Pocket money (merged)

neneromanova

I got 50p when I was young but dad was never good at remembering

goingsenile

I started giving my daughter £2 a week when she started school last year and it has worked much better than I thought.

Nine times out of ten she puts it in her bank and saves up for something-New Barbie DVD, new Tinkerbell DVD ( we were at the shops the morning it came out!). We have had occiaions when we have stood in Toys R Us while she has debated with herself over whether to buy something or save up for a another 2-3 weeks to get what she really wants.

She also saved up and had her own money to take on holiday at Christmas.

I buy clothes food etc, I supply small 'somthing nices' for after meals so she is not allowed to buy sweets with it.

I was really touched this week , they had a casual clothes day at school to raise money for Hati and she asked if she could take £2 out her bank to take as 'some children don't get pocket money like I do mummy'

It has also helped with her learning about money.
AJ

venus1978

I never got pockmoney as a child if I wanted something I asked and then mum and dad would decide if I could have it (I certainly didn't get everything I asked for). As soon as I hit 16 I got myself a saturday job to pay for anything I wanted.

Spendless

I introduced it on NYE for my 9 and 6yo. They get a monthly amount. £1 for each year of their age with a rise on their birthdays. The 1st month they blew it all within the first couple of days (I initially tried to talk them out of it, but then I thought no I will let them learn the lesson themselves). This led to them being skint all Jan. Whilst that didn't bother the youngest who isn't out without an adult, the eldest didn't like it at all as it meant he saw things during this time and was unable to get them. At the beginning of this week he had £5 of his money left.

cherrycake

I started giving my son pocket money when he was five - £2 a week but he didn't get the hang of it so maybe too young. Now he is 6 he gets 2.50 a week and enjoys and understands how to spend/save it. I think it depends on the child.

wontfallforit

We never got any pocket money as youngsters...it was generally understood that if we really needed it, we'd get it bought for us.

And in the case of treats, or just trips to the sweet shop, we were just given it as and when.

Money was extremely tight, and we respected that, but it was difficult on my mum when she had to refuse us 50p when we requested.

As hard as times were, I always think we would've benefitted from a regular sum, even if it was very small. Teaching responsibility, etc.

My friend's parents used to have a 'card' system. At the beginning of the year, they would allocate each child £500 (they were considerably wealthier than us), and if each child wanted something, rather than needed it, the old amount would be struck off their card, and it would reflect their new balance.

Though their amounts allocated were over-generous, imo (this was the late 1980s and early 1990s!), both children turned out to be really good with money, and really respected the fact that "once it's gone, it's gone", so would thoroughly budget for the year ahead, and avoided being frivilous.

onetomany

Lotus-eater wrote: »

7 year old £2? Mmmm, when did you start giving it to him?

probley around 2 years ago , was more because i gave my 11 year old money i didnt want him to feel left out but it worked in my favor as he dosent expect anything when we go to shop now.

esmf73

Eldest (5yrs) has just started asking for pocket money, so I've linked it to chores so he gets used to doing things. Just simple things - making his bed, putting his clothes in the wash bin etc. He quite often refuses to do things so is saving me a FORTUNE - he'd get a max of £3 a week. I'd like to give less but theres not a lot you can buy with 50p anymore.

gingin_2

£2 for ds 9 yr old with a £1 bonus for a really good week. He is expected to keep his room tidy/hoover and help with odd jobs for that. I buy him a magazine a month as well. He can quite happily save for months if it is something he really wants, which I am really impressed with and he seems to find it rewarding.

savingmummy

I am going to be giving my dd 50p/£1 just after her 4th birthday!
Then obviously up this as she gets older.

I used to get £5-10 from the age of 12, and £10-20 from the age of 14!! Very generous parents and also very trusting!