Teenagers pockey money advance

liney

Monthly, like wages with a cash withrawal card would be my option.

Annually does seem excessive and unrealistic.

Becles

Mine get monthly pocket money on the 1st of the month, and their phones get topped up with new credit.

By this time of the month, they're normally winging as they're skint and have no phone credit. It's a long learning curve!

donquine

It wouldn't have bothered me as a teen and it wouldn't bother me now, but it does sound a bit odd.

Hermia

My parents gave me monthly pocket money from about the age of 10. They would give it to me at the end of the month when they got paid. The good thing about this was that by the time I went out to work I was totally used to the idea of getting paid at the end of the month! The first couple of months I miscalculated and ran out of money early, but I soon learnt to divide the money into weekly amounts. I am so grateful my parents did this because I saw how much my friends struggled with the concept of budgeting over a month when they went to work.

MarzipanFish

Wouldn't have made any difference to me as a kid but it would for some. My younger brother spent whatever he had if he saw something he wanted so would have been penniless by about march.

I think yearly is a bit extreme. I guess the closest they're likely get to that is student loans which are 3 x a year (roughly sept, jan & may). Lots of students do appear to struggle with that though so maybe some experience of longer term budgeting would be handy for some!

I think a monthly or quarterly DD into an account for them with a cash/debit card would be best. Better than cash which needs storing or paying into an account. You can do phone top ups from cash machines too so that's pretty handy.

podperson

I agree that monthly might be a better way to start - while it will hopefully help them with budgeting most people make mistakes and often have a 'blow out' when they first start getting lump sums (and I know some adults who have done this as well!). Yes they learn by their mistakes but I think suffering for a month with no money is more reasonable then for a whole year.

wibblehead

Thanks for the opinions. I can see that mainly it's believed to be a no go! Funny thing is I have faith in both my kids and believe they would end the year better off than if they were paid monthly or weekly. I believe both would be more careful with money as they would not wish to run out. They both show that type of personality. Anyone out there think there kids could manage it?

It is true though that adults are mainly paid monthly and so have to save for what they want (if they don't use credit), but I was thinking with smaller amounts, such as pocket money, it is easier to fritter it away and it doesn't seem much and end up with nothing at the end of the year. If they managed to spend half of their large sum through the year and end up with half left I think they'd both feel really chuffed!

My daughter has already used me for credit but paid me off quickly from her part time job - conscientous kid! I believe it's all a learning curve.

Maybe I have too much faith in my kids and I am deluded! :rotfl:

RadoJo

If they are keen to go for a yearly payment, then it might be worth a try and set them up well for the concept of saving as well as budgeting. Could you maybe agree something along the lines of putting the money in an account for them and discussing it regularly (e.g when their monthly statements arrive) so that you can ensure that they are being sensible and they feel comfortable discussing and planning their budgets with guidance from you?

podperson

You know your kids better then we do and if you think they would be fine and they are wanting to do it then go for it I was just thinking it might be easier to 'break them in gradually' I guess with monthly and if they are fine for a few months then maybe go onto quarterly or yearly.