Pocketmoney Discussion Thread

domestic_goddess

Hi there

My little girl is four and I am thinking about starting to give her pocketmoney to encourage her to save and learn the value of money.... Am I way ahead of myself here?

What sort of age do you start giving pocketmoney to your kids and how much do you give them..... Also how do you encourage them to save etc

I really want my kids to learn the value of money?

Thanks
:beer:

milkydrink

The only draw back is once you start it's hard to stop! My daughter is 19 & we're stiill giving her pocket money, £17.50 a week & lifts to & from college & packed lunches made.

What age do I get to stop giving pocket money !?!? LOL

kathyd_2

It's not just about teaching her the value of money. You give her pocket money without expecting something in return and you will be 'making a rod for your own back'. (sorry, hate that phrase, but it is appropriate ) By all means give your daughter something but make sure she cleans her bedroom/hangs her clothes up etc., little jobs that she can tackle on her own so she is also aware money isn't 'free.'

milkydrink

kathyd wrote:

It's not just about teaching her the value of money. You give her pocket money without expecting something in return and you will be 'making a rod for your own back'. (sorry, hate that phrase, but it is appropriate ) By all means give your daughter something but make sure she cleans her bedroom/hangs her clothes up etc., little jobs that she can tackle on her own so she is also aware money isn't 'free.'

Do you think it's too late for me :-) LOL

kathyd_2

kimevans wrote:

Do you think it's too late for me :-) LOL

Do you know, Kim, I don't think we're ever too old to learn :rotfl:

looby75

my 13 yr old dd gets £5 a week and for that she has to wash and dry the dishes 5 nights a week. If she misses a night she gets less pocket money the next week. (unless she has been ill that is)

My friends think I'm really mean, they just throw money at their kids but IMO kids having too much spare money is where a lot of problems start. When they have money to burn they are (IMO) more likely to start smoking/drinking etc because they have the money to get someone to buy them cigarettes and alcohol.

skylight

Kim, I think you ned to have a chat and agree upon a date that the pocket money will stop. Perhaps you can help her to fnd a job, write a CV, that sort of thing???

My 4 year old gets pocket money adhoc - when she helps out a lot, or when she has done exceptionally well at school. She gets 50p for each new book she reads and loves to save it! Occasionally she will buy herself a magazine, but most of the money goes into her bank. As she tells me "I'm nearly rich now!"

immoral_angeluk

I used to get £20 a week from my dad in my teens. But he was the type of person who'd make up for his lack of decent parenting by palming you off with money. :mad:

andycarmi

sickofhavingnomoney wrote:

Hi there


I really want my kids to learn the value of money?
:

What about a piggy bank?

I believe that being a good role model for your children in values for money too. I plan on DD seeing how to save money. Such as piggy banks, bank account...

I remember when I was younger the Natwest had those pigs to collect when you reached a target. Also a wall chart to colour in so you could keep a track and literally watch it grow!

Think like a four year old if it just disappears into a bank account to them its out of sight out of mind and to them they saw nothing for it. So if they spend it there and then they get and instant reward!!!

What about a pic of something LO wants to save for and getting a picture of what their saving for with a chart next to it with how there saving is getting on... Remember to reward and praise for saving...:D

jackieb

My 14yo gets £20 a week but that includes school lunches. He's very good at saving. He also has a paper round. My 18yo is at college and he gets £20 a week too - that is to include his meals. When there's no school my 14yo gets a fiver but my 18yo gets nothing. I've told him he should look for a part-time job.

milkydrink

charlotte664 wrote:

Kim, I think you ned to have a chat and agree upon a date that the pocket money will stop. Perhaps you can help her to fnd a job, write a CV, that sort of thing???

Actually I did say to her that when this college year finishes in June (& shes 20) that she could do one day a week for pocket money.
She does the odd work no & again, but so far we have still given the pocket money (It's SO so it never changes). But if shes worked during the sommer & earned £200 one week, she has often turned round & treated me to my nail in-fills or lunch out or something. She's very generous with her money. If she works she buys most of her own clothes & that really helps. She's not working at the moment but the place she did her work experience for, may offer her one (or two) days per week in the new year.