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

Standard Insight T&Cs Apply

they have an allowance and I ask them ' do you NEED it, will you USE it, can you AFFORD it?' x

My son is only 4 but he has a money box that he keeps small change in and occassionally we count it out and he can buy a small toy with it. When he gets a bit older we'll introduce pocket money that he can decide what to spend it on

My two boys are totally different when it comes to money! DS1 (11) is fab, he's a real saver, but if he asks for something he always offers to pay out of his money. DS2 (9) I fear would love to stand on a yacht and throw notes into the sea! The best way to teach him was to let him spend it willy nilly initially. He soon saw that his brother had money saved up for bigger and better things, and it taught him a bit of a lesson. Now he is becoming much more sensible with his money.

My Ds has just started having pocket money every week. I want him to help with chores around the house so he has to earn the money. Its up to him what he wants to do with it at the end of the week. I think its important for children to learn to save and realise that once the money is gone its gone!

I think regular pocketmoney is the best way, increasing the amount with age whilst including more things they are responsible for paying for

My son is only 3 so he doesn't really have much of a concept of money. I have started a saving account for him for when he is older and he has a money box which he puts small change in which we get out and count and sometimes take it to the shop to buy sweets so he can start to see that I'm not lying when I say we don't have enough pennies for things!

Whenever I take my children shopping, I always explain to them the reason behind my budget, O tell them how much I earn and ask them to help me decide which items we would get the most from out of the money we have.

My son is a saver and is great with his money always putting it away into his savings account. My teenage daughter is the opposite and no sooner has she got money she has to buy something with it! Hopefully when she starts college next year and has a part time job she will realise the value of money!

My DD (aged 11) has the go Henry app. It's fantastic.

I encourage them to put money they get on occasions or from their grandparents into their savings account and really think about what they'd like to use it for :)

My children are quite good at saving their money for things they want, they do little jobs around the house to earn their money each week

We would agree to pay half if they save the other half.

My eldest daughter is 4, she saves all her money in her piggy bank :)

My boys have a saving account that they put christmas and birthday money into save. As they are getting older they are wanting to keep some money for games/clothes etc.

My eldest is 5. However even at her age money has been introduced. AT her school disco's she can have up to £2 and it's her choice what she spends it on, sweets, facepaint, game stalls, nibbles or little toys. Once her money is gone, it's gone.
This yr I plan to introduce the 3 jar system. There shall be 3 jars, one save, one donate, and one spend. Each week I will give her some pocket money say £1. She can pick which out of the 3 jars she wishes to put her £1 into. If she chooses save, then I will put in £1 also (So £2 for that one week). However she can't touch the jar till it's full. If she chooses to donate then she can give that £1 to someone or use the £1 to buy someone something. Lastly spend she can spend that £1 right now.

Hopefully this will teach her 1. people are less fortunate and she might want to help others and 2. Unless she really NEEDS a little something now, it's far better to save her money for what she wants/needs.

I give my two children pocket money, then it is up to them what they spend it on. It really helps them learn the value of money and think about what they really want to buy, and whether it's worth spending their money on it or not.

My son has aspergers so i think he dont really grasp true value of money. I have saved since he was a baby and he has quite a bit in the bank.
We dont do pocket money but he dont ask for much , so he gets what he asks for even if we say be good and you can have payday.

But as his birthday Jan this time I bought a few pressies and explained the game catcher card he wanted so badly costs £160 he can have that or £100 cash to put in his bank. He chose the cash. I explained again the card costs more and he said no thanks , its a lot of money.

My DC age 7&8 are just beginning to understand the value of saving for something they really want. They used to spend money without thinking about it, despite my cautions. However since Christmas they now both want to save for particular toys and refrain from spending money on things like magazines. It makes me very proud that they are doing this.

I encourage my kids to earn their money and if they haven't got the money to buy what they want then they are to save up for it x

We were pretty short of money when we first got married, so quickly had to learn frugal ways. However, both our children seem to have rebelled against this and spend their money as soon as they get it. Am sometimes at a loss how to best support them to be honest. We're honest about what we can afford (Or not!) so hope this helps

I encourage her to save towards something she really wants. For example when she wanted to go away with her friends family. I set her a target that she had to save and told her I would only pay for it if she contributed a certain amount. She was great at saving, doing chores, selling unwanted toys ect xx

My kids are surprisingly sensible with their money considering they are both in primary school. When they get Birthday or Christmas money, they enjoy coming up with lots of ideas about what toys they might buy, but in the end they usually save it. This might reflect their parents' cautious approach to spending (we both like to save, and are uncomfortable with debt) so as they grow I will remember to encourage them to treat themselves and enjoy their money a little, as well as keeping their piggy banks topped up!

My little girl is too young too understand at the moment but when she's old enough I will have her do chores to earn her money and she can spend it as she pleases but once it's gone it's gone and if she wants something worth more she will have to save and she won't be able to borrow or do extra chores for extra money.

All of my four children have their own smart accounts which I put most of their birthday / Christmas money into. They understand that if they want additional bits throughout the year they need to do jobs to save up for it. My 11 year old now has her own account which she put some of her birthday money into - she uses this to buy clothes etc as and when she wants them. She loves being in control and using the card, but is also very careful as it is her own money. We top it up from time to time :)

I have done the same as my parents did for me. I have opened
up accounts for them and birthday and Christmas money goes in there so they can think about and decide how they want to spend it and hopefully add to it throughout the year.