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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Currently pocket money is £9 a week for a 9 yr old child. £1 increase per year of age... seems a lot but London is expensive.

Has a savings account and 25% goes into savings, so that's £2.50 a week. That leaves £5.75 for sweets/magazines/loom bands/etc. as she donates to RSPCA £1 a week, too. Pocket money given on agreement that chores are completed, so fines have been put in place at times as well!

Mine are too small to have much money to deal with yet, although I can see pocket money becoming an issue in the next year or two. My daughter's only started pestering for things relatively recently so I think it's probably a good time to start talking more about money and how much things cost. I was and am a saver, so I'm hoping my kids follow in my footsteps.

My youngest is 17 , we have never done pocket money with either of them I just doled out what they needed as and when . When my eldest was 17 he got a pt retail job which he maintained throughout uni , he's an excellent saver , has no debts ( no student loans) , now works ft and runs his own finances excellently . DD is 17 and because she is unable to get a pt job due to having quiet severe CFS we put a set amount into her bank each month , she's also a savvy saver . When I was a teen I didn't get pocket money as my parents paid for our horses . I've never had an issue with budgeting , it's common sense if your income is X amount then that's the amount you have and you don't spend what you have not got . My only other rule is you don't take anything on finance unless it's a penalty to not take it and then you finance the minimum amount and pay it off as soon as you are allowed without incurring any penalties .

We match whatever they decide to save, especially as the interest rates are so low They like to see their money become more and so think carefully about how much they spend.

We plan to give our little one pocket money in return for doing certain chores, and will encourage her to always save a little of what she earns each week.

I may need a different approach with my two as their personalities are so different. My 4yo shows signs of being a saver, won't spend the £2 coin I gave them months ago!

I plan to introduce regular pocket money to give them some freedom over their spending and take it from there.

Our children are still a little too young to really understand about money management (they are 5 and only just 3) although I am teaching them about saving and about selling items they no longer need to make themselves a bit of extra money. We will be introducing a system for DS (who is almost 6) to earn a little bit of pocket money and then we will be trying to encourage him to save for things that he wants. I will try and teach our children the same kind of things my parents taught me - was bought up to believe that if you want something you save for it and that you can sell unwanted items to make extra money. Both our children have piggy banks and saving accounts and after Christmas I will be opening basic bank accounts for them both.

I feel money management is an important thing to teach children about from an early age.

My DS is 8 and has just started getting pocket money in exchange for some jobs around the house. He is a brilliant saver and whilst he might not really grasp how much things cost he has decided he is going to save all of his money so he can be as rich as Prince William to be fair he has as much money in his savings as I do. He has just started contributing towards big purchases at birthdays and Christmas that he wants (ie. His PS4)

Mine have a savings account each which is saving up 'for university ' and I'm just about to open accounts for their pocket money to help them get used to managing a bank account

Mine get weekly pocket money. I always encourage it to be saved. Or at least half.
We always compare prices and buy the one which is best value.
They have to earn money so know the value of it!

I make my DS aware of what the cost is of items, and I put it into perspective. So for instance if he needs some new football boots at £30 I would say that you need to work 3 hours to earn that money.

We talk about money quite a lot, in context of course. I do make him earn any money he wants to he understands the true value of it.

He then realises that I will pay more for him doing the more unpleasant tasks - a bit like real life! Teaches him to appreciate what is done for him without him realising too.

Any birthday money, or money he gets I take off 20% and save for him, I then show him the money online in the bank account adding up.
It makes him less inclined to spend it so frivolously. If he really wants something he usually takes a while thinking about it now.

My kids are 10 and 8 and I teach them about money by taking them to the bank and paying Christmas money in and not spending it immediately and by showing them that things cost different amounts in different shops. I don't give them pocket money, instead I make them think about the justification/wisdom for spending money on something they want.

They both got their own bank account with a debit card at age 11, and the bank staff showed them how to pay money in etc. They get texts about their balance, and I have found this really helps them see the benefit of saving and think about what they spend. We pay in a weekly small allowance, and they enjoy seeing the balance go up. If they ask for small items they want but don't need, we can say 'that's what your allowance is for', and they hardly ever end up buying it - which I hope means they will be sensible with money. If they want more expensive trainers/sports gear, then we pay the amount for 'basic' kit, but they can top it up and buy the kind they really want, if they choose to.

