Pocket Money for kids

daisiegg

mrcow wrote: »

I think this is a very blinkered view.

I never had any pocket money when I was young. We couldn't afford it.

I learned the value of money because I have simple common sense. Same as anyone else. It's not hard for a kid to understand what £5 means and how much it is/is worth, or £10 or £100. My ten year old knows what it means and has done for many years.

I learned how to save for stuff once I got my first job at 14. Same as many many teenagers.

Pocket money is nice, but it certainly isn't "important". Do it if you prefer to, but it certainly isn't the only way kids learn about money. And not doing it doesn't mean that chiildren automaticaly think that mone grows on trees or that they will simply get given everything they ask for. Most are switched on enough to understand how to save up for something with birthday/christmas money or money they have earned/been given in other ways than a regular weekly expectaation.

But 'money they have earned/been given in other ways' IS pocket money, in my opinion. I was more talking about kids who don't get given any money - they get given 'things' or simply enough to buy that particular thing, on an as and when basis.

The vast majority of teenagers don't get a first job at 14. Lots don't even get a part time job at 16, for various reasons.

I suppose I have a particular view as I live in a very affluent area and teach kids who come from well off families. It transpires through discussions, PSHE lessons etc that lots of them DO just get things handed to them on a plate and don't have the SLIGHTEST clue about the value of money. Lovely kids for the most part, but a lot of them really have no idea. You can see this in their disregard for their own personal belongings, because they didn't pay for them, and they won't have to pay for a replacement. I remember a 13 year old girl laughing about how she had racked up a £240 phone bill two months in a row. You can bet she wouldn't be doing that if she had to pay her own contract out of her pocket money - or at any rate, she certainly wouldn't do it more than once! The amount of times I have confiscated things like jewellery and expensive make-up (they are against the rules) and the kids haven't bothered to come to collect them! When I asked one girl why she didn't pick up her expensive mascara she said 'oh I just got my mum to buy me another one'. I'm sure if she'd had to budget for a replacement out of her pocket money, she wouldn't have been so blas!.

I know this has a lot to do with much more than just pocket money and money management, but I'm sure it is a contributing factor. I'm not saying anyone who doesn't give pocket money is going to automatically produce kids like the above, because of course there are many another aspects of good parenting that come into play....but nonetheless I do think it's important.

GobbledyGook

I must be quite mean I think because mine have jobs to do for their pocket money at 9 and 6. They get £5 per week. £1 for Brownies, £1 for swimming, £1 for savings and £2 for a magazine or something. Often the £2 goes into the savings pot if they want something specific. They don't buy sweets with that though.

I buy sweets and crisps in our weekly shop and each of us has a treat box that gets our share put in. It's entirely up to them how and when they have their treats, but it only took one week of eating everything on the first day to learn that a week is a long time if you are 5 and have no treats and your sister does :rotfl:

They both have jobs though. Between them they set and clear the table, take out the bin and things like that. They also lose money in 25p increments if they are rude or cheeky, get in trouble at school or things like that - 50p if they raise their hands to each other or their brother. If they are misbehaved enough to not have enough money (the £1 saving is the first compulsory thing) then they miss Brownies or swimming.

They think their "work" for their money is a fair proportion to my work for the money that I get so are quite happy with it. I image they'll be less inclined to agree when they are teens, but hopefully they'll be so used to it they won't be too bad.

mrcow

daisiegg wrote: »

The vast majority of teenagers don't get a first job at 14. Lots don't even get a part time job at 16, for various reasons.

I suppose I have a particular view as I live in a very affluent area and teach kids who come from well off families. It transpires through discussions, PSHE lessons etc that lots of them DO just get things handed to them on a plate and don't have the SLIGHTEST clue about the value of money.

That is so funny....I was going to add to the end of my post earlier that I did a PSHE lesson with my form (Y8 so 12-13) on job skills and a significant proportion had done some form of paid work (e.g. babysitting or helping parents with own businesses etc.) and the vast majority fully intended on getting themselves a Saturday or weekend job when they were a little older. Whether that happens or not will remain to be seen! It's a grammar school, but not affluent at all.

I 100% agree with the frustrations of kids not taking care of property (theirs or other people's). It's absolutely shocking. But I think that's more to do with our "throw away" society. I've not personally seen it with anything overly/shockingly expensive. If I did, I think I'd be inclined to call up the parent and explain exactly why they'd had to fork out for another expensive mascara....i.e. because their offspring couldn't be tossed to come and collect the original.

daisiegg

mrcow wrote: »

That is so funny....I was going to add to the end of my post earlier that I did a PSHE lesson with my form (Y8 so 12-13) on job skills and a significant proportion had done some form of paid work (e.g. babysitting or helping parents with own businesses etc.) and the vast majority fully intended on getting themselves a Saturday or weekend job when they were a little older. Whether that happens or not will remain to be seen! It's a grammar school, but not affluent at all.

I 100% agree with the frustrations of kids not taking care of property (theirs or other people's). It's absolutely shocking. But I think that's more to do with our "throw away" society. I've not personally seen it with anything overly/shockingly expensive. If I did, I think I'd be inclined to call up the parent and explain exactly why they'd had to fork out for another expensive mascara....i.e. because their offspring couldn't be tossed to come and collect the original.

See, it shows how much depends on area! My form is also Y8 (well, Y9 in September) and in a similar PSHEE lesson (do we follow the same scheme?! Lol ) it transpired that none of them have ever done any paid work and I was surprised how many don't plan to at 16, either - as their parents think 'studying is more important', etc. I do worry for them a little bit.

jackyann

No point in me posting amounts as my kids are all grown up. But tis is how my parents worked it for me, and I did the same for my kids at about this age:

Clothing allowance for everything except school uniform & sports kit ( as part of this, my mum taught me to make my own clothes!)

Pocket money to cover "amusements". School trips & sports stuff was paid for by parents.

Post Office book / savings account in child's name to encourage the saving of some pocket money or gift money. This was separate from the "serious" savings accounts for house purchase / education; it was to show us that we could save for special things we wanted.

I took the view, from my mum, that chores should be done whether or not there was payment.

I have known plenty of families who take the view that studying is more important than a paid job at 16, and others who think it encourages a work ethic. As far as I can see, both kinds of kids turn out fine - the issue seems to be whether they take work / study seriously and have parents who support them & discuss the issue with them.

smiler34

Nursery nurse gave me a great idea which is kind of like pocket money when we were going through a bad patch with ds's behaviour. My kids are 2, 5 and 6. Basically you put 30/20 pennies in a see through jar/cup whatever as long as its see through and then the child gets a penny taken off them each time they are naughty or disruptive whatever. The child then gets to put there changed pennies into their moneybox and then pennies go back in the cup for the next day. At the end of the week the kids get to add up what they have in money box and decide if they would like to save/spend or bit of both, obviously better behaviour=more money. Basically my kids earn the money for good behaviour but if you have older kids you could increase the money and/or they could earn it through doing chores eg if everything isn't done they lose so many pennies etc.

smiler34

GobbledyGook wrote: »

They both have jobs though. Between them they set and clear the table, take out the bin and things like that. They also lose money in 25p increments if they are rude or cheeky, get in trouble at school or things like that - 50p if they raise their hands to each other or their brother. If they are misbehaved enough to not have enough money (the £1 saving is the first compulsory thing) then they miss Brownies or swimming.
.

Like this idea, was thinking mine were too young to do chores but they normally set the table anyway so may get a list going and get them to help every night to earn the money they get x

Now how to get DH to set the table lol

kazd

I have my feet in two camps, we were quite happy with DS1 to have his paper round which he did six days a week but didn't take to long and he still made a decent amount. Our argument was that he had enough with homework and after school clubs and that better to do a little each day than give up a whole day at the weekend when he could be out with his friends.

However, now his paper round has reduced to once a week and he does need to earn more. The other issue is that it is not easy to get a job if you are under 16.

Re clothes, DS1 is still growing (just) DS2 is definitely still growing and DD, what can I say, she is a girl and is just starting to have more of an interest in clothes and is starting to go out a little.

GobbledyGook

smiler34 wrote: »

Like this idea, was thinking mine were too young to do chores but they normally set the table anyway so may get a list going and get them to help every night to earn the money they get x

Now how to get DH to set the table lol

I had a list of things and in the beginning they could choose a couple of things from it. Even now the girls choose between them each week who is doing what that week so it's not too repetitive. Their list is;

Fill the cats biscuit bowls (Daily)
Bring the washing from bathroom basket down to the washing bin (Daily)
Take clean washing to bedrooms (Daily)
Put the recycling out (Weekly)
Empty the kitchen & lounge bins in the big bin (Weekly)
Water plants (Weekly)
Set & clear table (Daily)
Dust glass unit (Weekly)
Load & unload Dishwasher (Daily)

Each week they pick 2 daily jobs and 1 weekly job. On top of that they are expected to make their beds each day, put their washing in the washing basket, and tidy their toys away as and when they are finished. So some things they do for money and the other things (the non-negotiables they are called here) they do because that's just what you have to do.

It's also taught them a bit of responsibility towards the cats as well because one week when neither chose feeding the cat I asked who was going to do it (they are their cats that they begged for) so now the cats is the first thing they sort.

I sound quite mean reading it in B&W, but they just do it as a matter of course now.

shortdog

GobbledyGook wrote: »

I must be quite mean I think because mine have jobs to do for their pocket money at 9 and 6.
They both have jobs though. Between them they set and clear the table, take out the bin and things like that. They also lose money in 25p increments if they are rude or cheeky, get in trouble at school or things like that - 50p if they raise their hands to each other or their brother. If they are misbehaved enough to not have enough money (the £1 saving is the first compulsory thing) then they miss Brownies or swimming.

They think their "work" for their money is a fair proportion to my work for the money that I get so are quite happy with it. I image they'll be less inclined to agree when they are teens, but hopefully they'll be so used to it they won't be too bad.

My two have to work for their pocket money too, and the "10p/item left lying around downstairs when you've gone to school or bed fine" cost them both a lot of money for the first couple of weeks, things are much tidier now :rotfl:
My eldest (9) has to clear the table after meals, feed the cats and fish, dry the dishes and put them away and hoover her room and the upstairs landing. The youngest (6) lays the table, feeds the terrapins, and is the Boss of the Toilet Roll (refilling the holder basically).
Both have to put their own clothes away, tidy up after themselves, help me put shopping away and help in the garden.