Pocket money (merged)

Lunar_Eclipse

We started pocket money when our eldest turned five and started showing an interest in shopping. They are now 8 and 9; both receive £3 a week.

This is to cover magazines, toys, holiday spending that they save up in advance, souvenirs on day trips etc. In addition they are bought sweets once a week, but I never get asked to buy toys, DVDs etc. Books are the occasional exception to this rule, purely because we understand the value of children who are well read.

We are going overseas for the Easter school holidays. They have saved all their pocket money so far this year for the trip, including some Xmas money from their Great Gran.

I have read a lot about educating children about money and believe in the 'no strings attached' route. The purpose of pocket money in our house is purely for education purposes (in terms of making choices, saving, investing and avoiding debt as opposed to it needing to be earnt; we might move onto that later) and will not be tied to other parenting desires such as chores and behaviour. But I know many people think differently which is fine.

We will move to a monthly allowance for senior school, which will include clothing at an appropriate age, depending on when it seems right. They both have bank accounts fyi.

soba

DD (13) gets £5 per week if her bedroom's tidy. Messy bedroom = no money. She also gets the chance to earn more by doing jobs like van and car washing but usually can't be bothered so has to mange on a fiver. At 13 I was working 13 hours a week in a shop for £3.50!!

DS (8) doesn't get pocket money yet, but he's more careful and still not spent his birthday money from October last year! He seems happy to wash the dishes for the fun of it. Long may it continue.....

musicmam

My parents didn't have alot of money when I was little in the '70's so my brother and sister and I had to do little jobs around the house like help prepare veg for tea, lay the dinner table, clear away the table, wash up (one did cutlery, another the plates and the other pots - this was rotated).
Also we had a rota to pop in and see our elderly grandparents after school to make them a cup of tea and check there were ok for which we received 10p extra.

For doing this we each had a post office account where the Child Benefit was put. We didn't actual receive the money direct but anything we wanted like comics, toys, clothes, shoes, music lessons, school trips came out of this. We could decide what we wanted to spend / save the money on (with parental guidance) but if we then wanted something but didn't have enough then we had to save up for it or go without. Tough but fair.

If we wanted anything extra then we had to get a paper round.

I have very clear memories of going without buying new clothes/shoes so I could save enough to go on a week long school trip to France.

Nomoneymummy_2

This thread very helpfull as just chatting about the same with dd1 (v v nearly 7)

Have decided on the monthly pay to see how she goes and when its gone, it is gone!!!
We do have the "treat drawer" so no need to buy sweets ( she gets them rarely but it will be a condition of pocket money that sweets are a no go!!)
She's a huge book fan and thats one thing I do spend a lot on for her so they will also not be included unless I have bought her one that week and she wants a different one. (which is very likely as I end up buying around 6 books amonth at the min, but she does not watch tv unlike the youngest!)

Ordep

I'm of to Haven tomorrow for 10 days with my two grandchildren, age 8 & 3.
I want to give them there spending money in advance.
Question is , whats the going rate these days.

escortg3

I am sure the 3 year old will probably only need a say £2.00 a day. The 8 year old i would probably give £3.00 a day. they only ever buy rubbish. When mine were small i would give them say £20.00 each and see how long that lasted them. My son would come home with £19.50 and my daughter would be begging for more by day 3. girls eh lol:rotfl:

hngrymummy

We would get up to £10 each for the whole week. If it was something that cost more then we would have to have a very good reason to have it (eg if we collected that item. And by 'collected', I mean a proper collection, looked after and kept well).

There's very little that they 'need' to buy while on holiday. Maybe a couple of postcards or small gifts for friends.

minerva_windsong

£20 for ten days is a lot for a three year old, unless that's including their meals as well. If it's just to buy themselves treats then I would say £10 maximum for the three year old for the ten days, and £15-20 for the eight year old.

escortg3

minerva_windsong wrote: »

£20 for ten days is a lot for a three year old, unless that's including their meals as well. If it's just to buy themselves treats then I would say £10 maximum for the three year old for the ten days, and £15-20 for the eight year old.

You dont get much for your money these days, even a treat ie icecream is more then £10 for ten days. i also presume they will want to buy there parents a little gift whilst away.

peachyprice

Depends what you are expecting them to spend it on.

If it's just for anything they may want for themselves, i.e little momentos from days our or pressie for mum & dad etc., i would say £10 each.

If they're going to be expected to buy their own ice creams, drinks, snacks with it, I would go for £20 each.

I think I would steer clear from giving the 8yo more, purely because it's a perfect grounds for causing an argument.