Spending money for a 5 year old??

Hi everyone,
I'm after a bit of advice really.
My DS came home from school the other day saying that all of his friends get spending money. He has only just turned 5 and it hadn't really entered my mind until now.
He didn't say how much his friends got, but I wondered- is it just me what's behind the times or what? Should I be giving my little lad something week for him to save up for stuff he wants to buy?

Does anyone else have children this age- and what do you think I should do?

Thanks for any help,
Nichola

[threadbanner]box[/threadbanner]
«13456

Comments

  • rayday2
    rayday2 Posts: 3,960 Forumite
    Neither of my children have pocket money it has come up occasionally when I asked how much they wanted they told me - so I said OK but you pay for your magazines etc and they agreed - so I gave them a bill for £2.20 which was what they ended up owing me! Strangely enough they opted for no pocket money!
  • IWantToBeFree_2
    IWantToBeFree_2 Posts: 1,831 Forumite
    Thats what my mum used to do with us when we were young, it was either pocket money and fend for yourself of no pocket money but got treats etc.

    I think giving pocket money to someone who has just turned 5 is absolutely crazy.
  • SarahNeedle1872
    SarahNeedle1872 Posts: 6,166 Forumite
    Hiya Noggin......

    pocket money at 5 :eek: That's a scary thought!

    Why not tell DS that he can have pocket money, but he has to earn it by doing some simple chores, like keeping his room tidy, or putting his toys away every night.... maybe he get 20p for every day that his room is tidy:confused: Or clearing the table after dinner, helping with gardening or folding clothes.....

    You could use this to your advantage, and teach him the value of money from a young age!

    Sarah
    'We are all in the gutter, but some of us are looking at the stars' - Oscar Wilde
  • (Land_of)_Maz
    (Land_of)_Maz Posts: 11,738 Forumite
    Hi there,

    my daughter who is 7, has been getting money every day for tuck shop since going to school, 20p at first, now 30p, which she doesn't always spend it all. The school have good healthy cheap choices. And so she feels like she has money every day.

    Occaisionally she gets 50p to go spend at village pub at the sweeties section.

    Re real spending money, she gets given the odd £1 here and there from folks which she tends to keep in her purse until she goes into town with me and sees something she needs, like a magazine or a pretty pen/purse etc! I make her buy this from her own money, purely as a way to make her appreciate the value of money.

    If she accumulates £10 or so, generous grannies/birthdays etc, we usually convince her to bank it. hence she has £300 in savings, and i have debt!

    Hoping she won't be like me
    I'm just a seething mass of contradictions....
    (it's part of my charm!)
  • sweetpeas_2
    sweetpeas_2 Posts: 2,237 Forumite
    Thank you all for your advice, I just don't want to feel mean by not giving him the money if all his friends get it at school. But I wonder which 1 parent started that off first at school and now everyone else feels mean if they don't follow suit...?!
    Maybe the 20p a day thing is a good idea. Like he has to make his bed and fold his clothes etc like you said.
    I might make him a little chart or something with the things on he needs to do, and if he does them all he gets 20p before bed.

    I think it's very young to be giving pocket money, but thought maybe I was missing something like now it's the "in thing" to give your 5 year old pocket money?! By all your shocked responses I take it that it's not so normal!

    x
  • jenjade
    jenjade Posts: 8,418 Forumite
    my daughter is 6 and i give her no pocket money, i give her change out my puse for her piggybank. i buy her everything she need and occassional treat. if we go away i sometimes give her a few pound to spend on what she wants
    :j Proud mum to Jade age 10 years and Baby Ellie born Christmas Day:eek: with a broke heart :( Proven to be a little fighter and battling on with her heart condition :j
  • SingleSue
    SingleSue Posts: 11,697
    Name Dropper Photogenic First Post First Anniversary
    Forumite
    My eldest son started receiving pocket money at 11 when he could open a bank account, my middle son started receiving his when he was 11 for the same reason and my youngest son will start receiving his at 11 (less than one year now!).

    Eldest gets £4, middle son gets £2, youngest nothing at present.

    Out of the money they receive, if they want anything special like a new toy (or in eldest son's case, a CD,DVD etc) they have to save the money up in their account before it can be purchased. They also have to do certain household jobs to earn their pocket money, if they don't, I adjust the money going into their account by standing order (it is never handed to them in their hands, it goes direct into their accounts each Monday).

    Am I miserly? Probably, and certainly according to eldest who says his friends receive a tenner a week.

    Am I trying to teach them the value of money and hard work? You bet!
    We made it! All three boys have graduated, it's been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
    Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk - now having fun and games as a wheelchair user.
  • Cleosmum
    Cleosmum Posts: 2,673
    First Anniversary Combo Breaker
    Forumite
    I dont give pocket money to my 12, 8 and 4 year olds, but they do get treats every few days, usually a little bar of sweet. I also used Tesco vouchers to get them a sub to a weekly mag, which they really appreciate. I also pay between £1 and £5 a month into their savings account. I think the eldest 2 really need to start having some control over money or they will never have any idea how it all works. I will probably cancel the standing order for their savings and make them physically go and pay it in, so its more real. I shall probably also work out how much their treats come to a week and give them the cash and make them eek it out. I didnt get pocket money until I was about 12, and then I was forced to save half of it and couldnt access the other half unless there was something in particular I wanted grrrrrr, which just made me spend it on crap and waste it. The other half forced savings were used for holiday spending money.
  • (Land_of)_Maz
    (Land_of)_Maz Posts: 11,738 Forumite
    I don't think it's the norm to give them pocket money as such. But maybe an idea to make him earn his pound thru the week as you say, and then have his own pound in his hand which he can consider spending when you go shopping at supermarket or in town. I think it's good for them to be aware of paying for their own stuff at times..... makes them consider that maybe 80p for a chocolate barbie shaped lolly is not good sense when a mini diary milk is only 22p....

    Erin especially likes to have money to spend when in charity shops with me. She buys books, and half dead looking barbie dolls!!
    I'm just a seething mass of contradictions....
    (it's part of my charm!)
  • SingleSue
    SingleSue Posts: 11,697
    Name Dropper Photogenic First Post First Anniversary
    Forumite
    As a further to my post, I stopped receiving pocket money when I was 12 as I got myself a paper round.

    I had my pocket for all of 1 year before it stopped!

    I found it much better with the money going direct into the account as then to get it out they have to go through the hassle of getting into town (4 miles away) to get it before they can spend on sweets etc at the shops. In the early days (before it was paid into an account), eldest would get his money in his hand and it would be spent within an hour...now it stays in the account and he saves.
    We made it! All three boys have graduated, it's been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
    Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk - now having fun and games as a wheelchair user.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards