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

gibson123

themull1 wrote: »

Bus fares - 40, mobile 10, lunches, cup a soup 20, toiletries 5, no classes/social activities, can't afford clothes - i use what i have, cosmetics maybe 2.00, no coffee with friends, mam pays mobile hairdresser, 6.00 every six weeks, mobile 10, ex husband pays. So, no, i don't have £150 a month.

But you spend about £90 on yourself and it sounds like you are having to be really careful, a horse-riding lesson is £18, a music lesson is £10, she spent £35 on school uniform, £20 for school shoes and young sters can't just keep using their clothes, as they grow constantly.

Not sure what your point is, I am sure if you could you would spend money on clothes and social activities. This thread is about young people budgeting and how you teach them to spend carefully and this is how I do it with my daughter.

soba

Son (11) wanted a tablet but we couldn't buy him one. Years earlier we'd bought a toy at a school fair for 50p and also bought some add-ons from ebay for pence. Scroll forward to Christmas last year when the tablet had been mentioned - he (we) sold both the toy and add-ons for £48 and £47 on ebay:)
So not pocket money but a lesson that one man's cast-offs is another man's treasure - a treasure they paid handsomely for.
DS is thrilled with his tablet:)

peaches33

My two boys get very little pocket money - £3 a week each, but they can do extra jobs to earn more if they are saving for something. They're expected to do usual chores - making beds, keeping rooms tidy, dishwasher and laundry as part of family life. If they do gardening, car washing or other 'extras' then sometimes they will get paid, sometimes they are just helping out, they don't know in advance which it is, its all about the willingness to help do things as a family. I pay their mobile contracts (£10 each) on top, and they get bus money and lunch money when needed, but usually they cycle everywhere and take packed lunches!

Since they were 11 they have had their own accounts with debit card, plus a savings account and they've both set up internet banking. I pay their pocket money, and any other money in to their bank accounts, they spend it much less frequently this way, despite being able to with their debit cards! Their ipods and xbox accounts are also registered to their own debit cards so they can't spend more than they have on things!
They get lots of pressies at xmas, birthdays, for good reports etc as we have a huge family, so there's not much day to day stuff they really need! I also reward good saving - one son saved up enough money for an xbox, (from paper round money and pocket money) when we went to get it, I bought an extra game and a years live membership as a reward for saving so well!

Kids need to learn the value of money

FG64

Hi, I don’t agree with the work for pocket money..... We should be teaching  our children about self responsibility and making informed choices! Each child should have a given amount as pocket money - free of chores - a base figure perhaps.  If a child Then CHOOSES to earn more - then make jobs/ chores available to him/her and pay them for it/them. This way a child learns to earn money, the value of money and that they have choices !  

allthatmatters

Very sound advice.
Why can't you put a campaign together like Jamie Oliver did for kids?
this would be to look at putting in 30min/1 hour lessons into schools teaching them about all finances etc the very basics of credit cards and banking etc in a cool kinda of google way to grab their attention.
As not all parents have the knowhow/time to do this.
Could be a key lesson for the future of this country.
plus could create more jobs in the UK and give the future a fighting chance. 
just a thought.