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Encouraging your kids to save

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By (user no longer on site) OP   
over a year ago

Thoughts please.

I'm divorced,my son (12) lives with his mum. I've just opened him a savings account at my bank with £1000. I will be paying his pocket money into it, as he just squanders it on crap. He also gets pocket money off his mum and grandparents. I want to encourage him to save. But at the same time, want him to learn how to manage his money. I'm a little bit reluctant to give my permission for him to have his own debit card, although I think it may be beneficial.

Any input? Thinking I could give him an incentive by adding more money if he saves a certain amount. And stopping his pocket money if his account drops below a certain amount.

Thanks x

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By *iss InnocenceWoman
over a year ago

Coventry

Yes it is a good idea to get them to save from a young age my son got 2 account one I paid into monthly for when his 18 but I might make him wait till his 21 now

And other one where his left over b'day,Xmas money goes into, for raining days

I have Jst got him his 1st debit card, thought nimbl where I will put his pocket money on once a month,the card wireless too

And I can go online and view his spending

He's 12

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By (user no longer on site) OP   
over a year ago

[Removed by poster at 13/10/17 07:27:12]

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By (user no longer on site) OP   
over a year ago

Thanks black Betty.

Think I will give him six monthly targets (not too long at that age) and give him a bonus for each one achieved x

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By (user no longer on site)
over a year ago

Make sure the accounts definitely don’t have overdrafts. Banks don’t give a shit and will happily automatically allow it to happen.

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By (user no longer on site)
over a year ago

My Youngest has a go henry card for her spending but she roughly saves 2/3rds of what she gets. She has savings that she cant touch too ( wish her dad couldn't dip his hand in when needed but he set it up)

She is saving for the walker stalker event in March. She wants 140quid to spend.. it worked out when she started that she needed to save £4 ish per week. I get notifications when she spends.. what she spends and can cap spending if need be.

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By (user no longer on site) OP   
over a year ago


"My Youngest has a go henry card for her spending but she roughly saves 2/3rds of what she gets. She has savings that she cant touch too ( wish her dad couldn't dip his hand in when needed but he set it up)

She is saving for the walker stalker event in March. She wants 140quid to spend.. it worked out when she started that she needed to save £4 ish per week. I get notifications when she spends.. what she spends and can cap spending if need be. "

I.looked at go Henry. But did not like as it costs to run x

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By (user no longer on site)
over a year ago


"My Youngest has a go henry card for her spending but she roughly saves 2/3rds of what she gets. She has savings that she cant touch too ( wish her dad couldn't dip his hand in when needed but he set it up)

She is saving for the walker stalker event in March. She wants 140quid to spend.. it worked out when she started that she needed to save £4 ish per week. I get notifications when she spends.. what she spends and can cap spending if need be.

I.looked at go Henry. But did not like as it costs to run x"
its 2.99 a month to the parent not the child

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By *adyGardenWoman
over a year ago

LONDON (se)

Well when I started giving my oldest pocket money when she started secondary school I stopped buying her things she wanted. So if she wanted to go out with friends she had to use her money. If she needed nee clothes I would buy them. If she wanted new console/games then she had to save to buy them. I will now start doing the same with my youngest.

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By (user no longer on site) OP   
over a year ago


"Well when I started giving my oldest pocket money when she started secondary school I stopped buying her things she wanted. So if she wanted to go out with friends she had to use her money. If she needed nee clothes I would buy them. If she wanted new console/games then she had to save to buy them. I will now start doing the same with my youngest. "

Thanks

Great idea. .My god, last month I spent 130 on 3 new ps4 and Xbox one games for him. Out of the 3, he turned his nose up at two and didn't want to play them. So perhaps if he pays out of his own account and watches his balance go down, he may be more mindful of the actual cost. He doesn't see Dad's bank statement .. minus £130. But seeing his statement may change it. Especially if he won't achieve "Dad bonus month"

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By (user no longer on site)
over a year ago

When I was a kid my parents set up a savings account for me. They only put a small amount in, and after that I had to build it up with birthday money/allowances/earned income.

Seems like ages ago now, but I had my savings book, and every time I put money in or took it out I had to get it stamped at the bank and manually record it all.

I think having a savings account was really helpful. I had to determine how much to put in the bank, how much to keep out for regular expenses (my parents didn't buy me things, I had to sort it out with my own allowance), etc.

I know everything is done with debit cards and online transactions these days, but do you think it might be worth having him keep a manual account of his income and expenses - at least while he's young and learning? I think that was a large part of where my own spending knowledge (and frugality) came from and I think as a society we lost a bit of that with the ease of debit cards and online banking.

When he gets a bit older you can talk to him about different options for investing the money he's stashed away in his savings account. I think it's a great thing to teach kids.

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By (user no longer on site)
over a year ago

All of mine have go Henry cards, they have to save 25% of anything they get, I've found it very handy as well, if they're out with their freinds and need money I can transfer it over there and then, it does cost a small amount per month, but worth it to us

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By (user no longer on site)
over a year ago

I think investing monthly in gold bullion is good long term use of funds

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By *hoenixAdAstraWoman
over a year ago

Hiding in the shadows


"My Youngest has a go henry card for her spending but she roughly saves 2/3rds of what she gets. She has savings that she cant touch too ( wish her dad couldn't dip his hand in when needed but he set it up)

She is saving for the walker stalker event in March. She wants 140quid to spend.. it worked out when she started that she needed to save £4 ish per week. I get notifications when she spends.. what she spends and can cap spending if need be. "

Love the Go Henry's cards.

My boys spend alternate Christmas with their dad.

4yrs ago, they had 1 big present from me to open on Xmas day, and the cards with what I would have spent if they'd been with me.

