Amount of Pocket Money

ylesia

Hi

Just looking for some opinions on something, how much pocket money do you think is a reasonable amount for someone who is retired and lives a modest lifestyle?

My mum doesn't drive and has a free bus pass. Everything that can be paid by direct debit is paid by direct debit. Her weekly shop is ordered online and comes straight out of her bills account so the only food she needs to buy out of her pocket money is things like milk/bread/paper.

I have a continuing POA for my mum for various reasons and I look after all of her finances, I want to make sure she has enough freedom to not feel like she has 'no money'.

We are finally at the end of a 7 year mess where she ran up £40k + debt in unsecured debt. This has almost all been repaid now, she wants me to have full control over what money she has to spend so she can just go to the cashline and take out what is there and not worry about 'spending too much' or not having enough to pay the bills.

So the goal is to have a pocket money account for her and then her main account which will have the money for bills, presents, holidays etc.

She has been living with us for a year and has just moved out into her own flat (first time living by herself). I would estimate that after all regular bills (including food) there will be around £300 left per month.

Just looking for some other opinions on what would be a reasonable weekly 'allowance'

Thanks for reading!

Willing2Learn

Hi, I would base it on whatever you consider to be a reasonable level of 'fun money' for yourself. Whatever is appropriate for you, (taking into account total family income/expenses), that allows you to have reasonable quality of life, would also be right for her.

In my opinion, anything less would me morally wrong.

vintagegirl

i have £30 per week for me and my teenager, depends what you really want to buy with it i suppose

elsien

What does your mum think she needs? I understand she wants you to help her manage things, but she must have some idea of her day to day spends and the things that she'd like to be able to do?

Tixy

I agree to discuss it with her as well.

But in answer to how much - what do you think she will want to spend on aside from the milk/bread/paper etc you have mentioned?
how does she spend her time? any hobbies / activities she attends? is she an avid buyer of say books or gardening items or something along those lines?
is she likely to want to be able to go for meals out or meet friends for coffee or things like that? does she like going out buying clothes for herself etc? Does she have regular hair cuts etc?

Whatever you decide after talking to her I'd do something on a trial basis and review after a couple of weeks.

honeypooh1980

How about £40 a week and the rest saved if she wants to buy something bigger or she wants to use it for presents for birthdays and Christmas?