Pocket Money for 4 and 6 year old

sheramber

maman wrote: »

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?

Adults have the option to pay into the bank account or his Junior ISA. The bank account money is to help with anything he needs.
We put large amounts in there but £10 at birthday or Christmas is his money to spend or save as he wishes. Similarly, any cash given to him by others is his to choose what to do with.

That goes in his piggy bank and he chooses what he wants to spend it on.

At his last birthday he had £70 in cash.

pickledonionspaceraider

I'd put money aside in a bank account for them, at age 4 and 6 it is a bit young - just my opinion though

gomer

In my day we got a clip round the ear. I'd send them down the workhouse.

PrettyKittyKat

I would recommend trying to make sure there is cash in the house to be able to give them a little pocket money each week so that they get to see, feel and count the money at that age.

As a teacher who had a 13 year old say that they were worried about going to the shop ad spending money as they had no idea how to count up coins and how to check change I would say this is definitely a skill we need to be teaching our children where possible. Yes there is a possibility that coins will be obsolete in the future but having the skills to use coins that then isn't needed is better than not having a skill that they need to use! Using money really builds young children's understanding and concept of adding, subtracting and decimals as well as budgeting.

We have a change jar that my husband pops coins in after nights/ days out and we use that to give pocket money.

pearl123

I never had pocket money, not even in my very late teens.
I certainly would not start too early.

fred246

We gave ours £3 per year of age per month by standing order. We used to go into town on a Saturday and they paid in birthday money etc and decided if they wanted to withdraw any money for the week ahead. If they wanted to buy anything we would take them to the cashpoint. We would still buy them essential clothes etc. The eldest was quite good at saving so the others copied trying to have a high balance. They are at University now but they have a good few thousand in their accounts.

littlegreenparrot

I think there are two separate issues here.

The first is how you teach them about money, the second is how you build up savings for them for the future.

At this stage I would definitely set up savings accounts for regular payments, large gifts etc.

To teach them, have a jam jar with coins in. They need to start to learn what everything is and how it adds up. I don't think 4 is to young to start playing shops! (I had a post office set as a child, loved it)
I would also give a small amount every week for the same purpose. They get to spend on small things as they choose, or you set boundaries.

When baby bro was small at christmas time he was given a small amount of money to buy presents for siblings/parents.
He made the list, had a think about what to get them, then we went shopping together. And had the arguments about if you spend all that money on that person, what is left for anyone else?
It really helped him grasp the concept.

I have worked with teenagers who can't deal with change at all, it does them no favours.

ThumbRemote

We have a bank account in my name, which is my sons (8 years old, but has had it since aged 6). His pocket money, £2.50 per week, is paid into the account by standing order. There's a phone app we use to check how much is in the account, and a debit card which I keep but he knows the PIN. If he gets birthday money we take the cash and transfer the money in; if we're out and he uses cash then we transfer that amount out of the account.

There is a completely separate regular saver account which we pay into too - that's for when he's older.

This works exceptionally well for us. We used to give cash for pocket money, but we'd forget it some weeks, or if we'd been out then we'd forget how much he'd spent, and we never knew how much was in his piggy bank to spend.

Blackpool_Saver

Real money in labelled jars, no money just given. Tasks to be done to earn it.

CapricornLass

Another one for giving them real coins. A lot obviously depends on the child, but most children won't be developed enough mentally to cope with anything abstract at 4, and its likely to be still a bit shaky at 6.

You are also giving them the chance to practise the practical application of arithmetic, which in the case of the six year old, will reinforce what they are learning at school.



One thing that you could try teaching them is the concept of saving - the idea that you save a little bit of it each week for something in the future. Perhaps for going away on holiday, if you are planning one this year? Otherwise, I agree that they decide how they spend their money - and if it leaves them with nothing left to spend, then don't sub them, but explain that Mummy has to budget so that she is able to give pocket money, and that she won't have any more money until next week. Its a harsh lesson to learn, but better they learn this now than later on when they are adults.


With regards to the amount, they probably don't need too much at this stage. However, I think that it will help if you have it sorted out in your mind exactly what you will be expecting them to pay for from their pocket money, particularly once they are teenagers.