Pocket Money for kids

starrybee

I was always given a monthly amount and I never asked for any more, which taught me how to budget and save, how much stuff was worth (and how to find a bargain! )

I know people who got given hand outs as needed and they are now completely hopeless at managing their money and are still dependent on the parents sorting things out for them even now they're in their twenties.

So I think the set amount is the best idea by far.

jackyann

I think the "marbles in a jar" idea to encourage good behaviour works very well. However, I do have concerns about linking good behaviour to payment. I think it should perhaps be a short-term strategy. Then you can have the conversation about "we expect good behaviour".
Docking pocket money as a consequence of bad behaviour is fine, but regularly paying for good behaviour doesn't sit well with me (absolutely not a criticism of those that do, just a contribution to the debate)
Similarly, we said to our kids (as our parents did to us) "we expect everyone in this family to do chores". Sometimes we had rotas, sometimes set chores, kids were excused during exams, it varied. But the principle that you just got on with the job and didn't expect payment was constant.
We paid for "extra" one-off jobs, and sometimes, when flush, gave extra gifts for spends during the holidays.

I do think that the most important thing is that kids are part of the discussion. Whatever you decide, you explain the idea behind it; you explain if the family has to cut down for awhile, you explain how you budget & why (and give them some say as & when appropriate) and you celebrate a windfall.

snailmail

I can't remember having regular pocket money; though I do remember saving for things. A fantastic doll's pushchair; a velvet hat, and a doll with really long hair (i still have her) come to mind:)

you definitely appreciate things more if you have to save for them and part with your own money.

I used to take my cousin to school and back when we were at primary school (school was literally two minutes away) and my cousin's mom would give me £5 per week for it. I used to be so good at saving!

When I went to highschool I got a job as a washer-upper every sunday in a local pub, got £7 per shift; when I was 15 I went to waitress and got more shifts so I always felt like I had lots of money!

I never used to ask my parents to buy none essential things for me and I was great at budgeting...much better than I am now lol!

I had a job all through my school years and that really helped me when it came to university and budgeting my money...lots of my friends would spend their rent money on things and going out because they'd never learned to budget before.

I worked full time at a factory that my uncle managed in the summer holiday before uni, then every holiday I was home...boring, long days on minimun wage (about £3.25 then!) but it meant I had money to spend through uni while my friends either had to run home to their parents or get a job while they were there!

Of course when I was younger my little cousin who I used to walk home was given everything she desired. I'd save for a velvet hat; she'd cry and get one. She'd drop a doll in a puddle and shrug and say her mom would buy her a new one! (she also ran up a mobile phone bill of about £600 when she was 15..her parents made her get a job waitressing, but she only lasted about a month before deciding she didn't like it!)

I have no idea what pocket money kids should get now...it's not as easy to get jobs when you're underage anymore! (especially in pubs I imagine!)

Jinx

My daughter got 30 quid a month straight into her bank account all through secondary school (shes now 20) This paid for trips to the cinema, mooching around with friends and her mobile phone bill (payg)

I still paid for her clothes and her planned activities....

sunnth

My children get a 'basic' amount depending on age dd 13 gets £5 and the boys age 10 get £2. They can then top this up with a specified about up to £10 and £5 respectively by doing regular chores. The boys don't have a lot to spend their money on except toys, ice creams etc on days out but dd has more as she now has to buy everything non essential out of hers. I still buy enough clothes, school stuff and pay for music/dance activities but she had to pay for bus fares, cinema, friends birthday pressies, more clothes etc. Most of the time they don't achieve their full amount and they don't get it weekly.

The total for the month is worked out and put in their accounts / some given to them in cash if they want. dd does have an account with a debit card and it has been much better than I thought. THe account won't let her go overdrawn, she gets monthly statements so she can see how she is budgeting and the card can't be used on certain websites etc eg gambling etc. so i feel happy with her having one. She has definitely improved on her budgetting.

I've only been doing pocket money with the kids for the last 2 years and I think it has worked well so far. The boys will get the extra money once they go to high school as they will have more to buy then.

jakes-mum

DS 11 gets £10 a month DD into his bank account (non debit card so he has to go to town to get it out ) which doesnt sound like alot for his age but I then pay £35 a month for Karate (with £25 a belt every 2 months on top :eek:) £10 a month for scouts and £10 a month contract phone (was actually his birthday present but still an expense).

DD 4 gets £1 a week in her hand and I pay £30 a month for tap dancing and £17 a month for swimming lessons.

They are expected to do chores round the house as I want them to understand that money is something we earn. DS has to clean his room once a week, make his bed daily, clear the table each night and push the hoover round and help tidy the livng room when asked. DD has to clean her room once a week, make her bed daily and set the table each night, shes also expected to help clear the livingroom when asked as its all their bloomin mess

When DS gets a bit older his money will increase but so will the things he is expected to pay for.

kazd

jakes-mum wrote: »

DS 11 gets £10 a month DD into his bank account (non debit card so he has to go to town to get it out ) which doesnt sound like alot for his age but I then pay £35 a month for Karate (with £25 a belt every 2 months on top :eek:) £10 a month for scouts and £10 a month contract phone (was actually his birthday present but still an expense).

DD 4 gets £1 a week in her hand and I pay £30 a month for tap dancing and £17 a month for swimming lessons.

They are expected to do chores round the house as I want them to understand that money is something we earn. DS has to clean his room once a week, make his bed daily, clear the table each night and push the hoover round and help tidy the livng room when asked. DD has to clean her room once a week, make her bed daily and set the table each night, shes also expected to help clear the livingroom when asked as its all their bloomin mess

When DS gets a bit older his money will increase but so will the things he is expected to pay for.

I know where you are coming from, my 3 do Taekwondo, when they are juniors the belts are more frequent. They have all had swimming lessons since the age of 3 and eldest, DS1 also used to swim 5 times a week for a club, plus scouts, and air cadets. expensive business having kids.

Have talked to DS2 tonight and we have agreed £20 per month and I am going to take him tomorrow to open a Halifax Expresscash acc, comes with a debit card but cannot go overdrawn. Was considering the new citizen card but there is a £15 charge and £1 charge to withdraw cash.

smithsinha

I think its important to give pocket money to their children. They should know that how to consume money and how to save our money.

savingmummy

i used to get £40-80 a month and my parents bought my clothing, shoes etc that was 15yrs ago!

I can`t see mine getting the same :rotfl:

I have 2 children 6 and 4 yrs old and so far they get £1 from nana and £1 from me - money boxes are full as they never spend it so it will no doubt be going into their savings accounts to earn some interest.

nonnatus

Yes!

My daughter knows exactly how much things cost and therefore the value of them to her. She has always had to budget and be responsible for her things which i think is a real life "Skill" that many of her peers lack. They need something, they whinge at mummy until it's provided. Mine know that no amount of whingeing will produce more money (in fact it's more likely to lead to a fine, and money being reduced!!) so they plan carefully for the future.
August is an expensive month with a lot of her friends having birthdays but she's collected bits and pieces over the year and is prepared.
I'm very proud of them both