Pocketmoney Discussion Thread

Bennifred

Everybody seems to have their own methods when it comes to pocket money/ allowances - there is enormous variation even amongst my friends. Our system is £1 per month per year of age, so at 10 they got £10 per month, at 11 they got £11 per month, etc. Then at 16 they are expected to get a part-time job of some description and no longer get pocket money. If they get a paper-round before then they still get pocket money on top until they are 16. They are expected to help with chores because they are part of the family and we all help each other to make the house run smoothly:p . As I say to my 17yr old (still at school, works part-time at a supermarket) - his disposable income is far higher than mine, so he pays for anything he wants other than food/toiletries. The 15yr old gets £15 per month from me, and has a paper round which brings in £32ish per month. He gets basic clothes bought for him, but if there's something extra he wants, he buys it. Works for us! As for chores, they are expected to keep their rooms fit for human habitation, and other things as and when asked (occasional washing up, vacuuming, dishwasher emptying, hanging out washing, etc)

~evanesco~

My ds (3) doesn't get any at the minute, my dd (7) get's £2.00 a week, she's got a sheet which she uses to mark down how well she's behaved and for each sad face she loses 25p.

domestic_goddess

I know I am going to get shot down for this but...... I want my kids to enjoy being kids and not have to go out in all weathers to deliver papers or have to do other kinds of jobs like that that dont pay much.....

My kids are 5 and 3 at the moment and are already expected to help around the house, this won't change as they get older. Both of them have their own piggy banks and I am teaching them that if they save up they can get more with their money. I know that they need to learn the value of money but I dont think that this has to be by getting a job, I would much rather that they concentrated on school.

I know that some people do not have a choice and cant afford to pay their kids pocketmoney but I genuinely think that if there is a choice the children should be allowed to be children and not have to get a job to earn money.

:beer: :beer: Please dont shout at me!!!! I don't want to offend anyone and I know that everyone has their own way of doing things.....:A

G-G_4

Newgirl wrote: »

I don't have children but I suspect that all the ones who (alledgedly) get given pocket money for nothing will be the future members of the DFW board - in adulthood you have to earn you keep so I think it should be compulsory to teach children this.

Well done for doing this, you are giving your children a good start in life.
Newgirl

yup!

I was given money for nothing and i've just declared bankrupt..

I hate working for a living and I have no idea of the value of money..

Make them work for it!

hollyh

Hi

My son is 10 and he gets £3.50 a week pocket money.

His bedroom has to be tidy by pocket money day and i expect him to do any other job i ask of him.

Most days the only job he has is to collect the wood and coal from the bottom of the garden.

He is quite domesticated and will be able enough to look after himself when he's older;)

Kimberley

hollyh wrote: »

Hi

My son is 10 and he gets £3.50 a week pocket money.

His bedroom has to be tidy by pocket money day and i expect him to do any other job i ask of him.

Most days the only job he has is to collect the wood and coal from the bottom of the garden.

He is quite domesticated and will be able enough to look after himself when he's older;)

Holly, you went to Madam Tusauds didn't you? I have a photo of myself kissing Johnny I guess it's the closest i'll get in doing so

floss2

My DS's were always encouraged to earn their pocket money by doing chores basically because that's how I was brought up, but their dad didn't like the idea....possibly because he was always given money, and consequently has no idea of its value. At 47, he still asks his dad to bail him out when he gets into any financial stickiness - including my divorce settlement, supporting his sons at uni and paying for his wedding reception.

Stick to your guns, and don't fall for the "but all my friends' mum's don't make them do chores for pocket money" line.....I bet if you asked the parents you wouldn't be the only one who had this scheme.

DaisyFlower

My DS is nearly 5 and we havent yet done the pocket money thing - I just treat him when I see something I know he will like. I do let him choose a comic etc when we pop to the shops.

They will start to cover money at school in year 1 so going to tie it in with that - he still thinks coins are better than notes at the moment haha

As for chores being linked to pocketmoney, its individual choice. Personally I dont plan on linking chores to it as I would like to think DS would still be tidy etc without money being involved. Maybe when he's in high school, I would look at a clothing allowance but probably only if he asked. Would not expect him to work until college though, they are only young once and school is a long enough day as it is without anything extra.

As for a flat rate, If I had more than 1 I would probably give them the same - just to avoid arguments etc.

splishsplash

Hi bushcaro,
I'm a bit different to others here... I have a 15yo girl, a 13 yr old girl and a 10yr old boy.
The pocket money thing has always worried me slightly, especially as dd1 has no concept of the value of money, whereas dd2 would buy and sell you for breakfast.
I've also tried linking chores with pocket money, and I have to say, it never works for me, as mine were very happy to do without the money and leave the chores undone, if it suited them! Now chores are done on the basis that we are a family living together, and these are the things that need to be done to keep things ticking over. That's working very well now.
Last year (while still a lurker on these boards), I changed tack. I now give dds 1 and 2 a 'don't ask me for another thing' allowance, paid to them on the first of the month, along with a budget and spending diary. Ds gets half his age in pocket money. I buy clothes etc for him.
This allowance is generous, but all-inclusive, and cannot be exceeded. Therefore they must learn to make the money stretch for the leaner times. Their budgets allow a set monthly amount towards clothes, footwear, toiletries, an emergency fund (5%) and they must put money into savings (also 5%). They must also cover entertainment, cookery supplies and copies/pens etc for school, school trips, birthday and christmas gifts etc - everything.
The amount I give them is a little under one-third of the total children's allowance. They can supplement that with babysitting or whatever they can come up with, and they get to keep that on top of their allowance.
They have learned that they must juggle the allowance to make the budget balance, the savings cannot be touched, but the rest can be changed as needed.
So far so good, it's working out well. DD1 is learning she needs to be really mindful of how she approaches the whole spending thing, and she is becoming aware of the need to think about money. They are both learning a lot, and I plan to continue with this method indefinitely. My only input now is to hand over the cash, review the previous month's transactions, make sure the figures tally, and that the savings are saved.
Good luck, it may take a little wiggling to get a system that suits you.

Irishmummyof2

I have one dd who is 7 and one ds is 4 and dd who is 7 has been asking for pocket money but i'm not sure how much or how often and does she have to 'earn it'.
Would love to hear what other people do.
Thanks