Pocket Money for 4 and 6 year old

katie4

How much is the general allowance?
Cash or open bank account?


We did start giving them little pockey money for helping out around the house but we rarely have cash on us or in the house so thinking an account each might be better suited but not as easy to understand the concept of money if you can't see the money.


Any tips/advice?

MallyGirl

we didn't start pocket money till older than that. Once DD was 11 she got a bank account with a debit card and pocket money went in there. Anything much younger than that and she just didn't get the concept or understand the value.

trailingspouse

For children this age, 'real' money is best - they can see it, they can count it, and they can see it being spent.

We play a little game with our grandaughter when she comes to stay - Grandad puts his spare change in a bowl every day, and then when she comes she has to count it. If she gets it right, she can keep it. In the early days I would 'help', but I don't need to any more!

I think it's also important not the dictate too much what they can spend it on (within reason). There's no harm in pointing out that if they buy X they won't be able to afford Y as well, but let the final decision be theirs. And if they want something that they don't have enough money for, don't be in a rush to top them up - remind them that they'll be getting more pocket money next week, and that they can save up for what they want. A useful life skill!!

maman

I think you need to differentiate between a savings account for your children where you can put money for them yourself or any given by friends and family and the more usual meaning of pocket money.


The 4 year old is probably either just started at school or soon will so will be ready to start recognising coins and counting. The 6 year old will be further ahead. You can set them little sums and challenges of what they want v what they can afford. They would need to be able to understand money up to change from at least a pound, probably £5 before they could meaningfully buy much these days when you think of the price of chocolate bars, comics and toys!


Personally, I didn't expect my DDs to do chores for pocket money. I expected them to help around the home at an age appropriate level especially keeping their own belongings tidy, clothes in the laundry basket, laying the table, taking dishes to the kitchen etc as a matter of course rather than for money. We didn't formally give them allowances until they went to secondary school and then we handed over almost all spending (except gifts and school uniform) to them.

SandraX

As others have said, real money is best and pocket money when aged 9 and onwards imo.

At the same time teach them about the pocket money they get, what thay could by and give them an example of what their games console and games cost and how many weeks of pocket money was needed for that.

xx

sheramber

My 6 year old grandson has a bank account but also has a 'piggy bank' - actually a china ball with his name on it - for his pocket money and any birthday money etc.

He can spend it within reason but is learning when it is gone , it is gone.

maman

sheramber wrote: »

My 6 year old grandson has a bank account but also has a 'piggy bank' - actually a china ball with his name on it - for his pocket money and any birthday money etc.

He can spend it within reason but is learning when it is gone , it is gone.

I'd imagine that at 6 years old his parents control the bank account and wouldn't any substantial amounts of birthday money go in there too?

dawyldthing

I personally think a bit of pocket money (say £1 a week) for keeping their room tidy and odd bits for good effort in school, doing their reading etc isn’t a bad way of doing it as it teaches them that money doesn’t come for free but is still something that will help them as well as you

dawyldthing

I’m personally also going to try and put a bit aside in a bank account for them for the future too. For the sake of forfeiting a magazine say even if it’s £2 a week it would be nearly £2k by the time there 18

Fireflyaway

My daughter had a little piggy bank that her grandparents put money in. Most of the time she never used it, she emptied it and put it in the bank. How she is 12 we pay money into her own bank account. It's definitely made her make wiser choices. I'd say also consider what are the kids expected to buy for themselves and what will you buy. Does a sweet at the shop have to come from pocket money or would you just pick it up for them etc. I think my daughter started getting pocket money at around 8. £2 a week I think. Now we pay it monthly so she has to budget!

HampshireH

My difficulty with this post is in asking how much to give a 4 and 6 year old.

If you were not giving your 6 year old pocket money when they were 4 then why would your 4 year old get it now?

At 6 I personally think they are too young for pocket money (but not to play with coins and learn) perhaps be given a few coins for odd jobs on an adhoc basis.

I would set an age and then pay out from that age onwards. I wouldnt be treating the 4 and 6 year old the same in that they both get it.