As a mum of nearly 13-year-old twins, I’ve become increasingly aware that teaching children about money isn’t something you can leave to chance. We all want our kids to grow up confident, independent and most importantly, not trapped in cycles of debt or poor financial habits.
Over the years, I’ve found that small, consistent actions have made the biggest difference. And honestly, my two have surprised me – they’re thoughtful, patient and have a far better approach to money than I did at their age.
It doesn’t have to be complicated and here’s what’s worked for us.
1. Start early (but keep it simple)
We introduced money concepts quite young, around age 7, with their first account with GoHenry. At that age, it wasn’t about complex budgeting. It was simply about understanding:
- Money comes in
- Money goes out
- Once it’s gone, it’s gone
That foundation matters more than anything else, and with their “money missions” designed for children, it was such a great way to teach them the financial basics.
It also gave us a simple way to load money onto their cards for birthday treats, pocket money earned through chores or good behaviour and of course, Christmas money from family. It helped them see that money can come from different places, but ultimately it all comes in the same way and goes out the same way.
2. Give them control (within boundaries)
With accounts like GoHenry, it’s that first step towards independence, but you’re with them every step of the way. You can control spend limits and where the cards can be used.
The only downside to GoHenry was the cost. It was costing me around £9.99 per month and charged for depositing money. However, it was worth every penny for the added extras and I’ll always say that those solid foundations were built with GoHenry.
We’ve since moved to Monzo, as I already bank with them and they launched free kids’ accounts in 2024. You still have the app and the accounts are linked to your personal account, which makes everything really visible; what they have, their spending settings and the ability to move money easily, all without extra charges. They both have the neon pink cards – which always gets comments!
I’ve set them up with three core pots:
- A spending pot (day-to-day wants)
- A short-term savings pot (things they’re working towards)
- A long-term savings pot (future goals)
If they spend all their spending money in two days, that’s their choice and their lesson. No top-ups, no rescues. It’s amazing how quickly they learn to pace themselves when it’s their decision.
They’re rewarded for good grades and reports, as well as birthday and Christmas money. I no longer reward for chores at their age, these are just expected and to be fair, they just get on with it – no arguments. They like a tidy home as much as I do and contribute around the house – I know I’m very lucky!
3. Make saving feel rewarding, not restrictive
I never want saving to feel like punishment.
Instead, we frame it as:
- “What do you really want?”
- “Is it worth waiting for?”
They’ve both become incredibly intentional. They’ll skip small impulse buys because they’ve got their eye on something bigger or an experience they genuinely care about.
That mindset shift is everything and it’s come from this way of teaching them. No heated discussions, no pushback, just a simple: “It’s your money, so you can spend it on what you like.”
4. Talk about money openly
Money isn’t a taboo topic in our house. We talk about:
- The cost of things (in real terms)
- How long it takes to earn money
- Prioritising needs vs wants
- Why avoiding debt matters
Not in a heavy, lecture-style way, just through everyday conversations. For example:
“That costs £30, that’s quite a lot. Do you think it’s worth it?”
Those little moments really do add up.
I’m also really honest when there are extra expenses around the house. If we’ve gone out a lot one month, I’ll explain that the next month we need to be a bit more careful because we’ve got things being done at home and so on.
They understand. They never whinge or nag. They know I work hard for our money and that it’s important to spend within our means and avoid debt, because debt spirals and restricts you.
5. Let them make mistakes
This one is hard, but essential. They will make choices they regret:
- Buying something that breaks
- Spending too quickly
- Wishing they’d saved instead
But learning that now, with small amounts of money, is far better than learning it later with credit cards and real debt.
They’ve even openly said they wish they hadn’t bought something, because now they don’t have enough for the thing they really wanted. But that lesson came from their own experience, in a safe environment, supported by me. These kinds of lessons really stick. They embed in their thinking and start to become habits.
6. Focus on experiences over “stuff”
From as early as I can remember, I’ve always prioritised experiences over things for the girls.
The biggest shift came when they turned 6. We’d already done two big birthday parties and instead of doing another, I took them to the Legoland Castle Hotel – they still talk about it now, 6–7 years later.
We did have another big party at 8 (post-Covid and heading into Year 3), but aside from that, birthdays have been much more about experiences like Center Parcs, theatre shows, the Making of Harry Potter, afternoon tea at Fortnum & Mason and so on.
They’ve enjoyed those experiences far more, and gifts have become much more intentional rather than just having piles of things.
Mine will happily save for:
- Days out
- Activities with friends
- Events they’re excited about
- And of course… Jellycats
And honestly, I love that for them.
7. Use tools that make it visual
Having separate pots has been a complete game changer. It helps them see their money and understand where it’s going. It’s not abstract, it’s real, tangible and easy to track.
We even add pictures to the pots to make it more visual. For example, if they’re saving for a Jellycat, they’ll add a picture of it to the pot. Saving for a holiday? They’ll add a photo from one of our trips.
It’s such a simple thing, but it’s incredibly motivating for them.
Final thoughts
I’m trying to raise young people who:
- Understand the value of money
- Feel confident managing it
- Aren’t afraid of it but respect it
And most importantly, who won’t fall into debt simply because no one ever showed them how money really works. We’re not perfect, and we’re still learning 6/7 years in – but so far, it’s working. And that’s all I can really ask for.
Of course, the Bank of Mum still exists, this is just a gentle, subtle way of teaching them about money along the way.
