How do you support your DCs in managing their money? Tell Nationwide for the chance to win a £300 voucher. NOW CLOSED

[RebeccaEMumsnet]

For some parents, when your kids get a little older, helping them to manage money responsibly can be a challenge. To celebrate their FlexOne current account for 11-17 year olds, Nationwide would like to know the ways in which you help your DCs manage their money.

So, is your DC a saver by nature or does spare cash burn a hole in their pocket? Are they always badgering you for extra pocket money, or do you enforce a strict allowance limit?

We’d also really like to hear how your DC compares to you when you were their age – do their spending habits mirror yours when you were young? If your DCs are a little younger, what advice do you plan to give them, or what advice do you wish you could give your younger self when it comes to money management?

Whatever advice you give, post a comment below to be entered into a prize draw where one Mumsnetter will win a £300 voucher of their choice (from a list).

Thanks,

MNHQ

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I encourage my son to do small jobs around the house to earn money and to save up for something he really wants. I also encourage him to save some spending money for holidays

It came as a real wake up call when I saw how easily my kids would make in app purchases etc without really thinking it was real money.

We have now opened accounts for them and when they reach small milestones from paying in some of their pocket money or doing small jobs, we will add a small bonus. I think it is really hard for very young children and you don't want them to become fixated about money but as they get older it does them no favours to not be able to manage money.

We opened accounts for each child as they start receiving pocket money.

Each week they have to save 25%, so they quickly saw that interest added was free money, and now the eldest saves without being reminded.

If you catch them young enough they learn to save themselves for any large purchases, which hopefully they will continue into adulthood.

As a Nationwide customer I always find their tips on opening a children account handy and useful, so as am speaking I am in process of opening a bank account for my 11 year old with Nationwide, also putting a little each month I will make sure that I lead my little one in right direction. My boy always look for cheaper prices when he wants something, learning from me I guess but is worth it, the money save we put it away for something else.

My upbringing was not as positive in all aspects as my children. I think when it comes to savings seeing is believing and I have taught my children to respect the hard work that people do in order to earn their money. We save money in clear jars so that it can been seen and we separate coins and have mathematics fun where they can add to their savings.

My partners children are very good with their money and enjoy saving. If they are saving for a particular purchase then they are given extra chores to do as a way to earn the money. We also generally pay for half and they pay the other half with money they have saved. I wish I had some of their discipline!

My son is still too young to really understand the concept of money, but we do
Have a savings tin for him and encourage him to save some of the money he gets from birthdays or Christmas.

We teach the children to save their pocket money to buy something they really want

My older two are totally different. Ds1 spends everything as he has it whilst ds2 rarely buyers anything and has more money saved than I do ( which wouldn't be difficult). They have had their bank accounts from a young age and have been encouraged to save. Ds3 is 10 and getting a bank account with a cash card for his birthday and he can't wait.

My two have savings accounts and we encourage the 3year old to pay money she has been given in to it herself at the counter. Though she slightly has the wrong idea as she thinks any money she has should be put in her toy shop!

There are some great tips in this thread for when DD is older. She has just turned two but I've been trying to teach her the value of money in a mini way. So if we go to a shop I'll explain that things are expensive there as we have to buy them (as opposed to a library or a friend's house where we can borrow books and toys) and limit her to just one fun item.

Make sure that of all the money they are given as presents is split into 2 and that one part is saved. Discuss savings regularly. Make it a game to look for highest interest rates.

they have a savings account with their own little book, and I encourage them to save their occasion money and also earn money with chores. Teaching them patience is the key.

Have taught my princess the value of money, save some, spend some and always get the best price you can.
Happy New Year everyone.

My DS has his own Nationwide bank account. He gets £20 per month pocket money and puts £10 of that into his bank. However, because he has a little brother about to arrive in April this year, he is desperate to dip into his account and spoil him lol.

I think financial education starts from when they first have a concept of numbers and shopping. We always played at shopping when they were tiny, exchanging toy coins for plastic groceries etc. Even when they don't understand the numbers, it gets them used to the idea of exchanging money for products.

As they got older, we started giving them pocket money. There was always a maximum amount they would receive, if they did homework, cleaned their room, weren't cheeky etc, but money was deducted if they hadn't done these things. This gave them the idea that you receive money for hard work and effort. They also receive extra rewards if they did well at school/in exams etc.

We have always encouraged them to save up for things they wanted to buy and they are quite determined!

Our eldest two are at uni now and managing their own money, including their student loans and the allowance that we give them (having two at uni at once means they don't get as much as a lot of their peers do, as we simply can't afford it). They are very sensible and put money aside for food, rent etc, so they know how much they can afford to spend on going out and other luxuries.

They are certainly more sensible than we were at their age, we got into lots of debt and it affected us for a very long time.

I've always tried to instill the value of money. They are given pocket money and told that once that's gone there's no more till next week so to think before spending and I also encourage them to save.

I've set them up with accounts to save money and I show them that I have to limite what we spend in order to pay bills etc.

I have an account with my online banking, called DD's pocket money and I transfer £1 a week into there. Then when we go on holiday, I transfer out £10 and give it to her as spending money. She has been saving for a Brownies trip, so I opened another account and every time she earns money doing chores for her Gran, she can see me transfer it across to her account for her and see it building up.

She does have an account in her own name that she has had since birth that has the majority of her savings in, but for day to day stuff I do it in my name with named accounts, as you can't access childrens bank accounts online (I haven't found any that will anyway).

He gets an allowance every month plus money for doing chores and has to keep a book to show how much he has. We also encourage him to put some in the bank

my eldest is a saver, he doesn't like spending any of his money! He will only splash out on something that he really wants.

I've always encouraged mine to earn for waht they want, wether that was earning pocket money or getting part time jobs, I set them up with savings accounts and they paid for things they wanted outside of birrthdays and xmas

We taught them early about the value of money. They get some for good deeds that go into their piggy banks. They come up with an item/toy they want and the achievement is getting enough to get the product they want. Helps them understand that you have to work to get what you want.

I taught mine the value of money - and the need not to spend it because it's there

I have given mine pocket money weekly since they were five - it increases each year on their birthday. They are encouraged to save it so that when we go on little holidays/day trips they have their own money to spend on souvenirs etc. They understand how many weeks money they are then spending to give a bit of perspective on their choices.