Tips/Advice on Bank Account where child has a Debit Card

[mummytippy]

I've recently opened a bank account for my DS.
He paid some birthday money into it (£25) and gets £5 per week pocket money which I pay in each Friday by S/O.
My DS is 12.

I'm very interested to see how other parents with children with similar accounts let their children manage their money...
eg, free reign?, keep hold of the card?, how saving is encouraged what incentives are offered etc.

Just worried once my DS has his card he'll go crazy and leave himself with nothing.

Feel I need to add he likes the game Fornite a lot! So I am worried every penny of pocket money will be spent on this.

We're going on holiday in 3 weeks so have said I'd like him to save up spends for that.

Any tips / advice most welcome.

(I also have another thread running relating to the Fortnite game).

Thanks in advance.

I let mine get on with it. She's been funded monthly since 11, and the one month she messed it up she simply couldn't pay for whatever it was she wanted. We didn't help her out. (but she wasn't paying for essentials at that stage) On the other hand, she never really wants to buy anything much by way of tat or game purchases, so it does make it easier.

I think, though, it's good to start it early. If you're worried, fund pocket money by direct debit, so that if they are saving it's in the bank and he needs to do something to get money, rather than the coins/notes being right there.

Thanks Hiding

I pay his pocket money into this account weekly by standing order.
Can I ask how old your dc is now?

Also, meant to say he has chores to do to earn the pocket money in the first place!

I would open a fixed ISA so he only gets a certain amount in a few years eg 16 or 18. I would also set up a variable ISA and get a direct debit to transfer £1 at least to the variable ISA so he can save up money and not let this get touched

BlackBird

My DS has a CTF he knows nothing about.
I've had that running since he was born.

Maybe he could also set up a basic savings account to transfer a percentage/amount over to each week... so he can see that growing and that'll encourage him to save.

Last thing I want is for him to blow his CTF when he gets it at 18!