Pocket Money - How Much

bluekaw

Hi Guys,

Hope you can help me here, im stuck at the moment, i have 2 daughter's aged 8 & 4, DD1 has recently been learning about money etc in school for maths, and has asked for some pocket money each week, now i remember getting pocket money when i was about that age, but was only 20p a week, now some of the kids at school say they get £5 a week or more and other various amounts,

im keen for my daughter to get some money sense, but realistic how much should i give her each week??? any ideas £1 a week maybe

**confuzzled**

£5 a week for 8yr olds:eek: What on earth do they buy?! Apart from sweets:rolleyes:

I'd say £2 per week for 8yr old but mainly because xmas is coming up and she may want to buy mum a little something;) Also with this amount she can be encouraged to spend half and save half:) Even at 8yrs old I knew 50p wasn't loads and would only get me 5 10p mixes:rotfl:
And possibly 50p for your 4yr old....I know she probably isn't bothered but if I saw my sister get something and I wasn't I'd be very upset:o Actually, I'm like that now

HTH x

peachyprice

I put £1 in the poll, but it's actually £5 a month paid into her bank account.

bluekaw

Peachy price, if it £5 in her bank, how does that work when she would like to buy something ????

bills_2

£2 is pretty reasonable for an 8 year old. I mean what do they have to spend it on other than sweets an wasting it on rubbish. An if they do want the money to spend on other things more productive, they will learn they need to save in order to get it. Good money life skills at an early age

jazzyman01

My son has been earning his pocket money since he was 8, is currently 11. Pocket money now is £6.00 (depending on what chores he completes).

When he was 8 it was £2.50, again based on the chores he did.

If he wants more pocket money for a special occasion he will usually do additional chores such as washing the car.

peachyprice

bluekaw wrote: »

Peachy price, if it £5 in her bank, how does that work when she would like to buy something ????

She keeps the odd £1 or so at home and a purse full of loose change 20p's & 50p's, usually given by grandparents, but she mostly saves her money for something she particularly wants and I get it out of the bank for her.

mummy_Jay

I just started my DS with pocket money on his 5th b-day this year , he gets 50p a week as it's 10p for every year old he is and for the tme being it will go up 10p on each b-day I've agreed with him.
To me pocket money is about learning to value money and save for the things you really want ,so I think £5 a week for an 8yr is ludicrous.

What is she likely to want to buy? how much does it cost? how long is it likely to be for her to save for it.
My DS likes gogos and Dr Who figures (a shop nr us sells them for £3), so he can save for a packet of gogo in 2 weeks or its 6 weeks for a Dr who figure but once he got the money he like just watching it pile up so he can tell nanny how rich he is.

GettingHitched

Im still shocked by this...my Niece (14) gets £60 a month :eek: (thats on top of clothes bought by her parents, mobile phone is paid by dad, plus bus fares, lunch money etc etc) does NO chores whatsoever...think I may have to negotiate moving in!

VanyaHargreeves

What on earth does she spend it on? I'm 15, and I consider myself lucky that I get lunch money and the occasional lift to places I want to go! I pay my own phone bill the majority of the time, if I want to go out I walk the hour to the town centre when I can be bothered, or if not I take the bus, if I want new clothes my parents'll pay half, and I pay the rest. I don't get any pocket money, but I do get the occasional £10 every couple of months or so. I work for my money. If I want to go to something special like a theatre production, if it's near christmas or my birthday or if they're just feeling nice, they'll buy me tickets as a present. If not, I borrow money from them and pay it back.

/endofessay

Long story short, I think £1 for the 8 year old and 50p for the younger one is definitely more than enough.

peachyprice

GettingHitched wrote: »

Im still shocked by this...my Niece (14) gets £60 a month :eek: (thats on top of clothes bought by her parents, mobile phone is paid by dad, plus bus fares, lunch money etc etc) does NO chores whatsoever...think I may have to negotiate moving in!

How much :eek:

My 15yo's get £15 per month paid into their bank accounts, I pay their phones but being boys £5 top up last months.