We then went shopping in the sales when they came home.

It totaly changed how both of them viewed money, as they suddenly had to do the maths!

Still use them pocket money every week etc... I see exactly what they're spending & where, and if they've been little sods I can stop them spending lol

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By (user no longer on site)
over a year ago


"I think investing monthly in gold bullion is good long term use of funds "

I'm becoming a fan of investing in indexes, myself.

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By (user no longer on site) OP   
over a year ago


"When I was a kid my parents set up a savings account for me. They only put a small amount in, and after that I had to build it up with birthday money/allowances/earned income.

Seems like ages ago now, but I had my savings book, and every time I put money in or took it out I had to get it stamped at the bank and manually record it all.

I think having a savings account was really helpful. I had to determine how much to put in the bank, how much to keep out for regular expenses (my parents didn't buy me things, I had to sort it out with my own allowance), etc.

I know everything is done with debit cards and online transactions these days, but do you think it might be worth having him keep a manual account of his income and expenses - at least while he's young and learning? I think that was a large part of where my own spending knowledge (and frugality) came from and I think as a society we lost a bit of that with the ease of debit cards and online banking.

When he gets a bit older you can talk to him about different options for investing the money he's stashed away in his savings account. I think it's a great thing to teach kids. "

Fabulous.

Do you mean me asking to keep his own savings diary and writing down what he has saved and spent?

He could then look back and see in his own writing how much he has saved or squandered.

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By (user no longer on site) OP   
over a year ago


"I think investing monthly in gold bullion is good long term use of funds "

Oh..

What about Fabergé Eggs or Rocking horse poo?

This is a twelve year old boy we are talking about x

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By (user no longer on site) OP   
over a year ago


"My Youngest has a go henry card for her spending but she roughly saves 2/3rds of what she gets. She has savings that she cant touch too ( wish her dad couldn't dip his hand in when needed but he set it up)

She is saving for the walker stalker event in March. She wants 140quid to spend.. it worked out when she started that she needed to save £4 ish per week. I get notifications when she spends.. what she spends and can cap spending if need be.

Love the Go Henry's cards.

My boys spend alternate Christmas with their dad.

4yrs ago, they had 1 big present from me to open on Xmas day, and the cards with what I would have spent if they'd been with me.

We then went shopping in the sales when they came home.

It totaly changed how both of them viewed money, as they suddenly had to do the maths!

Still use them pocket money every week etc... I see exactly what they're spending & where, and if they've been little sods I can stop

them spending lol "

I love the idea of them spending "their own cash", instead of draining Dad's never ending "wizards sleeve" of a pocket. X

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By (user no longer on site)
over a year ago


"I think investing monthly in gold bullion is good long term use of funds

I'm becoming a fan of investing in indexes, myself. "

Between 1992 and 2002 I bought a full sovereign every month......

Still got them ....

Switched to buying Kilo Bars after that ,,,,

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By *adyGardenWoman
over a year ago

LONDON (se)


"Well when I started giving my oldest pocket money when she started secondary school I stopped buying her things she wanted. So if she wanted to go out with friends she had to use her money. If she needed nee clothes I would buy them. If she wanted new console/games then she had to save to buy them. I will now start doing the same with my youngest.

Thanks

Great idea. .My god, last month I spent 130 on 3 new ps4 and Xbox one games for him. Out of the 3, he turned his nose up at two and didn't want to play them. So perhaps if he pays out of his own account and watches his balance go down, he may be more mindful of the actual cost. He doesn't see Dad's bank statement .. minus £130. But seeing his statement may change it. Especially if he won't achieve "Dad bonus month" "

It has definitely helped her see money isn't i endless supply and it does make her take better care of her things

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By (user no longer on site)
over a year ago


"When I was a kid my parents set up a savings account for me. They only put a small amount in, and after that I had to build it up with birthday money/allowances/earned income.

Seems like ages ago now, but I had my savings book, and every time I put money in or took it out I had to get it stamped at the bank and manually record it all.

I think having a savings account was really helpful. I had to determine how much to put in the bank, how much to keep out for regular expenses (my parents didn't buy me things, I had to sort it out with my own allowance), etc.

I know everything is done with debit cards and online transactions these days, but do you think it might be worth having him keep a manual account of his income and expenses - at least while he's young and learning? I think that was a large part of where my own spending knowledge (and frugality) came from and I think as a society we lost a bit of that with the ease of debit cards and online banking.

When he gets a bit older you can talk to him about different options for investing the money he's stashed away in his savings account. I think it's a great thing to teach kids.

Fabulous.

Do you mean me asking to keep his own savings diary and writing down what he has saved and spent?

He could then look back and see in his own writing how much he has saved or squandered.

"

Yeah. I know it seems a bit old school, but I think there's real value in having to account for your earnings and spendings manually rather than letting a computer handle the math. Maybe getting a small book and having it operate like the old savings books (or like the online banking expenditure lists). You could go over the book with him every month to make sure it's balanced against his actual account (in like with interest, etc) and use that time to teach him about his spending and saving ratios. That's what my parents did. Only takes about an hour each month.

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By (user no longer on site) OP   
over a year ago

I have actually had a revelation.

I am lucky enough that my niece is nearly a fully trained chartered accountant.

My son always talks about setting up his own business *** (his name) & Co.

So our idea is that he starts keeping his own books.

Earnings.. pocket money, money for doing jobs.

Expenses.. paper, bus fares, lunches out with friends in town etc

Drawings.. console games, crap etc.

Maybe even

Tax free dad bonus if savings achieved.

Or "tax man,Dad", deducting a set, reasonable amount of pocket money if his monthly savings fall below or even minus.

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