Pocketmoney Discussion Thread

genieuk

True, I don't know why I said pocket money when I ask them to do something they sometimes ask if they can have money and I say you do it for love.....

I get ..well so and so gets 30 pound a month and they don't have to do any jobs why do we.

My eldest wanted some Nike trainers once and I wasn't prepared to pay that much I choke at the prices they were 35euros not a lot but when I was buying for the other 3 as well it soon mounts up. I said she could pay the difference out of her birthday money and she happily agreed. we don't have named brands in this house unless a bargain in the sales. I am lucky though mine don't want it at the moment so don't ask don't think they really know about brands.

Lunar_Eclipse

genieuk wrote: »

I get ..well so and so gets 30 pound a month and they don't have to do any jobs why do we.

I said she could pay the difference out of her birthday money and she happily agreed.

I need to practice doing replies to multiple things in brackets!

Peer group comparison is always difficult. We have it with sitting in the front of the car. And I always simply explain that families do things differently so they are "better off" in some aspects and "worse off" in others. Same with pocket money and bedtimes etc. They're happy with that since I'm sure deep down they know how lucky they are.

Contributing beyond a certain level financially is a really good idea. You're fulfilling their need of (basic) trainers, but they would like an upgrade to a top brand name. That is a perfect choice of how to spend pocket money IMO.

arthur_dent_2

To be honest mine don't officially get pocket money but by the time you have added up skating, brownies, dr who mag and other bits and pieces, it is probably in the region of about £3.00 a week for the 5 year old and £5.00 a week for the 7 year old.

Lunar_Eclipse

arthur_dent wrote: »

To be honest mine don't officially get pocket money but by the time you have added up skating, brownies, dr who mag and other bits and pieces, it is probably in the region of about £3.00 a week for the 5 year old and £5.00 a week for the 7 year old.

Which is a fair amount and would be a good learning opportunity for them if it was formalised into pocket money. Although I wouldn't make them responsible for club fees (eg Brownies) at such a young age as they may decide they'd rather have the next HSM DVD which doesn't aid their personal growth in the way that extra-curricular activities do.

Do they have any say in how this money is spent, such as you can either have the magazine OR go skating this week? OR have neither and get that xxx in 2 weeks time? It's healthy to help them make choices and decisions, since ultimately that's all that life's about.

Spendless

I know I asked some time ago about the age to introduce pocket money, but in the end decided not to yet, we are currently considering it again and I'm after some views. Our children are an 8yo boy and a 5yo girl.

Hubby wants them to have a nominal amount but they can earn more by doing extra chores. I don't I want them to do chores cos it's part of being in the family, but do people reduce the amount if the kids mis-behave?

Neither are allowed to go to the shop alone yet, so anything they buy would be with me or hubby present, so do we need to introduce their own money yet or continue as we are with me buying them the occassional comic (something I find dear as they are mostly around the £2 mark) and sweets. The local shops aren't on the school run and aren't a place I take the kids to often so I don't get much pester power yet.

Currently the only money they have that is theirs is I empty my purse out of coppers and this goes in their piggy banks. They have this money when we go on holiday.

DS has just started with the crazy bones fad, which has what has made me wonder if it's time to introduce his own regular money.

mum1plus1

Hi there spendless 8 is a great age to start pocket money as it will encourage them to start thinking about the value and cost of items they want. Its also a good way to get them into a saving habit if they want somehting bigger or more expensive. I started my son at 8 and now hes 13 give him £40pm into his bank account to spend as he chooses. When its gone its gone. In return I dont expect to hear any moans or groans when hes asked to help around the house. With birthday/christmas money he puts 50% in savings and blows 50% (and Im not allowed to say no to what he buys so long as its not illegal)