Pocket money (merged)

Elspeth

My OH's DD gets 75p a week. She started getting 50p a week aged 7, and had a rise when she turned 8. Having seen what others are giving I now feel tight, but TBH until very recently she hadn't handled any money at all, so we wanted to start her low so that we could give her more when her expectations were greater!

suzukibabe

Our DS1 turns 6 in September and he gets £1 a week pocket money, if he's kept his room tidy or tidied it up or helped in some way around the house-he loves polishing- then he'll get an extra 50p.

He did actually save up £11 once as he'd seen something that he wanted.

Silverbird

Never had pocket money as a kid and it didn't do me any harm (my debts in my signature were caused by trying to keep OH and I afloat when he couldn't find a job after we moved away from our parents and also for paying for our wedding).

We had 25p every Friday (this was in the late 80's) to get a pick n mix from a local sweet shop. This stopped when I was about 11 I think, as I guess they felt I was too old.

If we wanted more money we would do chores for this (ie. weeding garden, weeding garden path, cleaning house, washing up, etc). I remember that weeding our very long garden path took me hours and I got 50p at the end of it.

Christmas and Birthday money was saved up and used on our holidays so we had our own money to spend every August and it was up to us to budget it and be careful with it.

I've always been very good with money and despite being resentful of not getting pocket money like the other kids when I was younger, I do think it really helped me appreciate money much more and that I had to work for it in order to enjoy the spending of it.

I don't intend to give my children pocket money for this reason, although I will of course give money for any chores that need doing that they're willing to help with or do.

Jokaty82

I think the idea of giving money - some to spend, some to save is a lovely idea. When I was a kid I got pocket money, but my parents never insisted I saved any, so I would save up to buy myself stuff etc.

I like the idea of say £2 a week then half goes to bank account and half to spend. That way you are getting your child some regular savings, so all in all they are only getting £1 to spend.

My question would be, when you give say £1 and they spend it on sweets, do you stop buying them sweets at supermarket etc so they appreciate them more?

shazrobo

my twins are 14 now and get £4 a week pocket money, half of which is usually saved towards ds games, and the other half usually spent in pound shops as they've learned they can get 4 decent bars of chocolate from there, where as going to the local paper shop they are dearer.
i stopped buying sweets in the supermarket, unless they asked me to get some, eg netto's do 4 bags kids sweets for a pound, and they give me the money for them.
still treat them occaisonally to magazines etc if we are going on hols, keeps em quiet in car lol

lostinrates

mummy_Jay wrote: »

I have a little boy about to turn 5. At present he has had money for xmas and b-day last year and loved spending it himself, now he's asking if I can start giving him pocket money. I do want him to learn the value of money and to save for what he wants but I'm clueless on how much pocket money to give.

I would really appreciate your opinions on at what age a child should start getting pocket money and how much that should be.

I learned value of money by ''earning'' my pocket money. When I was little I'm sure my chorses created more mess than they helped with, but the point was I thought I was contributing and gradually the standards expected of me and the amount was increased.

Claire3121

My 14 yr old gets an allowance each month of £150. This is used for his clothes(except school clothes and shoes),presents,any money for cinemas etc. Helps him to budget his money.

durham_girl

Claire3121 wrote: »

My 14 yr old gets an allowance each month of £150. This is used for his clothes(except school clothes and shoes),presents,any money for cinemas etc. Helps him to budget his money.

£150??!!!

I was lucky to get a fiver a week at 14 :eek:

The_Banker_5

Claire3121 wrote: »

My 14 yr old gets an allowance each month of £150. This is used for his clothes(except school clothes and shoes),presents,any money for cinemas etc. Helps him to budget his money.

I cant see him ever wanting to leave home to be honest.:D

lostinrates

Claire3121 wrote: »

My 14 yr old gets an allowance each month of £150. This is used for his clothes(except school clothes and shoes),presents,any money for cinemas etc. Helps him to budget his money.

As a matter of interest does he contribute to the household in some way? Housework or similar? Has he expressed interest in ading to his pocket money with earning at all- staurday/holiday job?