Give pocket money as pay, otherwise you're 'trust fund teaching': blog discussion

rb10

It’s a beginners’ guide to saving.
It even allows them to start to understand more complex questions such as ‘to save at home or put money in the bank and gain interest’ which of course should always be maximised (see top children’s savings guide)

I definitely agree here.

I have a clear memory of standing in Nationwide with my parents, having just had my Smart 2 Save book updated with the interest ... I was amazed at the fact that they had actually paid me some princely sum (probably about £1) to keep my money there.

savingholmes

I think it is good for kids to have pocket money - mine not only have to work for it - they had to bid for it too!

My DS came to me one day and said he wanted pocket money of a certain amount and for that he would do jobs etc. So I said okay. A year or so later he was regularly unpacking the dishwasher and making him and his sister breakfast and packed lunch. He asked for a pocket money rise again saying what he wanted it for and why he should have it.... I gave him the rise. Then last year or so I got concerned as he was spending it on sweets rather than the cinema or something I considered more worthwhile. I talked to him about it and he agreed to get his money monthly. At 12 he now gets £10 a month. I would give him more but can't afford it at the moment....

My DD got pocket money far earlier than my DS - again by asking for it. She started regularly at 5 keeping her room tidy and asked whether she could have some pocket money for that. So I agreed to give her 50p a week. She always used it for worthwhile things - sometimes sweets but often a video or something from a charity shop. A year on she asked for a pocket money rise - which again I gave her. She is very good at saving her money and not spending it - so at Christmas I went with her at 6 to open her first savings account. She put £50 in from Christmas and summer holiday money left overs! She has since put in another £5. I have said to her if she spends her money I will give her £1 a week. If she saves it - I will give her £1 for her savings account and 50p a week to spend.... She is doing amazing!

My DS doesn't have the savings gene at the moment... I think it might be because our own LBM is still less than 2 years old.... He would quite like to set up an account though so I may give him a tenner at some point on the condition he opens a savings account and leaves it in there and adds to it... Hopefully that might incentivise him.....

glider3560

I've always thought passbook savings accounts are the way forward for kids. As much as I hate them now - as a kid, it was great going to the building society with my mum/dad, handing over your pocket money and seeing the balance increase.

It certainly taught me about budgeting and saving. My parents also got me quite involved in their finances at a young age - I would help them when they were amending their budget (perhaps by just doing some basic maths on the calculator). My mum also got me involved at the shops by getting me to add things up as we went round, she probably wished she hadn't let me do that as I'd always be pointing out cheaper products everytime after that!

Fi27

My son, who is 16, never really got pocket money because he refused to do chores around the house. And i mean refused point blank to do dishes, take out rubbish etc. If he really wanted some money he might decide to do some chores but it was never consistent so neither was the pocket money.

I tried to tell him that if i dont go to work i dont get paid, you have to EARN the money you get. He didnt listen.

One evening he wanted me to take him to tesco to buy him some sweets and crisps for his class xmas party, i said ok then, dry that few dishes and we'll go. He said 'no, i dont do dishes' i said 'well sorry, i dont do taxis, crisps and sweets then'.

Next day he told his grandma (ex's mother :mad:) i wouldnt buy him any crisps and she gave him a tenner :mad::mad::mad: I told her why and that i was trying to teach him about money and that he refused point blank to dry the dishes etc but she ignored me. I was furious.

I found out she was ignoring me alot, keeping secrets from me and contradicting me as a parent, therfore confusing MY son with HER views and opinions. She came round one day when i was at work and helped my son to move out and into her house. He couldn't understand why i was giving him such a hard time while she was handing him everything on a plate. We dont speak now. None of us.

It didnt matter how hard i tried to teach my son about money and about right & wrong. Children should get pocket money, they should learn to budget and to save up for things but do you still dish out the cash if they dont earn it? I dont think so.

minerva_windsong

Starting from when I was six or seven, I used to get pocket money in stages depending which jobs I did - I had to keep my bedroom tidy, clear the table every night after tea (including loading the dishwasher when we got one), cleaning out my rabbit's hutch and the goldfish tank and help my dad wash the car when necessary. I got 50p for each job I did plus a 20p bonus for doing any extra jobs that my mum asked me to do such as dusting, and my parents put the same amount in my savings account.

It gradually went up from about £1 a week to eventually hit £10 a week (paid monthly) when I was sixteen and before I got a job, and anything I wanted - as opposed to needed, like school uniform - came out of the pocket money.

SallyForth_2

wildthing01 wrote: »

she was also given a gift card for xmas, with a time limit on it, and i'm toying (haha) with the idea of taking her to the relevant shop and telling her she can choose what she likes - but then what if she chooses something too expensive???

I would select two or three things in the shop which are within the budget of the gift card and tell she can choose one of them.

ThinkingOfLinking

I was never allowed to do chores as a kid; I wanted to though. I went to my neighbours house aged 5 and asked if I could earn some pocket money...I used to help them with chores in return for money and sometimes some homemade cookies too. I got a regular job on a market stall every weekend aged 14, and then aged 16 got a weekend job in a clothes shop, so managed to support myself from an early age (and of course was still at school til 18). I've always known the value of money.

Torkijo

Following a conversation with his Reception Class teacher we have just started rewarding for Jobs, our Son is 5 and we sat down with him and drew up a list of Jobs he thinks he can help with - Vac Dining/Sitting room, Sorting Clean Washing, Dusting, Wash Car etc

We pay him between 5p and 50p for the jobs and always use the smallest coins we have so its about counting. We also have a bg chart where he tracks how much he has in total and how much he needs to save up - hes currently at £2.67 and needs to get to £4.99 for the toy he wants.


I have to say its working fantastically as he is getting a sense of value - M&D cant just buy everything he wants, its helping with his counting and its helping us get the jobs done!

tiff

Mine get tickets for each job they do and then they are added up at the end of the week. There is also a wild card for doing something beyond what they have been asked or expected to do. Each ticket may be 50p, 25p or 10p depending on the job. It really works as they are learning they have to earn money, its not just handed out as pocket money every week.

haggisheid2010

My son (13) gets £5 a week and my daughter (7) £2 a week, My son empties the dishwasher and helps around the house, on the weekend he swept up the leaves and cleaned the Trampoline.
I thought that this was the average amount that kids got according to surveys, but after reading some of the comments, i might review it, as i struggle to give this amount, but i didn't want him to feel left out, as his friends all get money.