Pocketmoney Discussion Thread

anewman

Being from a single parent family I didn't get any pocket money when I was 8. What are they going to spend it on anyway? I wouldn't give them money for the sake of it because all their friends get it.

Although suggestions on it being good for learning about budgeting and as a reward for good behaviour are good ones.

inkie

My 8 year old doesn't get any. Having said that I buy 50ps worth of sweets on a Friday for her and her sister (who also gets no pocket money).

jamgirl

mine are age 8, 10 and 12 and get no regular pocket money as such.

they all earn behaviour coins (started for main benefit of 10yr old who has ASD) for doing jobs such as hoovering, washing up , tidying etc. one coin = 10p and when they have enough they either trade in for money or a magazine

i pay for 10yr old to do football once a week (£2.50).
i pay for oldest to go to pictures or swimming with her friends but this isn't a weekly thing....more like once in a blue moon.

personally i don't think they need regular pocket money just yet and as we don't have any spare money to give on a regular basis this works for us.

vixarooni

When i was a child my auntie gave me a chocolate bar each week, then when i was 12/13 that converted to £2 a week, £1 from my nan and £1 from my auntie and uncle. That stayed that was untill i was 21! sadly that was only two months ago, there is a devoid in my life now ha.

I have never had pocket money from my parents, i never ever ask them for money, havent done that since my mid teens.

My mother (as an earlier poster said) that i shouldnt get paid for helping in the house because who pays her? I agree with that.

i do think £5 is a bit steep, i knew lot of people who got that and more but £2 was enough for me.

affordmylife

None of my children have ever had pocket money weekly or monthly.

They all have their activities paid for and any clothes that they need. They have never asked for any.

They all do chores and help out. I just give them money when they need it.
My 8 year old doesnt need money. She has sweeties sometimes but other than that I cant see that she would need anything. If I did give her £5 a week it would go straight into a savings account and she wouldnt be aware of it but as I havent done that for the other four I wont be doing that.

In my opinion its up to you. If its right for your and your son you go right ahead and do it. I do what is right in my situation and we are all happy with that.

Spendless

I don't give my almost 8 yo any. I have thought about it from time to time, but I don't really see why he currently needs any. I buy him and his 4yo sister sweets and a comic occassionally. I would find £5 too much for me to give though.

deedeeliz

I didnt get pocket money when I was younger, I didnt go without though either.

When I reached secondary school and we didnt have packed lunch; I was given £2 a day and would sometimes not eat properly so save my money up - I loved doing that

loveandlight

A few months ago I started giving my son pocket money. He is 11 now and gets £5 a week. He saves this money in a savings account towards bigger things he wants.

He has all the latest game consoles and games; wii, psp, ds etc. He has bought all of those things himself as he has been taught from a very early age to think for himself financially. He is as a result, excellent with money.

When he finishes his games or wants something new, he sells some of his old/used stuff on ebay or in the paper and also part exchanges to get the money together so he can buy something else he wants. His games are much too expensive for us to buy all the time just because he has finished playing them.

He knows he is on borrowed time with his pocket money and this will stop when he is old enough to get a part time job.

He also knows about spreadsheets and compound interest already and will always shop around for the best deals and it is not unknown for him to drag me around the shops whilst he's doing his comparison shopping.

I think the amount of pocket money they get and at what age they get it, really depends on their individual personalities and whether they are good with money once they are given it. Some are good with money from a very early age and some can't be trusted until they are a bit older.

Kimberley

Garnet_Gem wrote: »

I'm not sure how much a child should get in pocket money but I think it's good for them to earn it and save a bit of it. Teaching them young may keep them out of the bankruptcy court in the future!

I agree my daughter has her own rounds and my youngest who is 10 and his brother who is 13 has one but I do it with them because they are too young to do it themselves, well it is for the younger one, the round is in my name, but he and his brother split the money, I'd never and refuse to give them money unless they earn it.

kisto

I think £5 a week sounds a lot. You need to consider what you already spend.

My kids (DD 9 + DS 11) don't get weekly pocket money. I spend the following on them on a regular basis:

- I pay £6 a week for my DS to have guitar lessons.
- My DD goes to Street Dance (50p a week + I bought her the dance group tshirt £4 and baseball cap £4. Now she also wants the sweatshirt £17.50).
- They also attend a church related club once a week (50p each)
- Saturday swimming fun hour (£1.10 each)
- Magazines (at least £2.00 each a month)
- DVD rental, approx once a month (£2.50)
- Sweets weekly (approx £1.00 each)

I buy their clothes/shoes whenever they're needed.
If they spot something in the charity shops they want/like I'll normally buy it for them. If there is an event (e.g. xmas fair or school disco I'll give them some spending money).

DS sells his unwanted games to make money and he has done quite well out of this so far.

HOWEVER......
I'm starting to get really cheesed off. The kids don't do *anything* to help around the house. Their room is constantly a tip and it is a battle to get them to tidy it (and to generally tidy up after themselves). My DS is lazy and is permanently rooted to the sofa, my DD is very, very, very, very...messy, but not as lazy as DS!

It all came to a head for me yesterday, when out shopping. My DD had £100 birthday money to spend, DS had nothing and I had less money than my DD. DD needs new trainers for Street Dance. Without question, she bought them with her birthday money. I've told her I'll pay her back next week. She was fine about that...and even said I needn't bother. She made several other sensible purchases. DS could do with a pair of trainers, so when we spotted a pair he liked, at a bargain price I offered to buy them for him. Do you think he was grateful.....nope! He moaned constantly that "all I bought him was a pair of trainers" and whined about the fact he had no money to spend. He knew I didn't have much money. Foolishly (I'm my own worst enemy aren't I), I then went onto buy him something else. We went into 'Game' for DD to buy some bits and she bought one of the Nintendo DS cases with accessories - price marked at £19.99, but it went through checkout at £9.99. Seeing as they were reduced I bought one for DS too. With hindsight I know I shouldn't have bought it for him (he didn't ask for it btw) because he was so ungrateful about the trainers.

TODAY IS WAR THOUGH! We're putting the xmas decorations up and this isn't going to happen until some hard graft tidying the house from top to bottom!

My kids (DS mostly) take me and the money I spend on them for granted and that really hurts.