Are you teaching your children about money? How to save etc?

[charliecat]

I have got both dds saving in a money box that gets put into the bank and they both have saving books where they can see the interest being added yearly (free money for just leaving it there, they say!!!)
Ive also explained to them about my credit card looking like im not spending anything, and showing them the huge amount on it at the end of the month and that it needs to be paid or they add extra money on top if you dont...
I want them to be sensible...what about you and yours?

Yes, we do the same. Mine are very interested and have asked lots of questions about the differences between debit and credit cards etc.

We have also given them each pocket money since age 4, little amounts at first of course. I think it's important that they learn to manage their money, make the right (and sometimes the wrong!) decisions on what to buy etc.

For the past few years they have had pocket money monthly, on the same day their Dad gets paid. They then have to make it last until the next month. They used to ask for advances if they'd spent it all, but soon learned not to - we used to say, what do you think Dad's boss would say if he went and asked for his wages a week or so early? They soon got the message!

how old are your children cc?

I'm looking to doing the same as you with mine when they are older.

I must have admitted was a single mum on a strict budget when DS was growing up, at 22 he went for his first mortgage, asked me to go see the financial advisor with him, when the FA was working out how much he could afford, he asked him about debts and credit cards. HE HADNT GOT ANY! despite paying maintenance on his daughter and having her most of the time, just finishing his apprenticeship as a electrician, and been renting a shared flat for 3 years!

I was really proud of him, but them my motto was always if you couldn't pay cash for it you didn't have it!

My dds both are savingup their pocket money for hols atm.
Birthday/Xmas money goes in their bank account (for buying a house when they are grown up !)