teaching a 12 year old money management

[hobnobsaremyfavourite]

I have opened DS's 1st bank account today in the hope he will begin to learn about managing his own money.DS is the sort of child for whom money is just something to be spent. I have arrange for 50 pounds to be paid into it each month, with this he must pay is bus fare to school, school dinners, phone top up and any extras he chooses to spend. I'm hoping he will learn to budget and to make choices e.g cycle to school and save 2quid or take a packed lunch some days. Does this sound reasonable or am I asking for trouble?

DD1 was 12 last week and I've done exactly the same thing. I've made it clear to her the system is dependent on her own reasonable behaviour and she needs to learn to be responsible for her money - if she abuses it by spending a month's money on CDs and then having no lunch money left, I'll stop doing it at some point.
What worries me most is that she'll lose her bank card, but adults can do that as well we certainly both have .

good idea getting him an account but TBH I think that might be a bit much responsibility all at once. I think I would give him less money at first and still sort out bus fare myself and possibly school dinners, and then gradually add those responsibilities in as he got used to managing the less vital ones like phone credit.

What I was planning to was sit down with him and write a rough budget plan - how much money needed for each thing each month and then sit down each week and do a balance check and see how his money is going and what he has spent it on. I know this will initially be time consuming but I hope in the long run it will pay dividends!!

Not sure £50 would cover it. Have you worked it out yet?

Zandy his bus pass is 12 pounds for 8 journeys but he cycles 3 days a week so that pass should last him a couple of weeks. After that the rest is up to him, a school dinner is about 2 pounds but I am happy to provide a packed lunch for free . He usually tops his phone up every 4 - 6 weeks with a tenner.

good idea
maybe as he gets older put a little more in to it so he can buy clothes,xmas presents etc

also good to get him to save any money he gets for xmas/birthdays to save uo for bigger purchases