Pocketmoney Discussion Thread

vixarooni

RichardJohn wrote: »

In my experience, it's usually the other way... the kids who don't have any money end up hanging around the streets (because they can't afford to do anything else), and end up meeting unsavoury characters.

What the hell are you on about? Having money or not having money does not determine if you will be a little runt on the street. Ive had £2 pocket money all through my teens which stopped two months ago when i turned 21. I hardly ever ask my mum to give me money and if i ever did i would pay it back.

I actually got off my !!!! as a teenager and got a job from the age of 14 doing some cleaning. I have worked ever since with a few breaks in bewteen. Im not saying im a model fantastic child cos im not, but some bloody amazing parents behind me taught me that if i want something, i go out and get it.

Alikay

Our eldest two got £20 per month at 15/16 (and DS1 earned around £10 a week delivering the weekly free papers too). We paid for their "worthy" clubs/subs like Scouts, Choir and sports, but they paid for any purely social stuff. We never gave them money for a night out, but would loan cash if an unexpected cinema trip etc came up. They tended to get lifts at that age (pay their own bus/taxi fares nowadays!) and the cupboard was always stocked with drinks & snacks if mates came round, so the pocket money seemed adequate.

January20

FriendlyJ wrote: »

:hello: Hiya all
We are currently in the process of reviewing the way our 15yr dd has money - at the mo it is on a pocket money/chore related system.
What I want to do is to get her to learn how to control her money by giving her an allowance per month - based on what she needs :rolleyes: not wants.
At the mo we pay for clubs trips out to town with mates, bus fares etc.
I want her to pay for these as well as clothing, presents for friends I will still pay for food & costly items like coats, shoes & uniform for school, but she can get the rest.
Clubs cost about £5.00 week & if she goes out she is usually give £20.00 :eek:
Does anyone else do the same thing & how did you work out how much to give per week?
Thanks J

I'm planning to do this with my DD as she is turning 15 soon. I was planning to give her £40 per month to start with. Out of that she would have to pay for:

-magazines (£2 per week),
-make up (no idea of cost as I don't use the stuff),
-clothes (she already knows how to seek out bargains!),
-going out (mostly cinema and trips into town to Starbucks at the mo),
-bus and metro fares (£1 return).

She also earns babysitting money.

The money will be paid directly into her bank account as is her pocket money at the moment. She has a card to get access to it.

I would still pay for her school uniform. She walks to school and takes a packed lunch. I would also pay for school trips.

I haven't finalised the details yet. I'm trying to think of all scenarios and everything she needs. I don't want to give her too much at first because I want her to learn to budget but I don't want to give to little either. She is really good at looking out for bargains but I want her to learn to save for a rainy day too.

I know for sure though that I will discuss it with her, make clear that she cannot come to me once she's spent her money and that initially it's an arrangement to be reviewed in a year's time.

At her next birthday, she will be 16 and hopefully (if it still exists by then lol) she will qualify for EMA so it's important that she learns to budget now when I am still (a bit) in control!

funky-footprints

when i reached what was the old 4th form, (turned 15) i was told if i wanted an allowance i had to get a job. so i got a saturday job in the local chemist and my mum gave me my family allowance. the allowance didnt start until i got the job though. Mum still bought all my clothes, but that was my spending money, makeup, stationery, toiletries, sweets after school, etc. i rarely got any extra, maybe mum slipped me a bit at christmas to go towards pressies or would ask if i was ok for a school trip etc.

Im hoping to do the same thing for my kids, though ive a while yet, the eldest is only 7.

FriendlyJ

I am actually considering drawing up some terms & conditions. Not in a slave labour kinda way but just so she knows what she will have to buy out of her allowance & what I will provide. Things like dinner money for school she will have to get, but I will provide food for her to take sarnies so she can save money that way. I have a feeling she will be too busy putting the finishing touches to her beautifully groomed hair than making sandwiches :rotfl: - she will need to know the rules & also what I expect of her in return for an allowance.
J

dwsjarcmcd

I do this for my 14 year old daughter. I went with her to open a card account and a savings account with the Abbey and I pay in £50 pm. The whole idea was to make her learn to budget as well as giving her some independence and she is doing really well with it. The money always seems to last the month and she even saves a little twards the daft (and expensive) tastes she has!

January20

FriendlyJ wrote: »

I am actually considering drawing up some terms & conditions. Not in a slave labour kinda way but just so she knows what she will have to buy out of her allowance & what I will provide. Things like dinner money for school she will have to get, but I will provide food for her to take sarnies so she can save money that way. I have a feeling she will be too busy putting the finishing touches to her beautifully groomed hair than making sandwiches :rotfl: - she will need to know the rules & also what I expect of her in return for an allowance.
J

That's a really good idea. I was going to say "contract" in my previous post but it seemed so businesslike! they do need to know what is expected of them though don't they? and it will make life easier for you if, like me, you are unwilling to give anymore than the allocated amount!

Kimberley

davetrousers wrote: »

Paper round anyone? Followed by a Saturday job when she turns 16.

My daughter has two (free papers) and gets £13 a week, thats £52 a month and that is plenty for her at 15 years old, she works for it, I give her nothing. My son is 13 and has no money, I said if you want some then get a paper round as well. I believe and always have believed kids should work for their pocket money.

suki1964

I used to give DSD the family allowence. Out of that she paid school lunch if she hadnt got up in time to make a packed lunch, fares for going out, phone top ups, toiletries,clothes (not school uniform or school shoes) cinema trips etc.

Now unfortunately where as I thought I was doing a good thing and teaching her to budget and learn the value of money, she thought it was great to keep her phone topped up - and tap DH for extra money whenever she asked for it

A contract is an excellent idea, especially if everyone agrees on it

buxtonrabbitgreen

I give mine £10 per month each. They are supposed to keep thier rooms tidy for that. One does the other doesn't, but at least when DDs gets really bad (most of the time) I can use next months pocket money as a threat. Any more they want they have FINALLY realised that they have to earn. To the op, my DD does a double sunday paper round in the morning and gets £8 for it. Maybe you could pay her a going sort of babysitting rate instead of an allowance if she doesn't have free time to work at anything else.