How young is too young?

rio

My 4 year old gets 50p pocket money a week. He recently made his first purchase, a dinosaur which was £6.99. He had saved up all his money since christmas for it. We gave him a little wallet and he looked after the money all the way to the shop. It made me really proud to watch him hand the cash over to the cashier.

Kelinik

My girls earn 5p a day each for putting the toys away in the playroom. We have a sticker chart for it and they get 'paid' on a friday. My littley is only 4....

loopylass

I have 4 children 8,12,14,18
The three youngest set a set amount of pocket money and extra money for doing chores they each save up to get the things they want

I think the earlier the better when my 18 year old got pocket money it has helped him now because he goes to college and works p/time but with the money he gets he still saves if he wants something expensive one of the things he bought was a laptop and as it was an expensive oneso he saved up for 4 months

misty

My son has had pocket money since he was 4. He got a £1 then and he get £1.50 now he is 5. He saves it for anything he wants to buy. He gets a lot of presents at Xmas and for his b/day in June but no other toys during the year. He will rarely spend his money unless he really wants something and if he's not sure will ask me if it is a good price. He will put htings back rather than waste his money and likes to get a bargain. He does get extra money if he is very good (such as excellent comments at parents evening) He wanted the money rather than a toy. he loves getting it out and counting it and it has helped him with his numeracy too.

judderman62

is age 7 too young to be the subject of bribery .....hmmmmm ... quite possibly yes

azjh77

My 7 year old has now got a bank account and has made a 'portfolio' to keep all her savings certificates in. (she actually calls it a portfolio! Thinks she on the stock exchange I think!) She's currently saving up for some premium bonds. She's got more money than me!

ailuro2

Our dd's pocket money has been paid into her acocunt by direct debit since she was about 6 and a half years old. She also has her clothing allowance (some of her child benefit) paid into the account. We can access it online and she 'pays' us every time she gets new shoes, skirt,whatever, or if she spends some of her pocket money we go in together and make a payment to the bank of mum and dad.

If we gave her the money in her hand every week it wouldn't seem like much, but this way she is in the habit of money being online and still being added and taken away with the swipe of a card, like it is in the real world.

She gets all of our coppers and five pences to save in her piggy banks for every holiday- to show,again, that little amounts can add up and buy you a pony trek/trip to a water park.

Yes, we'd pay for her to do them anyway, but it's getting her into good habits.

For her two pound a week pocket money she has to set the dinner table, and has to tidy but not clean her bedroom.

victory

No, it is never too early to teach a child the value of money. My son is 6 and he gets 50p a week for his sweets and absolutely values it and loves going through all the sweets aisles to see if he can get the most for his money...he knows and is learning what's best to buy....how he can make it go further...he also knows if he saves it he can get more the following week etc it is a very good for a child.......

choccyface2006

My DD aged 7 gets £1 from me and 50p from my mum per week and she usually saves it.

I remember being a similar age and when I had maneged to save a whole pound I woukld ask my mum to swap it for a pound note. I can't ever remember saving for anything in particular at that age, but I got such a thrill from having loads of pound notes in my purse!

DD2 aged 14 gets her pocket money paid into the bank, and has done since she was 12, she has a solo card with that and is very careful what she spends it on. For that she must do the evening dishes on weekdays.

I don't think its ever so early to teach children about spending and saving, they are the next generation of MSEs after all!

Sarah x

Sylvester

Sorry to bring this back up, but was doing a search for moneybox.

Where does anyone recommend for a cheap moneybox - can't find one anywhere!