Smart spending for kids

The smarter you save, the bigger you can spend

You know the expression, ‘money doesn’t grow on trees’. Everybody loves spending but we all know the feeling of wishing we hadn’t bought something, just because we had cash in our hands at the time. Learn that spending smarter starts with thinking smarter.

  • Get into the habit - Open a savings account and then put any money you get into it: gifts from your family; a paper round; getting your parents to pay pocket money directly in, whatever. It will soon add up to a lump sum for something you thought you'd never be able to afford.
  • Be a savvy shopper - Shop around for offers, but watch out for the ones that seem too good to be true – they will be! If you’re unsure, ask a parent to double check. Look out for hidden costs when buying online - like postage - as these are not always included in the original price. Shopping online is mostly safe, but this is an area where you need to be smart and stay vigilant - visit our online security section to find out more.
  • Stay in control - These days, you can pay using debit or credit cards, PayPal, and apps like Apple Pay. As these ways of paying don’t physically affect what’s in your pocket, it can be easy to forget how much you’ve actually spent. Our Mobile Banking app can help - regularly signing in to check your balance and transactions can help you track your spend more easily and securely on the move.  Please note, in using this app, the same restrictions apply as your online banking service. Find out more about Mobile Banking.

Three tips to help you manage your money

Financial ignorance is not bliss

One day you’ll probably have to learn about things like APRs - especially when it comes to credit cards. So, in some ways, the earlier you learn about personal finance the better. If someone who knows what they’re talking about, tells you something about money, switch on not off.

Spend time not money

It really does pay to shop around for any and everything. Mobile contract coming up soon? Start the renewal process early by looking out for deals. Even when you’re shopping for games, apps and music, cast your net wider than just iTunes and other market leaders.

Never borrow more than you can afford

When you start formal borrowing, or getting into monthly contracts/bills, every payment you make (or miss) will affect your credit score and ability to borrow in the future. Never miss a payment and never borrow on terms that mean you will struggle to meet repayments.

Parents: help your kids be better with money.

Are you struggling to get through to your kids about the importance of a sensible attitude towards money? Perhaps you’re worried about the security threats associated with online transactions? Or how easy it is to part with money using apps like Apple Pay and PayPal?

Don’t worry, you’re not alone. It’s something we come across quite frequently. That’s why we’ve gathered some online content (they’ll know what that means) especially for parents of 11-18 year olds.