Teenagers pockey money advance

wibblehead

Just looking for opinions on giving 2 teens their pocket money a year in advance, which would mean them learning to budget with a reasonable sum of money. I can see with some kids it may give them less incentive to spend as they don't want to see the large amount drop, although I guess others may just blow the lot but then have to suffer the consequences - wouldn't this in a way also be a good lesson if they did do that?

Opinions please!

Jinx

If they blew it all it may be a good lesson in life, but you will have to listen to them whine the rest of the year....

minimoneysaver

Why don't you try quarterly first? If that works, you could then either opt for 6 monthly or yearly. It seems unfair to set them up for failure if you think there is a chance of it. You don't say how often you pay it to them at the moment. I know I used to get mine monthly and that used to work for my family.

lostinrates

Most adults would struggle with that discipline. I'd start them monthly, or possibly quarterly.

JC9297

lostinrates wrote: »

Most adults would struggle with that discipline. I'd start them monthly, or possibly quarterly.

Just what I was thinking. Can you imagine if people were paid a year's salary in one go. There was recently a thread about people receiving an extra tax credit payment and then smaller payments for the rest of the year (same total in the end), people moaned like anything when it was suggested they save some of the extra payment (rather than spend it straight away)to balance out the reduced payments.

claire1234

i suppose it would depend on how old the kids are, what the amount is and what the pocket money is for?

are they old enough to understand if they get a lump sum of £520 (£10 x 52weeks) its £10 per week or if
they spend more one week they have to go without the next week,

my step kids got theres monthly but as soon as they got it they spent it

hth

Lucy1973

I don't see the point to be honest,monthly is fine(afterall thats how they'll have to cope re wages once they're earning). Who gets paid yearly??

rachbc

Do you get paid and budget annually, if not why o you expect them to?

lostinrates

Lucy1973 wrote: »

I don't see the point to be honest,monthly is fine(afterall thats how they'll have to cope re wages once they're earning). Who gets paid yearly??

Some people do...but its not very common. I know someone with a private income who gets her money annually. And she, who runs a tight ship, struggles at the end of the year and the beginning.

Additionally of course, a lot of people don't know how or when they are being paid exactly in some self employed or freelance jobs.

That said...I still wouldn't expect kids to budget over a year. I might consider half and half ...one big payment with monthly small change...if they wanted to invest the money for example, or store it. That way they'd get the interest on the greater sum.

onlyroz

My dad gets paid annually, but he's an author. I think that it's extremely unusual. I'd go for monthly, personally - via standing order into their bank accounts.

DaisyFlower

I aim to do monthly too for DS when he starts high school. I intend to give him his CB and let him budget with it as though it was a monthly wage. I'll buy his essential clothes but anything designer that teens like he can choose to buy and rest will cover going out with friends etc.

I dont think too many people get paid yearly so wouldnt try that personally.