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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My DS is excellent with money, he's been working p/t jobs since primary school and has had his own bank account since about 9 or 10

A great way to help kids learn about money is to give them a budget & an Argos catalogue at Christmas. They can see how much things cost and divvy up their money accordingly.

Savvy DS always asks for money at xmas and then buys what he wants in the sales 😂

My grandson has been saving since he was small in his cat savings box. He puts it in his big bank when full so that he can buy himself and his mummy a house one day

Learning to save a little away every month is a good lesson.

I'm pretty strict - if they want something they have to save for it. Either through earning it through chores or saving pocket money. I don't give them the option of credit!

At the moment, my DDs are too young to take much control over money. However I let them keep purses of loose change (coppers) so they get used to handling money, and they do get to pay for things they choose in shops. Further down the line, I will encourage them to save up for the things they want.

My daughter is only 6 but she already likes to save money. She has a money box and is always placing any money given to her in it. She likes to take it to the bank to save it.

ED had a bank account from birth and she always saved, never spent her money on sweets etc so it built into a nice little amount... I always involved her in the buying process when we were out purchasing things, getting her to count change etc... YD does not understand money yet but also has a bank account in which her money goes into, hopefully she will do the same as the eldest...

Our son had a money box to save his money until he turned 13 & we opened a Nationwide account for him. We now pay his pocket money in by direct debit. He has an ATM card, but he did not want the debit card offered, he felt it would be too tempting.

The advantage we have found in paying his pocket money into his account, is that it makes him think more before spending, since he doesn't have the money in his hand, he has to go & physically withdraw it, he saves up for long periods of time now

I never had a bank account when i was my sons age.I opened a natiowide account in jan of this year.I pay an amount by DD, to this date he has withdrawn money once.He is responsible for keeping hold of the card.One issue I had when opening his account was regarding him beinging offered a debit card. At age 13 i thought this wasn't a wise option let alone an 11 yr old

Start as young as possible with a money box as they got older a savings account so they can see the money grow and save up for something they would really like to buy

I set up a premium bonds account under their name and deposit any savings in to that. They can't access it until they turn 16 so will have a significant amount by then and will be old enough to spend it wisely!

My eldest has a Flex one account, but we didn;t let him have the ability to use in the shops. When he wants money now he checks how much he has in there before taking money out

I've always encouraged my DD to save. When she gets money for Christmas/birthday, I do let her spend it how she wants but she quickly found out buying the first that the big, shiny thing she sees may not be the best idea when she can't get anything else.

I let the keep some of their Christmas money to spend but the bulk of it hey have to save for the future e.g. buying a car or uni .

I use the RoosterMoney app which is brilliant. I can pay them a virtual £1 per week pocket money and set up jobs etc. If they want to spend it I then pay but electronically remove the amount from their virtual account. They set up goals to save for etc.
https://www.roostermoney.com/
It is one of the best apps I have.

We do discuss finances a lot around our children. My eldest knows that we go out to work to earn money to pay for our home, bills, food etc. We don't give pocket money but I do give him a little money to spend at break/lunch. We have separate saving accounts for the kids but they don't have bank accounts yet, however reading these posts I think I might open one for our eldest, he isn't always great at delaying gratification but likes counting money etc so it may be an incentive.

My dd is only 5. She's saving for a Lego house- it's about £150 - she puts any money she's given into her piggy bank for it.

Encourage them to save some of their pocket money for a toy they really want

My daughter has £5 pocket money a week but has to earn it - she has to keep her room tidy and lay and clear the table for dinner. If she doesn't keep her room tidy, I dock her pocket money by £2. I try to encourage a healthy interest in money and for her to learn to save as well as spend.

My eldest is 14 i do not get involved at all with her money i let her make all the desisions and shes actually better than i am at managing it. youngest well is 7 he gets no pocket money and when he is given money spents it as soon as hes able!

I will encourage to save for something worthwhile and spend on something amazing

make sure they do chores to earn money and when they are old enough encourage them to do a paper job so they can see that work pays

I help them to manage money by showing with effort comes reward. When they consciously earn the reward it's more valued and naturaly they want to save and they get this habit on thier own.

So by only giving them money when they earn it the habit of saving I have always found naturaly follows. I think it's because they realise they can't access cash every time they throw a tantrum. So I have found it to be a amazing principle that transfers into so many other areas of thier lives. I'm so proud of him, it's amazing what small principles can instill.

My daughter has always had to earn her pocket money by doing age-appropriate chores. She can earn a bit more by pampering me (brushing my hair or doing my nails!) I ask her to contribute towards Christmas presents for the family - a nominal sum but to get her used to the fact that these things don't come for free.

setting a good example and encouraging saving