teaching children to budget and manage their money

[President1]

Dear all

Looking for recommendations for a good resource online to help children (young teen) understand how to budget and manage their money independently? My daughter is at boarding school abroad and spends all of her allowance in the first month of receiving it.

TIA.

What happens when she runs out?
I think that’s one of the best ways to learn to budget, when you have to cope with the consequences!

Maybe try Rachel Cruze smart money smart kids?

She may benefit from one of the new kinds of bank account such as Monzo which has an app to record spending categories and which can tell you how many days your current balance will last for based on current spending.

When my son went to college i started giving him £35 a week to buy lunches etc , i still gave him money thru lockdown and happy to report he has resisted spluring it on amazon and has nearly £500 in his account. While he was at college i was very strict that if he spunked it all at taco bell etc there was no more coming til monday. Couple of times he had to make sandwiches to take to college as he had over spent and i refused to give him anymore. Seems to have sunk in and am more confident that he will manage when he heads off to uni in sept.

OP why don’t you set up a weekly standing order into her account to help her manage her allowance. If abroad use transferwise or similar. That way she’ll only be without funds for a few days which is easier to learn from, rather than no money for the month or term! We used to do this for DD when she went to Uni. Now in her 20’s she’s great with her money.

I think giving money weekly or monthly definately helps - I remember as a student blowing all my grant (old) within a few weeks adn it was a hard lesson to learn!
Monzo and Starling apps are briliant for tracking spending and also for saving - money can be put in 'pots'
Like pp I satrted giving ds weekly cash as a small child, then worked up to an allowance paid into a bank age 11, then at 16 his lunch allowance on top. He is at uni and very canny with money now!