

Message withdrawn at poster's request.

Namehanger Thu 30-Jul-15 19:17:32

My boys have Osper cards, you can remove the option to spend money online.

There pocket money is loaded on to the cards automatically every month. They and me can see what they have spent there money on and how much they have left.

Lurkedforever1 Thu 30-Jul-15 22:56:40

Dd (11) has a current account with a debit card. She's usually sensible anyway but if she was to pay on her card and then seconds later withdrew all her funds, I'd rather she learnt now. She rarely has more than £10 in it, £50 was the most once. And if out with friends I'd rather she spent the £50 bday money by card payment instead of cash, far safer. Plus, if she was ever stuck I could transfer her money in minutes.

MN164 Fri 31-Jul-15 10:54:34

ashey1972

The Halifax account is really a cash account. They can't use their card to buy anything. I don't have statements posted or online access so can't monitor their spending.

ashey1972 Mon 03-Aug-15 12:15:07

Great - thanks so much for the advice. I'm a bit worried that everything is going electronic now. Even their pocket money, it makes me a bit sad really. But I guess it's helping them for the future

Cloud2 Mon 03-Aug-15 12:43:14

DS1 has a HSBC account with a Debit card. He has a my saving account with the current account. I pay him �5 monthly, he get extra by help me doing some extra task. I encougrage him to move the balance to his saving account when there are a bit accumulated in the current account. The saving account has 3 percent interest. I do ask him to tell me if he need to withdraw money from his saving account. There are only a few years left to the time he goes to University, so I think it is important he learn how to manage it.

Lonecatwithkitten Mon 03-Aug-15 12:59:06

Just moving from Halifax to Osperso DD can see her own spending. I do think that whenever they get their own money they will initially spend on crap it's just a phase they have to go through.

AtiaoftheJulii Mon 03-Aug-15 13:39:11

I've been paying my kids their pocket money by monthly standing order for years. The 12 year old had a Nationwide account, which can't go overdrawn, never incurs any charges (I asked whether I could transfer money into it to spend in France to avoid transaction fees - yup grin ), and she has online banking and a debit card. She spends her money very carefully, but there's never an awful lot in it, and if she did spend twenty or thirty quid on junk, then it doesn't really matter, does it?

Can't say I understand the appeal of these new cards - just sort them out with a decent bank account and be done with it smile

imisslieins Sat 29-Aug-15 16:56:21

We are new to Osper but so far so good. Our 8 yo thinks it's fun, we think it's sensible ;) If you decide to try one, use our code and you'll get a free £5 top up on your card. It's HWI46083. xx

bobinsky Wed 02-Sep-15 12:14:23

Thanks imisslieins have used your code!

PettsWoodParadise Thu 03-Sep-15 08:19:59

DD turns 11 in six months and I will be getting her a Nationwide account. I am not worried about seeing what she spends, I think not seeing it builds up trust far better. At present any birthday money is 'half to spend, half to save' and she is used to that ethos as it has been what we've done since she was a baby. It does seem a bit easier to get across the message by physically taking the money to the counter - handing it over and seeing the account book entry printed with the new larger sum. However reality is she understands about saving now, we trust her and know there may be hiccups which we will get over - but real life and her being increasingly away from us needs electronic payments now.

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