I had a money box from 4 and was encouraged to save my pocket money to buy the lunch box I wanted for big school. I still remember the conflict of needing a yo-yo too and having to wait to buy that. I still feel proud when I buy myself something that I've really had to save for. I'll be doing the same for my daughter next year, it's an important life skill to learn as it's far too easy to fall into debt.

I talk to them about bank accounts and the advantages of not spending all your money when you get it and keeping some back. I try and model good spending patterns in front of them e.g. Saving money on buying ice creams and lollies from the supermarket rather than the ice cream van so we can have treats like eating out from time to time.

My little boy who's 19 months likes counting his penny's and putting them in his money box.

He loves going to the bank and always hands his money over. He knows the banks looks after his penny's and will keep them safe untill he really needs them.

They have their own bank accounts that i manage but they they go onto online once a month to see what they have. I help them to save by convincing them to put aside 20% of their weekly pocket money to put in the bank.

We haven't given our LO pocket money yet - just little treats as & when. However, he'll be turning 4 next month & we've agreed it's a good time to start with pocket money & give him the choice to spend or save.
He understands the basic concept of exchanging goods for money & if we go out & he has £3 to spend - he'll be keen to identify which things he can afford & which he can't.
I'd say he's definitely a spender, so it'll be interesting to see if he keeps this approach when he has his own money.
I bought a really cool atm style money bank from a charity shop a while ago - which counts your money as it goes in & you can withdraw cash using the card. Admittedly I am probably more excited about this than my son will be!!
My own financial journey has been rocky - I have always been a spender, but fortunately managed to avoid any massive debts. I defaulted on a student account while at uni, not realising the dramatic affect this would have when looking to get a mortgage years later. I learnt the hard way & would like to see more financial education for kids at school. Alongside this though, I see the importance of parents instilling a good understanding of money & budgeting at a young age & am doing my best to promote this.

I have never given pocket money, unless my four kiddies have done a particularly brilliant job of something, so really the only time they have money to spend is if they get it for birthdays or Christmas. However, because money is hard to come by for them, they always treat it with respect, and when each of my four were born I opened them an account, ready for when they turn 21, so that it can cover a few expenses! My girls both like to save their cash, and will barely buy anything, but my boys are total opposites, want all the latest gadgets, so hoping I can explain and get through to them that once its gone, its gone!
I've been a single mum for years and hopefully showing my children how hard I work to keep them clothed, fed and happy will be an incentive to work hard for the things they need. They know for every gift they have at Christmas and every penny they are given, that I have worked hard for it, but I also explain how great it feels knowing the money that I have in my purse, albeit small, is grafted for! :-)

I give my two weekly pocket money which they can choose to save or spend, they usually save up until there is something they really want and I'll give them extra for doing chores around the house occasionally.

Our kids (aged 10 and 8) do not get pocket money because we buy everything for them. If they want something they ask for it and we say yes or no depending on how reasonable their request is. We always reinforce that things we need come before things we want. We also stress that it is preferable to spend money on things that we can enjoy together like days out and holidays, rather than on useless stuff like the latest gadget or toy. As they grow up, we are trying to teach our children to be very wary of advertising, not to buy things on impulse, enjoy simpler things and value company and friendship over material stuff. We are teaching them not to spend money that they don't have. Also, we are teaching them to show gratitude for what they have and show compassion towards those less fortunate than them.

DD has a flex account and has regular pocket money each month (15 pounds). She manages to eke this out and use it for activities with friends. She is sensible with money and enjoys saving. I let her keep any money she finds when tidying up so she does an extra thorough job!

MY two older dc get pocket money but we also but things when they need them. It is paid into a current account for them and they have full control over it. Birthday and xmas money goes into a separate savings account

I put away a small amount each month in a savings account for them.
I make them save half of their Christmas and birthday money to put into the account. They are thrilled about this of course
I always explain to them what an advantage it is to have some savings, how expensive debt is and how to save - even if it's a pound a week.
Treats are fine and buying nice things are too, but wasting money isn't, we always look around for coupons and best prices when buying anything

The rule is spend half and save (at least) half, it's the same rule I had when I was younger and I've gone on to be a keen saver and bargain hunter

Allow the spend half portion to be spent on rubbish if that's what they want to buy, but talk to them first about the alternatives like putting it towards that big toy they had been wanting, if you buy chocolate it will be gone in 5 minutes but if you buy x you get to play with it / read it / enjoy it for a long time...

Take them to the bank to put their money in so they can see what's happening with it, see its theirs and not being spent, see the numbers growing each time we add more to it. It would be easier to pop in alone but I think it helps if they get to deposit it themselves