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  • FIRST POST
    • sambalina
    • By sambalina 13th Mar 17, 9:30 AM
    • 31Posts
    • 29Thanks
    sambalina
    Osper and GoHenry
    • #1
    • 13th Mar 17, 9:30 AM
    Osper and GoHenry 13th Mar 17 at 9:30 AM
    I have a 9 year old son. He thinks money grows on trees so I wanted him to have more responsibility for his cash. I want him to have a monthly allowance and if he wants something in particular he can pay for it himself.
    I know both Osper and Gohenry charge for their services. About 2 a month.
    Does anyone use these accounts for their kids? Is it worth the 24 a year for them?
    My husband thinks we should just go to the bank and open him an account.

    Any advice or suggestions welcome.
Page 1
    • Anthorn
    • By Anthorn 13th Mar 17, 9:59 AM
    • 3,001 Posts
    • 775 Thanks
    Anthorn
    • #2
    • 13th Mar 17, 9:59 AM
    • #2
    • 13th Mar 17, 9:59 AM
    My four grandchildren have Gohenry. The idea behind my son getting it for them was to teach them to budget. But quite honestly they get their allowance and spend it immediately as they did when they got the cash. Budgeting doesn't come into it. Practically the only advantage I see is an easy way of giving them money for birthdays and Christmas because I live some distance from them. Overall depends on the card-holders but in the case of my grandchildren not worth it: Might as well just give them the cash.
    • mgdavid
    • By mgdavid 13th Mar 17, 10:08 AM
    • 5,157 Posts
    • 4,328 Thanks
    mgdavid
    • #3
    • 13th Mar 17, 10:08 AM
    • #3
    • 13th Mar 17, 10:08 AM
    I have a 9 year old son. He thinks money grows on trees ........
    Originally posted by sambalina
    where has he acquired this idea from, his friends or his parents?
    At 9 I would have thought a weekly allocation of pocket money would be sufficient; Beyond that it's working with them to show how to save for more expensive items.
    A salary slave no more.....
    • sambalina
    • By sambalina 13th Mar 17, 12:05 PM
    • 31 Posts
    • 29 Thanks
    sambalina
    • #4
    • 13th Mar 17, 12:05 PM
    • #4
    • 13th Mar 17, 12:05 PM
    where has he acquired this idea from, his friends or his parents?
    Originally posted by mgdavid
    He's 9. He doesn't realise the value of money. He comes home saying things ONLY cost so much. I hate the word only.
    I'm hoping this will teach him about money.

    The idea is that if he wants something he can have it but he pays for it himself.
    As the previous poster said it's easier for people to pay birthday and Xmas money too.
    • MyOnlyPost
    • By MyOnlyPost 13th Mar 17, 12:54 PM
    • 1,514 Posts
    • 1,020 Thanks
    MyOnlyPost
    • #5
    • 13th Mar 17, 12:54 PM
    • #5
    • 13th Mar 17, 12:54 PM
    My 3 are 15,13 & 8. All of them were given pocket money when we felt they were ready for it not at an arbitary age. Pocket money isn't given for freee and all the kids have small chores which they must do (nothing major, setting table/clearing table, walking the dog, running the bath). Never give pocket money for things they should be doing anyway like keeping room tidy or doing homework, or as a reward for good behaviour.

    My 8 year old has been getting 5 per week pocket money for about 1 year. From that she pays for magazines or small toys that she sees when out. She is also expected to buy a small gift (2-3) for her mum on mothers day and small gifts for siblings birthdays/christmas. Importantly we don't buy her any other "wants" only "needs". She has managed fine with cash in hand and twice saved up several weeks pocket money for a bigger item she wanted. We are quite strict and if she wants but can't afford we simply say no.

    When ready as with the older 2 we will increase the pocket money to 10 per week and she will be expected to save for computer games, holiday spends, birthday/christmas presents for mum & dad and for friends too.
    It may sometimes seem like I can't spell, I can, I just can't type
    • jimjames
    • By jimjames 13th Mar 17, 2:04 PM
    • 11,788 Posts
    • 10,145 Thanks
    jimjames
    • #6
    • 13th Mar 17, 2:04 PM
    • #6
    • 13th Mar 17, 2:04 PM
    Is it worth the 24 a year for them? .
    Originally posted by sambalina
    I really don't think so. Personally I dislike the concept and it seems totally at odds with MSE. Why pay a fee to access something that you can get for free? Yes you have to be 11 to have a bank account with debit card but that to me is a far better thing to provide for kids than some gimmick that will eat up their pocket money with charges.
    My husband thinks we should just go to the bank and open him an account.
    Originally posted by sambalina
    I agree with your husband. Both my kids had Natwest accounts setup after their 11th birthdays and have liked the ability to monitor and check their own money.
    Last edited by jimjames; 13-03-2017 at 2:06 PM.
    Remember the saying: if it looks too good to be true it almost certainly is.
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