Educating our children

daisy_jean

I give our daughter pocket money (carefully budgeted!) onto a GoHenry Card and she always views balance on the app to know how much she has before purchases. She's 8 and gets £2.50 a week (with an option to top-up to £4.50 by cleaning her bedroom and completing her homework off her own back - e.g. not being nagged to complete it! She doesn't do the chores, she doesn't get the extra - no if's no buts!). This is her "spending" money for magazines, sweets etc.

She also gets £5 a week of her overly generous grandparents - this goes into her school savers club for holidays and summer spending money. She enjoys taking it down and seeing the balance go up - she recently withdrew £90 (which she had saved from September!) to exchange for Euros for a Disney holiday - she's got her own money, and whatever she wants to buy, she has to understand that she has to have enough money for it! No freeloading off Mum and Dad! She's really good at it actually, and doesn't sulk if she doesn't have enough!

pramsay13

They do get taught some of the theory in schools, but it's best for them to experience it themselves from a very young age.
My three children get their own pocket money.
My oldest gets £5 a week.
From that he has to take £1 to Sunday School for collection, save £1 in a credit union account, and the £3 left is for him to spend or save up as he wants.
He is not allowed to borrow money in advance of his pocket money and there are some other rules, but generally it works well.
He also gets birthday money that he can save up for larger purchases.

pennystretcher

You could also have a look at the free online courses - OU has "managing money for young adults" (under finance section)

http://www.open.edu/openlearn/free-courses/full-catalogue

zippygeorgeandben

I enjoyed reading this thread and people's suggestions on how to teach money to their children. Perhaps it's because we were all really poor decision makers when we were their age and have now become money saving experts! (.com)