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Mumsnet users share how they teach their children about saving money

307 replies

EllieMumsnet · 04/03/2019 10:22

This activity is now closed

We recently ran a survey with Mumsnetters and 45% of you said you think it’s important to speak to children about saving and investing before they reach the age of 10. So Legal & General would like to know how you teach your children how to save, invest and do more with their money.

Here’s what Legal & General has to say: “While many of us believe that encouraging children to think about the power of their pocket money is important, sometimes just knowing where to start with this tricky topic can be the biggest obstacle we need to overcome. We’ve made it easy to begin your savings journey and invest for your child – you can save for their future with £20 a month or a £100 lump sum (click here to find out more). We also recently launched our Investment Academy, which includes a wealth of resources and quick guides to help you develop your understanding, so that you can help your child with theirs.”

So how do you teach your children about saving? Do you give your DC pocket money for doing tasks? Do they have a money box or their own savings account? Perhaps they have to buy some games or toys they want themselves so they understand that you have to save up to be able to afford them?

However you teach your children about saving, please share it below and you will be entered into a prize draw to win a £300 voucher of your choice (from a list).

Thanks and good luck with the prize draw
MNHQ

Terms and conditions apply

Open 04/03/19 to 18/03/19. To enter please post on the thread below. One entry per person. One prize to be won: £300 voucher of winner’s choice chosen by random draw performed by computer process.

The value of your investments can fall as well as rise and any income from them is not guaranteed. Legal & General (Unit Trust Managers) Limited.

Mumsnet users share how they teach their children about saving money
OP posts:
Alice162 · 10/03/2019 12:19

I teach my child to pick up any pennies from the ground as it’s all money ! A lot of people seem to just disregard these pennies and, as I always tell her, it all adds up !

Nettie17 · 10/03/2019 12:26

I used to save my children’s birthday and Christmas money in an account for them and encouraged them to add to it when they can. It’s important to make them understand the concept that it’s easy to spend but harder to save.

LeeR1985 · 10/03/2019 12:27

My daughter is quite good at saving. I taught her from an early age that money doesn't last forever and if she wants things, she needs to save up to get them. She currently has £72.35 saved up from christmas :) When she's a bit older i'll sort her out with a childs bank account so she can keep on top of what she's saving and spending via that.

sandy31 · 10/03/2019 12:37

We lead by example, they see us putting money in our different savings pot & seem to follow suit. Long may it continue.

kateloader · 10/03/2019 12:38

If they want something particularly expensive I will give them extra tasks around the house so they get a bit extra pocket money and hopefully will teach them that you have to earn it!

patchysmum · 10/03/2019 12:46

I encouraged mine to save a little of their pocket money each week and gave them a glass jar so they could see it mounting up. I did not give them extra for keeping their rooms tidy as I explained their room was their responsibility, but if they did other jobs I gave them extra money to teach them as adults they would have to work for their money.

Jcoopscomps · 10/03/2019 12:46

We make it fun, colourful piggy banks are a great first saver. If they want to buy something like a toy then they save up and take their own money and pay. That way they see what they have, see that things cost real money and learn independence and money management.

tamalyn1 · 10/03/2019 12:55

i give my kids money for certain chores and it all goes in a book for their saving for a car, they love it as they feel they are earning it themselves

emmav6 · 10/03/2019 13:03

mine have a small amount of pocket money depending on if they behave well enough. they have the choice to spend of save for something bigger. my eldest has his own card to use as well.

PDBK · 10/03/2019 13:07

I give them 30p a day. They can either spend it straight away or save it up over a week or two to get themselves a nicer treat later.

cheryl100 · 10/03/2019 13:11

I have got my son a GoHenry pre-paid card which I can load money onto. He has the choice whether to spend his money or save for larger items that I am not happy to buy - for instance very expensive trainers. I can track his spending using the app easily

Emmax12 · 10/03/2019 13:22

My daughter is too little to understand really about it however when she asks for bigger items we say perhaps for your birthday, etc as it’s a lot of money and we can’t afford it now. We regularly trade stuff in to get money back and we then ask her whether she wants to spend it or save it for something else another day.

flowerpot2000 · 10/03/2019 13:28

I would encourage my child to save half of their spending money each week In a money box so they can save for special treat and understand the value of money/

Barti47 · 10/03/2019 13:35

My son refuses to save and spends his minimal pocket money on sweets or match attak cards straight away. I am wary of increasing his pocket money as it will all be frittered away !

littlemonkeyz · 10/03/2019 13:43

We give my DC pocket money and sometimes extra if he does really well at school or helps with an extra task around the house. He saves his pocket money if he wants something special like a Lego set etc.

pinkjjf27 · 10/03/2019 14:21

I brought each of them a cute piggy bank as soon as they are born they love putting pennies into it. If a gorwn up gives them money i suggest it goes into their piggy bank. They all have saving accounts so when they saved safed a certain amount i double it and they put it into their account. I find my kids are brilliant at the concept of saving their own money its just saving mine they struggle with

lizziehinds88 · 10/03/2019 14:41

My daughters both have savings accounts with our banks which we use to put any money in that they get for their birthdays, Christmas etc. My eldest also has a GoHenry account which we use to put pocket money in. She asked for a laptop for Christmas, so we compromised and said that if she could save up £100 of her pocket money before Christmas then we would match it and use the combined money to buy a laptop.
She did it, and I really think it taught her the value of money and the importance of being able to wait for the things that you really want. I genuinely think that an issue with my generation is that we could get so much on credit. Not only did a lot of us end up in unmanageable debt - but we lost the virtue of patience in the process!

Lheath · 10/03/2019 15:36

Both my 2 year old and 5 year old have a piggy bank and a savings account. When their piggy banks are full we count out the money together and pay it into their accounts.

moosexxx · 10/03/2019 15:48

We teach our children that saving money, enables them to buy the things that they want, when they want. If they do not have enough money to buy the item, we show them how they can get that money by saving.
Offering extra paid chores as required.

Rachdayan · 10/03/2019 15:51

I've given them a piggy bank from an early age, just like I had, and they can choose how much of their pocket money they want to spend and how much to save. We set a goal, like to have enough money to buy a particular toy by a certain date and then we work out together how much they need to save and for how long. It is really satisfying to see how pleased they are with themselves when they reach their goal.

pennwood · 10/03/2019 15:54

My DD started when small having pocket money and learning to save it until she had enough to buy the item she wanted. When she had money as a gift she proudly took it to the building society and gave it to the lady to look after & we explained how they gave her interest, showing her how much she had. She has become an enthusiastic saver.

Emmsd5588 · 10/03/2019 16:18

My 2 DCs had a penny jar when they were younger and they used to put coins they found or were given in it. They loved watching it fill and when it was full they’d buy something they really wanted with it

Minnibix · 10/03/2019 16:20

We give them pocket money and also let them earn money by doing small jobs around the house, they have the choice of spending straight away or saving for something that they really want

cluckyhen · 10/03/2019 16:21

My kids have always had the option to earn pocket money by doing extra chores above those already expected, I've never given them pocket money. I have always taught them that they need to work hard and save for the things that they want and when we go shopping I always ask them which products they can save money. This is working out quite well for them as they do understand that money doesn't just appear

ExhaustedGrinch · 10/03/2019 16:31

My son has a savings account and for Christmas/Birthday money we always put half in the account and half to spend, he loves seeing the money in his bank book build up! I also point out the different prices of things in the supermarket ie branded pickled onions £1.50 vs supermarket own at 30p ... he's become quite the expert at bargain hunting and knows how to save money on things where possible.