Pocket money/allowance

aimeemum

maman wrote: »

That takes me back. I have two DDs, now grown up. When we introduced the allowance, the older one bought sensibly, decent quality and just what she needed. The younger one spent a lot on flash clothes but was often to be seen in socks with holes in and knickers like floorcloths. While they each learned a lot about being responsible over money and neither have ever got into any debt they're still very different when it comes to spending priorities.

I think what I was getting at with the allowance (even if you have to steer them strongly at first to ensure they buy essentials) is that it's good for older children to go through the process with you so as to how you arrived at the figure. That way they know that buying clothes, going to the cinema or the leisure centre or the hairdressers is expensive and has to be budgeted for. So while x times the age is easy, it doesn't do much for financial education IYSWIM.:)

Thanks for the advice. Like I say it's all foreign to me both in terms of my own personal experience and because my boys are still small so I'm always grateful of help. Also, my eldest is a sensible sort and often sets me up for a fall when my younger two reach the same stages....it's happened a lot over the years so now I don't expect them all the meet his standards. My middle DS in particular (he's 7) is a completely different creature to his big brother! lol

One step at a time I think..

PasturesNew

If you watch this week's Shop Well for Less https://www.bbc.co.uk/iplayer/episode/m0007sxm/shop-well-for-less-series-4-episode-5

... they say the average 14 year old gets £8/week.

Any average is usually higher than many get, so, for many, £8/week would be a fortune.

Some people are loaded and just give, give, give.... some aren't so can't, or won't.

(Note: the woman in the programme is totally out of control with all her spending, so sit down if you watch it.... it's a lifestyle few will ever even know exists!).

Maybe one way to do it is to set a figure that's meaningful... e.g. "1 hour of their lowest paid parent's pay", so if the parent earns £8/hour they get £8/week; if the parents are loaded and get £20/hour, then £20. Then it'd be relative.

I used to get one Jackie magazine/week and 50p (which was the return bus fare to town, -or-, one pair of cheap tights from the market).

plug25

I say around £10-15 per week would be a good amount.
That way they can save for things that are more expensive and learn about money.

System

As Maman has said above, once the child gets more independent and is out and about, following hobbies as well as going into town, it starts to feel excessive! However I have just taken the step of totting up all the bits and bobs of change I hand over every month to my 13 year old cover this that and the other ……. the "muuuuuuuuuum can I have £2 for …." type situations and asked my son to do the same and also to factor in what he considers a sensible amount to save, and a sensible amount to spend on "nothing in particular".

He was originally getting £30 per month, plus "hand-outs" but he said (quite rightly) that there was never enough left over to save properly. Having done our sums just before the end of the school holidays, we arrived at roughly the same figure, which is £80 per month. This covers his Air Cadets weekly subs, his competition fees for golf (he plays for free if it's not a comp), any clothes or shoes which aren't essential (in my humble opinion), cinema and repayment of money he already owes me for golf equipment!!!!!!

He is trying not to use his debit card as it gets him in trouble (whispers in his ear apparently) so he gets cash out of the hole in the wall and if he doesn't keep track of his money (cash to be written in a cash book) he gets a minimal fine from me (ie I dock a bit of his allowance). We are both happy with that but he absolutely needs to budget and does not need to be the "big I am" when he is out with his friends. It's unfortunate that a lot of his friends seem to have lots of family members who give them money each week (one of his friends recently netted £90 off various aunts, uncles and grandparents) and he feels a bit embarrassed that he has less. Unfortunately he doesn't have a large extended family so what he doesn't get from us, he doesn't get!!!!!

He has tried to find part time work but our last newsagent has now shut, everyone seems to walk their own dogs and cut their own grass round our way (apart from next door neighbour who pays our son to cut his) and Saturday jobs no longer exist since flexible working became a thing. When he's older, he can probably get some kitchen porter work in a hotel or restaurant but they want 16 year olds and over at the moment. There is some agricultural casual work around but unfortunately not anywhere that he can get to without a lift (ie buses at wrong times and cost almost as much as he's going to earn!!!). I do feel sad at the Saturday job situation, as I had a Saturday job from age 13, and a couple of years later I added two evenings a week in Tesco to my busy schedule. That was in the days when late night shopping meant that Tesco shut at 8pm on Thursday and Friday!!!!!!!!!!

I will try and remember to update this in a couple of months and let you know how the new plan is going and whether he is managing to save or not.

JGB1955

Once our children became teenagers we have them their child benefit. They had to buy all their clothes out if that too (although not school uniform,). So that would be about £17 per week.