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MoneySaving Tips for Newsround’s nine-year-olds

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  • full-time-mum
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    gillywilly wrote:
    My 7 year old gets a comparatively paltry £1.05 per week - 15p per day (I'm a lone parent in receipt of benefits and that's all I can afford). The pocket money is supposed to represent 'jobs' that I expect her to do at this age: get herself dressed, hair and teeth brushed, bed made (hmmm - we keep 'forgetting' that one...).

    I'm beginning to think I'm a bit mean (or is that thrifty? :-)). We started pocket money at 10yrs. She gets £1. 50p is a sort of basic and 50p she has to earn by
    laying/clearing the table
    keeping her room relatively tidy
    homework done on time
    music practise
    exercises
    (10p each).
    7 Angel Bears for LovingHands Autumn Challenge. 10 KYSTGYSES. 3 and 3/4 (ran out of wool) small blanket/large square, 2 premie blankets, 2 Angel Claire Bodywarmers
  • jumping_j11
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    A tip for 9 year olds - you might be envious of friends who seem to have everything they want and who just have to ask and their parents will give it to them. Don't be - when they grow up, they will not know how to wait and save up for things that they want and will be unhappy and dissatisfied. Also, many parents who give their children everything theycwant, do this in place of actually spending time with their children - they give them lots of money and material things but not much else.
  • rubix_76
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    I expect a barage of abuse for this comment, but why exactly do some of you give your kids pocket money for doing things like homework, tidying their room.

    I don't get paid extra at work for keeping my desk tidy or finishing a report on time. It is EXPECTED I do it as part of my job. Do you get paid for doing housework at home, NO, it needs doing and is part of life I'm afraid. Harsh but true.

    I think it is important that you teach kids not only money sense but realistic rewards. Maybe doing well at school (ie a high mark or good report) but not just doing their homework.

    Yes I do have kids (well one actually, he is 8 months old, so slightly young for maney saving mantras to be drummed into him). I haven't had to do this to my Son yet, true, but I feel (well at the momont anyway) that this is how I would go about teaching him money sense.
    There are 10 kinds of people in the world, those who understand binary, and those who don't.
  • ayla261
    ayla261 Posts: 450 Forumite
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    I reward my kids for doing as they are told because positive reinforcement has been proven to be a success
    This time next year Rodney... :D
  • rackstar
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    I'm going to teach my kids that money isn't the most important thing in the world and that what you buy or earn doesn't make you what you are. I want them to grow up thinking of themselves as more than consumers or wage-slaves.

    I don't think cash is the best way to reward kids, especially for doing well at school etc. That deserves something much better, like an adventure.

    But I'll also teach them that there are a lot of companies wanting to convince them to spend more than they need to, and that advertising is designed to make you fell you want something, even if you really don't want it at all.

    I want my kids to be properly savvy.
  • nemo25uk
    nemo25uk Posts: 78 Forumite
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    With my Children ages 12, 10 & 9 I only buy them the more expensive items on birthdays or christmas and only get them one expensive gift and the rest are small not so expensive gifts. I give them all pocket money for chores they do, if no chores are done or missed then they get no money, they do have 1 day a week off and also the weekend. They can also book days off in advance as I give them 2 weeks off a year which gets them to understand how it is in the real world at work and yes they do get sick pay lol.
    When my children want new games for games consoles or need something that would normally be given as a gift, they sell something they dont want on ebay and use the money from that to buy what they would like from ebay which will be cheaper than new, plus they might save more money so can buy something extra and they love it! My oldest daughter is now into named clothes so she seels her clothes on ebay and buys the clothes she wants from ebay which are bargains compared to the RRP in shops. They love earning the money and getting the best deals!
  • BarksHC
    BarksHC Posts: 12 Forumite
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    Smiley_Mum wrote: »
    How much pocket money would you give a 7 year old? I give both of my boys £2.50 a week,.

    Goodness I feel a bit mean now - my 7yo son doesn't get any pocket money, but does have access to the christmas and birthday money that he is given. We have some great charity shops around here and we nip in quite often so that he can search them for toys. The good thing is that finding something decent is rare, so he is learning not to buy things just for the sake of it and to walk away empty handed until next time. When we scoop the perfect item we might check it against the shop price so that he understands how he is making his money go further.

    And on the 'green' side we like the reuse, recycle aspect too . . .
  • VeryTrying_2
    VeryTrying_2 Posts: 525 Forumite
    First Anniversary Combo Breaker
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    There are no banks near us that our 9-year-old can visit, unless it's the school holidays. Are there any accounts that can offer a cashcard to be used in an ATM?

    I know I could do it for her, but it's defeating the object when we're trying to teach about looking after her own money!
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