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

It is prioritised. ie. savings spending general need

My great niece is too young to understand money but I will help her to understand as I've worked in finance all my life & I'll teach her how to budget & make sure she never gets into debt

My kiddies are age 6 and 4 years. However I've already got money management underway. They each have a jar where they save their money. I try to teach them that they can't just get things because they want them. therefore if they do little jobs around the house, then they will earn some money to put in their jars and save

my older children are 16 and 17 and quite good with their money. my youngest is 3 and understands she has to save her 'pennies' if she wants to buy treats like magazines , sweeties. I dont give her spending money i usually buy her a magazine , but her grand parents on both sides give her pocket money which she saves some of in her money box. Im waiting until shes a little older to open a bank account with her so she will understand it a little better

I try to encourage them to wait for a bit when they want something and if they still want it a few days/week later then buy it. I also encourage them to sell their old items on ebay or similar.

Be open with them, et them to choose things in the supermarket, and point out "value for money". make it part of normal conversation

I help DS by being clear exactly what I will pay for, and that anything else needs to be paid for with his own spending money.

I also encourage him to save for big items rather than frittering money away on small tat.

let them choose how to spend there birthday money

Just try to explain to them where money comes from, what things cost and how to make the best of what you have.

My daughter is much better with money than I was at her. I don't have a lot of cash due to bills, debts etc so when we are in shops and she asks for stuff, I explain that I don't have enough money for it and she needs to save. She's great at saving and when she has an idea of something she wants, she won't spend a penny until she gets enough for what she wants to save for :)

I support her by keeping her interested in her savings account and piggy bank. by trying to make it look fun, it encourages her to save and appreciate the money growing

Savings accounts pay, on average, 1/10 of the current rate of inflation

kids need to understand inflation

but the core point is to tell them what they / your family can and cannot afford

My LO is only 5 so he is just learning about money. He has a savings account and we talk about the importance of working to earn money and to do the things that you enjoy doing.

I've always encouraged my DCs to take full responsibility for their own finances. They're fully aware that I've worked hard for every penny that I have and that I don't intend to give my money to them to behave recklessly with it. When their own money is gone, there is no Bank of Mum !

I teach him that he should save for what he wants and not always just spend money when he gets it - he has a savings account for the longer term and a piggy bank for more ready access so he can count it and see it grow. I did the same when I was little and I have always been very good with my finances as I was taught well by my parents - I want him to be like me in that sense.

I always explain why I spend money on some things and not on others and why I save for the future.

My 7 year old has a savings account that i can access with my online banking. I transfer pocket money each week (provided he does his chores) and he has to save up if he wants something. It's really helped to teach him the value of money. I think it's really important for children to learn how to manage their money from a young age. I plan to do the same for my daughter when she's old enough.

We are quite strict with pocket money......several times when we have been out my son has wanted an advance. We have not allowed him to have one as I believe you shouldn't spend what you haven't got.
I never had a problem with saving and I hope to I still the same in my son.

I help my son with saving in a bank account, as well as saving small amounts at home for things he likes / wants. We visit the bank together and he puts the money over the counter and asks the person to give him a balance update. He is (hopefully!) learning good habits by the way we are with money too, and watching us save for the nice things in life like holidays and presents at Christmas.

I opened a child savings account for my son and added his signature, so that when he was old enough he could use it with supervision. I hoped that he would become familiar with putting money in the bank and keeping his bank book safe. I also gave him a piggy bank so he always had a little money at home for small things that he wanted to buy.

My DC is only 2 but has 2 savings accounts and a dinosaur 'piggy' bank full of money - he's richer than me! I'm hoping to teach him how to balance spending and saving - when I was little money burnt a hole in my pocket and was spent ASAP

I have a bank account set up which I pay into monthly, they have to manage their own money so we have discussions about how much things cost.

I've just started teaching my eldest the idea of putting money away each week to save for something he really wants. He's not great at delayed gratification but he's getting better.

My 2 DC are both savers, have in pressed on them how hard money is to come by and how little value most things they might splurge on are, seems to work. Eldest is 11. Will talk about a savings account soon and maybe get one of those payment cards that exist,

We have opened a bank account for our little one and he gets an allowance every week