Talking about money

[Perry10]

Hello everyone. I am new to this forum and I am a mother of 3 . My eldest Dove, turns 13 this year and I was thinking of talking to her about handling money. I know that every kids knows about money, but then I feel we should talk to them about it. To make them understand that it must be hard earned and spent wisely. Have you had a talk with your kids regarding money. How did you do that? Can you share your experiences? Thanks in advance.

[EveryThingIsImpossible]

Hi

Welcome to MumsNet. I gave my child £20 on their debit card and we looked at the statement together after 2 weeks and looked at necessary things and cinema trips, McDonalds etc. Then another £20 and see if she spent it more wisely. Make the balance what you want. As long as it evens out. This taught DD very well

Hope this helps

[BackforGood]

I think it's good that they have their own pocket money, and get used to the idea they can spend it - but 'once it's gone, it's gone' , save it, or a combination.
The amount depends on so many things - whenever that gets asked on here you get real extremes - but the idea that it's a fixed amount per week or month and you won't cough up if they want something and have spent all their money, is a good start.

[Perry10]

Thanks for the replies. We have also decided to start giving her pocket money in small amounts and then later look into how she is spending it. Also I found this article while searching net. Thought I would share it here.
www.northwoodmortgage.com/mortgage-tips/5-effective-ways-teach-kids-money/

[twentyten]

Get her a bank account- get her to help you do research. She'd get a debit card she can use. Good luck!!

[Hereshoping1]

Look at Osper - a prepaid debit card - works a treat for my 13 yr old DD

[Sparklingbrook]

YY to a bank account, with a debit card. I have shown Dss that they can get a balance from the cashpoint or print a statement from the machine inside the bank.
They order stuff online/but y in shops and keep a track of their spending.

Just a shame they don't do internet banking for children.

[bigTillyMint]

Mine got pocket money in their hand from about 10, but DD now has a bank account and we will open one for DS when he turns 14 in 6 months - then the pocket money goes in via a monthly direct debit. She has a debit card and buys stuff online and in shops.

So far DD has accumulated more money than she has spent (she has a Saturday job and babysits too) but I fear the lure of new trainers will be too great for DS!

[Sparklingbrook]

it's quite funny. DS1 is such a tightarse when it comes to money but DS2 (12) is all spend,spend,spend. But both have been given the same guidance by DH and I.

[LineRunner]

My two were given a bank account, debit card and monthly allowance paid in. As with Sparklingbrook' s experience, both had the same advice and upbringing and one is a saver and the other is a spender.