Pocketmoney Discussion Thread

Spendless

My children are the same age as yours but they don't get any. I have thought about it a few times, but decided not to yet. My eldest isn't allowed to the local shops alone and it's not on the school run either, so it's an occassional treat when we do go. I can't think of any other circumstance in which he needs his own money currently. Instead we put money into their bank accounts (held in our names). My youngest qualifies for the CTF but I don't addd to this. Both of them also have money boxes and we empty our coppers into them, to lighten our purses/pockets. This money is counted out and is for them to spend on holiday. Usually they buy themselves a toy.

saucy77

I had this same type of problem when my children were younger.

My 3 boy's were always on my case, so I used to treat them to £1 a week each. They now are a little more grown up being 14, 13, and 10 and all have paper rounds to earn their own money.

Although the 10 year old is too young to have it in he's name, I put in mine and help him to do it, so he don't get into trouble, but it gives him something to earn and he has to put the effort in to get the money. Otherwise I get to keep it if he don't. (It's a weekly free paper, so it's only 1/2 hour to an hour's time - 140 papers).

The older 2 boy's have a daily round, but the rate of pay is less than 10p a paper at present only 15 papers a day. Equal rate at the mo.

It's not a lot I know, but it makes them appreciate it more when there are earning it, rather than having it given to them.

bushcaro

splishsplash wrote: »

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.
I have had the same problems..what chores do you expect out of interest ..assume emptying dishwasher, laying/clearing table
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. Be interested to see a sample of your diary ( Pm or on forum)
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. Maybe school trips are a little harder to budget for- as no idea what they might be
The amount I give them is a little under one-third of the total children's allowance. ( Do you mean family allow = £12/week)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.
Thanks for all the ideas...[/quote]

bushcaro

. Ds gets half his age in pocket money. I buy clothes etc for him. Forgot to ask - is this £5 per week/month?

Bun

I would say that if you can afford it, paying a child who refuses to get a job pocket money (when they could get one) and nothing to one who willingly does work,is rewarding laziness. If you work hard you should get MORE (even if only a tiny bit) than somebody who chooses to sponge.

splishsplash

Hi again,

Do you mean family allow = £12/week

I should point out that I live in Ireland, and I get €515 total children allowance per month for three children. The rate differs for each child, but I divide it equally in my head. The girls get €150pm each pcm.

Forgot to ask - is this £5 per week/month?

My son gets €5 per week, and that has to cover any games he wants to buy, so he has a plain spending diary where he's busy accumulating some money towards his next game each week. He also trades in games he no longer plays with.

what chores do you expect out of interest ..assume emptying dishwasher, laying/clearing table

They must do everything from making their beds, changing bed linen, vacuuming, cleaning the bathroom, doing the laundry, cleaning windows, dishwasher, tidying up, washing pet bowls, bathing the dog, cleaning fridge/microwave/oven, etc. I expect them to do the shopping (small top up shopping), they have to help me with the garden when needed (not very often, I'm a rubbish gardener!), they must generally play their part and do whatever needs doing. They're almost adults now, so it's time for them. The 10 year old, on the other hand, is only expected to keep his room tidy and clear his stuff to the dishwasher.

Be interested to see a sample of your diary ( Pm or on forum)

It's a simple hardbacked notebook. Page 1 for each month is a breakdown of the budget given - i.e. what they're allocating to each category, and the amount they're carrying forward from the previous month. So for Jan '08, page one has the headings for each category - Clothes, Footwear, Savings, Emergency, Entertainment/Treats, Gifts (Birthdays/Christmas); School Supplies/Other. Opposite each heading is the amount being allocated. Next is the amount brought forward from the previous month, and finally the new balance heading into the month. Then each heading is given a page of its own, with the balance brought forward for the month. As they spend something, they write it into that page - they have each page set up with debit, credit and balance columns - so that they can see at a glance how much they have left, i.e. b/f €120 for clothes, bought top in Next -€30, bal €90 etc.
The final page for the month is a summary of the month - i.e. incoming balances, amount spent, new balances to carry forward.
They both do business studies at school, and understand simple accounting systems, so we've based it on that. It's their own 'set of books'.

Maybe school trips are a little harder to budget for- as no idea what they might be

These are a nightmare! Also, along with youth club discos (I have to get a new top/trousers/wrap for the disco!), they're one of the main reasons I started this whole lark - I was fed up putting my hand in my pocket every day and still being hit for a huge amount for school outings every so often. In our school, they go for day trips to see things in other towns, and will be going on school tours abroad from next year. They are without exception, horrendously expensive, and would rarely cost less than €100 for a day trip - €40-€50 for the bus, plus lunch (usually €10-€15, prepaid with the busfare), plus dinner (usually they're expected to pay for a takeaway themselves) plus spending money. The trips abroad will cost anything from €400 to €700 a time:eek: :eek:
The girls are aware that I expect them to cover all these expenses and that if they have failed to put aside adequate amounts in advance, then they will be unable to go, simple as that. They also know the 'savings' category must not be touched - this is towards third-level costs only.

I know this seems like a large amount of allowance each month, but my aim is for them to learn how to manage money longterm. I want to imitate the feeling of being paid in their first job - the euphoria of being given a huge wad of cash, followed by the realisation that the money never stretches as far as you think it will! The lessons are slowly sinking in!

buxtonrabbitgreen

I used to give my kids £2 a week on the understanding that they kept their rooms tidy. Well that didn't work. They never got the money and the rooms were disgusting. They are 14 and 15. Now I just give them £10 per month on my payday. Having it like that means they know they can arrange to go to the cinema or whatever. I also pay £5 phone credit for the one with the phone every 2 months.
In the last year or so they have wanted more money. And as none was forthcoming they both got them selves paper rounds. i wound't stop the pocket money. Neither would I increase it, if they decided they dodn't want to work.
Funnily enough one has got very tidy in the last 6 months of his own accord. And the other knows she can't have friends to sleep over unless her room is tidy so will do it occasionally.
I don't give them any chores to do. I think they both have enough to do with school work, homework , and cousrework now.
They can both cook preety well and can make themselves dinner and bake cakes etc.And sort of clean up. to their own not very high standards.

alice's_mum

My 2 are 8 and 5 and both get pocket money, but have little jobs suitable for their age that they must do before they get it. My 8 year old has to set the table, knives forks, glasses water and any condiments needed. and then he helps to dry the dishes after tea. My 5 year old puts away some of the dishes and loves helping to put the bins out on bin night (don't know why not my idea of a good job) and they both have to keep their rooms reasonably tidy of dirty clothes and toys. for this the 8 year old gets £1.50 and the 5year old get £1. They save their money in their money boxes until they have enough to buy something they specificially want.

Bebsie

Hi all, some advice please! What is a fair amount of pocket money to give my children, they are 12 and 15 Thanks

AnnieH

my kids get 20p per job they do in the house so they can earn as much or as little as they like.

IMO the 15 yr old is old enough to earn his/her own money - the right time to teach them that it doesn't grow on trees.