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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Our 3 age 6,8,10 have gohenry cards on which we put their pocket money each month, means theu can make online purchases etc.

Loving the ultra rich bubble posts from people who give their kids bank cards

more than half the country has not one penny in savings
and never will

Ours are younger but saving pocket money and birthday/Christmas money. It is used typically to buy Lego or Build a Bear items.

I'm still a bit too disorganised to do regular weekly pocket money but will start soon as a reward for chores. Mine are 6 and 8 so starting to get to grips with using money, and will dip into their piggy banks if there's something that they really want. When they get to the stage of wanting their own clothes etc I plan to do as I was given and give them each a monthly allowance and if they want more than this they can earn it.

My DC are only 4 and 6 so they are not so interested in money yet. Whenever they get or find a coin, they put it in their piggy banks and tend to forget about it. They understand however that to buy things, money is required and that is why Mummy and Daddy go out to work.

My eldest has just started having pocket money. We have talked to her about saving for things she really wants and that she needs to think about what she is spending it on. To help her understand this we now expect her to pay for the little luxuries she wants I.e. a magazine or a pack of sweets after her swimming lesson. If she doesn't have the money for them as she's already spent her money that week then she doesn't get them. She has really begun to consider what she spends her money on and has been saving the last few weeks as she wants to get her younger brothers a present for Christmas. She is much better with money than I was at that age she seems to keep track of it and spend it on the things she really wants rather than tat.

talking, you're assuming I am mega rich because I gave my child a bank card?
Maybe that's why they rack up stupid debts that cripple them in their 20, there was no one there in their teens to teach them about bank cards. ;)

I have saved for ds1 and ds2 with nationwide, since birth. I put in part of their child benefit every month, a very small amount every month from us, plus any cheques they received for their birthdays and Christmas.
I will now look into opening the flexOne for ds1. But I don't want him having access to the money we've saved for him. That will have to be kept separate.

Talkin'?
Even a tenner here and there and a birthday cheque can add up over the years.
Not all kids parents are rich. But some parents opened an account, some didn't.

I have two sons, 12 and 15, the oldest is a great saver; very careful with money and will consider any purchases carefully, the youngest is the complete opposite.

I try to teach them the value of money and encourage them to spend a little but also save a little.

We talk about whether something is a good deal or not, work out price per item etc. We've also given ds an amount of money when we are at a fair or day out and let him choose whether that is spent on ice cream/rides/tat or whatever and it really worked in helping him understand (for example) that face painting would cost x and wash off at the end of the day, or he could spend that money on something that lasted. He's good at not asking for money on top of that.

We explain about saving and not spending money as soon as you've got it. It seems to have worked, anyway.

We started pocket money from 5 years old, my dd gets very excited putting the money in her piggy bank and the once she has 10 pounds or more going to the shops to see what she can buy.

My daughter has had a GoHenry card for a while now and some of it goes automatically into savings every week to save up for things she really wants other than her usual sweets and things she buys every week lol

Since she started secondary this September we gave her a budget of three pounds per day to spend on snacks and dinner at school so I put in fifteen at the start if the week and she has to manage it (although I don't know whether she realises that I can see everything she buys on ParentPay to make sure she's not spending it all on Bacon baps lol..but she's doing rather well in Her choices so far 👌🏼)

If they want something they have to buy it themselves and are rewarded with good behaviour with money

I try to help my children understand money matters by including them in regular family discussions so that they begin to know what our family income is used for and what our family's long- and short-term financial goals are. I think this helps them not to make unreasonable demands for money, especially before Christmas when they realise we need to pay more gas and electricity to heat and lighten our home etc

My children each get pocket money, which they earn from helping around the house. I try to encourage them to save up for items they wish to have rather than spend it weekly on items like sweets or magazines.

My grandaughter has jusr received a piggybank and is learning about the different coins.

My son has a money box and we try to encourage him to save for treats by sticking stickers on a chart to see how far he has got with saving for the toy

We have a spending diary and cute piggy bank

We have two money boxes each and any time they have money, half goes into the savings which we take to the building society each month and half is for spending. If they want to save up for something, I chip in if they manage to save for a month without spending their money. They love to count their money and swap ten pound coins for a crisp ten pound note.

We talk about money and explain all the things we have to spend our money on so that they understand we can't have everything.

My daughter is very good with money she has her own bank account and puts her pocket money in every month. She will also discuss any purchases she wants to make and we look around for the best price.

I hate to come over all smarmy, but my 12 year old's had a FlexOne account for a year and it's great. He can see how much he's got and spent online, and I put his allowance in. When he forgets his cash card and I pay, he transfers it to my account. He gets £5 per week cash from his Grandad which sees him right for sundries, and everything else is traceable.

They earn their pocke money helping out with suitable little tasks and they save some money in their savings account for the future.

I am afraid to say it does burn a hole in his pocket, especially if we go past the £1 shop , but birthday money and Christmas money goes into their bank and when a computer game they want comes out they have the funds there. I intend that when they are 13 I will let them have a debit care with their bank account to get them used to on line banking, checking their balance and paying with chip and pin.