Money sense 4 kids

Icemaiden

Both my children DS (14) and DD (4) do chores for pocket money. We have a chart on the fridge so they know what needs doing on what days. These are very simple tasks and they receive the money once a month DS £10.00 DD £2.50(well she is only 4). They have then to put half of the money into their bank account where it stays for something special and are free to spend the other half how they please. We also have other incentives which can supplement DS(14) monies like receiving awards at school for good work.

WebJunkie007

What worked for my family is my sister and I were given pocket money every week. We had the option that we could either have £2 or we could put the £2 in the bank and my Dad would match it for £2 - but we wouldn't be able to access that money until we were 18.

My Dad also had a policy where the money we earned (babysitting) we had to put half in the account (and he would match it).

At the time I remember really disliking it, but I got through a very expensive University without any debt because of this (compund interest and waitressing) and I continue saving just as my dad taught me.

Good life lesson.

Penny-Pincher!!

I give DD (11) £2.50 pw. If her bedroom is messy or she is rude, this gets deducted by 50p a time ATM she has no pocket money till the 1st January 2006.....honestly!! She has been a pain in the bum. Dont really ask her to do much around the house apart from her room, I am quite strict about this though. The £2.50 a week is literally for her to do as she wishes, most weeks she banks it in her account

We used to do a 20p a job system, but shes quite lazy and it wasnt working and was still spending on her etc. Once she goes to secondary school, this will be increased to £5pw on probably the same kind of terms, thats if shes not dead by then :mad:

pp
xxx

swizzle_2

Did you see Teen Angles on tv? They did the deduct pocket money thing- knowing that some would soon be down to a minus figure, they put a value on their things, tv £2, moblie£5 etc. So if they carried on misbahaving, they lost something for a week to `pay` for the debt- it seemed to work!

Prudent

I have 13 year old daughter. Over the last couple of years she has had £20 per month. £10 of this has usually been to top her mobile (it is on 02 and has the 300 free texts per month). Some months she chooses not to top up and use the money on something else.
She gives me a fair bit of help around the house, although has begun moaning about that recently. Last month she was very unco-operative about tidying her bedroom and I deducted £2 and told her for every day it remained like this month another £2 would come off. Its much improved!

She has got to the age where she often shops without me and I no longer choose the right clothes. So I decided to give her £30 a month for clothing, out of which I expect her to buy everything. I know this sounds tight, but like myself she loves charity shops are car boots and get masses for her money. I make her keep a log in a notebook of what she spends this money on. She cannot use it for anything else. I use the idea from the grocery old style thread of a seperate purse. This month she has already got a brand new Nike sweatshirt, a t shirt, a top and skirt for her Christmas dance (again both new with labels) and another skirt all for £11.50! Most were from a car boot.

Although £50 seems a lot of money I do not give spend much else apart from food, toiletries etc. If she goes to cinema etc with family I pay, but if she just goes with friends she pays. I expect her to buy presents for her friends.
She also has a weekly music lesson for which I pay.

Two years ago she had very poor money sense. it just burnt a hole in her pocket. Now she is very good with it and learning all the time. She often asks are there any tips on 'that site' (MSE!).

nearlyrich

We have discussed teenage pocket money several times on this board so sorry if you have read this before...I gave my two their school money and pocket money in one monthly DD from age about 14 or so. I figured that they would be better off making a mistake whilst still living at home rather than learning to budget once they got to uni. They could decide whether to get up a few minutes earlier and make a sandwich or spend money in the cake shop or in the school canteen. Both are really good with money now so I think it was the right thing to do.

Savvy_Sue

Prudent wrote:

She has got to the age where she often shops without me and I no longer choose the right clothes. So I decided to give her £30 a month for clothing, out of which I expect her to buy everything. I know this sounds tight,

£30 a month, tight? :rotfl: I think that's more than I spend on clothing for a family of five! Including shoes!(Mind you four of us don't much care what we look like as long as we're warm and comfy, the fifth buys his own t-shirts 'cos he's fussy! And our feet have stopped growing, almost.)

elisebutt65

Both my boys (10 & 5) get £1/week paid directly into their BS accounts. THye have to earn this - even the five year old. He lays the table everyday and helps clear afterwards. The oldest dodes things like putting out the recycling and the rubbish everyweek and helpoing with the dusting.

He's getting really good at saving now, when he wants something and i always ,ake hiom wait to get the money out of the BS for about a week, as by then he's usually changed his mind and asks me to keep it in there aa little longer.

They both bought all their own Xmas pressies for rellies this year out of their PM and then spent ages 'wrapping' it( as much paper and tape as possible - lol. We all made Xmas cards as well and didn't do any for class - mates this year as i put a fiver into both their charities instead - RSPCA and Barnardos.

So far they seem to be on the right track and always want me to take their passbooks in to get updated so they can see their interest!!

Al_Mac

I remember as a a kid just doing things. Lay the table, wash up, dry up.

Wash the car, hoover the car. Cut the grass.

Spend hours labouring around the garden.

I got pocket money, but only cause I got off my backside and did it.

Kids of today, just seem to expect money for nothing.

Saying that, DD is now learning. She was shocked when I gave her a fiver for helping me fill a skip, un asked.

DS is still a lost cause.

We have just started (again) giving them pocket money, this time into a bank account, so some physical exercise to go and get it. Also jobs they must do have now been detailed.

Fingers crossed.

:xmassign:

purple-smartie

What age do you stop giving spending money? My eldest DD whos 16, 17 in feb, and full time college student recieves £30 EMA a week and still expects me to provide her with £10 a week for her college bus pass and sulks when I dont give her money for cinema etc