Children's pocket money at what age and how much?

wannabeasupersaver

Hi everyone I was just wondering at what age did you start giving pocket money to your children and about how much did you start off with? Thanks

Alikay

Children don't develop the ability to delay gratification much before 5 years old, so that's when I started giving mine pocket money. At that stage they were starting to grasp the idea of saving up for a small toy and making choices about how to spend it.

About £1 to £1.50 a week seems fair, as that would buy something like a book, puzzle or small lego set each month or a comic each fortnight.

Counting_Pennies_2

Mine are 8 and 5 and they have not had regular pocket money yet.

Their incentives are they will get trips to the local flume swimming pool or trip to a theme park if they regularly do their homework without complaint and the few tasks that are required of them in the house. Sweets and treats are not purchased. They wait for Christmas and Birthdays.

They are given money by their grandparents when they visit, approximately once a quarter where they can choose what to buy with that.

I don't plan to give pocket money until they are of an age where they will take themselves off to the shops themselves with friends at a later age, or need further incentive to help around the house. But I guess we will see if we can make it to secondary school before we do that.

Northern_Princess

My daughter was around 8 when she started getting pocket money. But she only got it for doing jobs around the house. I had a little list ie if she hoovered she got x amount, brought laundry in from the line x amount etc. She could 'earn' up to £5 a week max but if she earned over £2.50 she had to put the rest into her piggy bank.

marisco_2

My two little boys get £1.50 a week. They save it up in their piggy banks. Once a fortnight they buy their favourite comics. They save some of it towards holiday spending money. They buy little token gifts for their grandparents at Xmas and birthdays. Its all about teaching respect and them understanding what it means to be giving.

If there is something in particular they want I negotiate with them and they save some money towards it. They are not demanding or grabbing kids and I want things to stay that way. I think one of the best lessons you can teach kids is for them to understand the value of money early on. I want to build in them an ethos of saving up for items they want. It could save them a fortune later on in life.

xxlouisexx56

My daughter is 7 and was often asking for things, sweets magazines, new barbies. She's autistic and didn't really understand money etc.

So now with a few of her school friends, we take the kids to the sweet shop after school on a Friday with 50p each. They can choose their own sweets if they add it up. It's been super for their maths and stopped the constant asking everyday for sweets etc

On top of this she gets £2 pocket money a week on a Saturday. For this she has to make her bed every day, keep her room clean and and help put the drying up away. This is money for saving.

Along with recent birthday/Xmas/tooth fairy money she has well over £100 and is saving for an iPad mini as that is what she wants. She's doing really well and will even pick pennies off the floor to save for her iPad. I'm really proud of her

Bumblefeet

Mine get £10.00 a week each

It goes straight into there bank account, The teenager can do whatever she wants with hers, The younger ( who's 8 ) is allowed to draw £5.00 out to spend, and has to save £5.00 of it, to save up for ( usually ) bigger lego sets.

Most of the time they both forget its in there account, so its makes a nice surprise when they do remember. :rotfl:

Nelski

My dad used to run a "banking" system for us when we were old enough to understand the value of money - probably about 10 ish Basically a lockable box and a book each to record it.

We got a few quid a week (it was a long time ago so cant remember exactly) He then gave us the choice of blowing it or saving it By saving it he would give us an interest rate (very good one if I remember rightly ) but it was also OK to spend if we wanted to.

Taught me very quickly the benefit of saving and I became an mser well before mse existed

We did have to "work" for the money (house chores) and my mother used to "fine" us if they hadnt been done :rotfl::rotfl:

Doesn't work for everyone though - my brother was a spender and still is

threemuttleys

my toddler (2) gets £2.50 into his savings account, and then £2 to put into his money box a week

Cherry_Bomb

My 6 year old gets £10 a month.

For that he has to help emptying the dishwasher, carrying the clean clothes upstairs to the ironing basket and feeding the cat.
Slave labour according to him

Kayalana99

Northern_Princess wrote: »

My daughter was around 8 when she started getting pocket money. But she only got it for doing jobs around the house. I had a little list ie if she hoovered she got x amount, brought laundry in from the line x amount etc. She could 'earn' up to £5 a week max but if she earned over £2.50 she had to put the rest into her piggy bank.

I really like this idea but I would probally be the cruel parent and do it backwards so she saves first 2.50 & can spend what she earns over it :j