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  • FIRST POST
    • Chezzabelle2017
    • By Chezzabelle2017 28th Jul 19, 9:58 AM
    • 17Posts
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    Chezzabelle2017
    Pocket money/allowance
    • #1
    • 28th Jul 19, 9:58 AM
    Pocket money/allowance 28th Jul 19 at 9:58 AM
    Not sure if I have posted in the right place so please forgive if I havenít.
    My son is starting secondary in sept and I was wondering how much pocket money allowance to give him per week??
    At the moment he doesnít get any as I buy him treats etc.. when we are out shopping but I know when he goes to big school he will want some money to go out with friends or to buy sweets etc..... I donít want to fall into the trap of saying I will pay for stuff instead of giving him the money and it end up costing me a fortune.
    He is almost 12 so I want to start giving him money so he can save or spend it.
    Any advice would be greatly appreciated
Page 1
    • Yellow_mango
    • By Yellow_mango 28th Jul 19, 11:09 AM
    • 368 Posts
    • 640 Thanks
    Yellow_mango
    • #2
    • 28th Jul 19, 11:09 AM
    • #2
    • 28th Jul 19, 11:09 AM
    I have 3 children, currently aged 8, 13, 14.

    The way I’ve done it so far is to give each child 3x their age in pocket money a month. This covers EVERYTHING that is a want rather than a need outside of Xmas and birthdays. Toys, sweets, magazines, Xbox points etc, for the older ones trips to the cinema or meals with their friends.

    I also pay for a £10 SIM for the older 2. They buy their own phones or get them for Xmas.

    They get it paid weekly onto a gohenry card. The older 2 have just set up proper bank accounts, and will now get it monthly.

    I have just decided to increase this to 5x, to also cover clothes (other than uniform). They are also expected to save enough of this to cover irregular costs such as friends birthday presents and Xbox / football club subscriptions (c. £30pa).

    I know it seems like a lot, but I went through how much I was actually spending on the random treats / magazines / books / party gifts etc, and it’s less overall. I think it’s very important that they learn to manage their money as soon as they are capable. Plus it completely stops all nagging. If they have the money they can buy it. If not they can’t. Full stop. It’s amazing how often they decide they don’t really want something that much when it’s their money they’re spending on it...!

    The eldest is a spender. He’s always spent all of his money straight away. He also decided to spend £25pm on a contract for a new iPhone. That comes out of his allowance.

    The middle son is a saver. He doesn’t spend on anything other than occasional sweets and has hundreds saved.

    The youngest blows most of hers in smiggle every now and again. But has saved some to buy some specific doll accessories she wanted.
    • Miss Moneysaver
    • By Miss Moneysaver 13th Aug 19, 8:17 PM
    • 238 Posts
    • 155 Thanks
    Miss Moneysaver
    • #3
    • 13th Aug 19, 8:17 PM
    • #3
    • 13th Aug 19, 8:17 PM
    I give mine £50 a month
    Interest rate 1.25%, offset mortgage Woolwich
    • maman
    • By maman 14th Aug 19, 9:21 AM
    • 20,668 Posts
    • 122,835 Thanks
    maman
    • #4
    • 14th Aug 19, 9:21 AM
    • #4
    • 14th Aug 19, 9:21 AM
    I have 3 children, currently aged 8, 13, 14.

    The way I’ve done it so far is to give each child 3x their age in pocket money a month. This covers EVERYTHING that is a want rather than a need outside of Xmas and birthdays. Toys, sweets, magazines, Xbox points etc, for the older ones trips to the cinema or meals with their friends.

    I also pay for a £10 SIM for the older 2. They buy their own phones or get them for Xmas.

    They get it paid weekly onto a gohenry card. The older 2 have just set up proper bank accounts, and will now get it monthly.

    I have just decided to increase this to 5x, to also cover clothes (other than uniform). They are also expected to save enough of this to cover irregular costs such as friends birthday presents and Xbox / football club subscriptions (c. £30pa).

    I know it seems like a lot, but I went through how much I was actually spending on the random treats / magazines / books / party gifts etc, and it’s less overall. I think it’s very important that they learn to manage their money as soon as they are capable. Plus it completely stops all nagging. If they have the money they can buy it. If not they can’t. Full stop. It’s amazing how often they decide they don’t really want something that much when it’s their money they’re spending on it...!

    The eldest is a spender. He’s always spent all of his money straight away. He also decided to spend £25pm on a contract for a new iPhone. That comes out of his allowance.

    The middle son is a saver. He doesn’t spend on anything other than occasional sweets and has hundreds saved.

    The youngest blows most of hers in smiggle every now and again. But has saved some to buy some specific doll accessories she wanted.
    Originally posted by Yellow_mango
    Reading this really took me back. We did this for our DDs who are now grown up and left home. DD1 is still a saver. She's great with money and saves to buy quality. DD2's money 'burns a hole in her pocket' in that she loves spending and everything she buys seems to be disposable (Primark etc).

    All I'd add is that taking your child through the process of how you calculate the allowance is good financial education in itself. We sat down with the girls and wrote down everything we spent on them (cinema, swimming, out of school clothes, hairdresser, treats etc) and then divided it by 12 for a monthly allowance. We still bought gifts and school uniforms.
    • Kentish Dave
    • By Kentish Dave 14th Aug 19, 9:25 AM
    • 806 Posts
    • 1,492 Thanks
    Kentish Dave
    • #5
    • 14th Aug 19, 9:25 AM
    • #5
    • 14th Aug 19, 9:25 AM
    When I was young pocket money in our family was enough for some sweets, or comics.

    One of our group of friends got far more but had to pay for his own clothes, shoes, books etc, and the rest of us didnít like the idea at all. It seemed to allow adulthood to intrude into childhood too early.
    • maman
    • By maman 14th Aug 19, 7:38 PM
    • 20,668 Posts
    • 122,835 Thanks
    maman
    • #6
    • 14th Aug 19, 7:38 PM
    • #6
    • 14th Aug 19, 7:38 PM
    When I was young pocket money in our family was enough for some sweets, or comics.

    One of our group of friends got far more but had to pay for his own clothes, shoes, books etc, and the rest of us didnít like the idea at all. It seemed to allow adulthood to intrude into childhood too early.
    Originally posted by Kentish Dave
    Ours were at secondary school and able to go into town without us and shop before we introduced the allowance.
    • theoretica
    • By theoretica 18th Aug 19, 9:45 AM
    • 6,019 Posts
    • 7,459 Thanks
    theoretica
    • #7
    • 18th Aug 19, 9:45 AM
    • #7
    • 18th Aug 19, 9:45 AM
    How much are you spending on treats at present?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
    • aimeemum
    • By aimeemum 23rd Aug 19, 9:33 AM
    • 459 Posts
    • 1,884 Thanks
    aimeemum
    • #8
    • 23rd Aug 19, 9:33 AM
    • #8
    • 23rd Aug 19, 9:33 AM
    I like the idea of doing 3x their age.....I have previously done 50p per year at school and that's worked well but it does get a bit complicated/competitve so i've been giving my younger two (who are 6 and 7) £5 a month and eldest (9) £10 for the past year or so. Once he gets to 11 I'll be taking him to get a bank account and I'll transfer his money into there instead of giving him cash.
    DFBX19 #148 - 17/10/2019 - £3,170/£4,782 66% gone
    Total Debts cleared in 12 months (October 2018- September 2019) - £6,074
    • maman
    • By maman 23rd Aug 19, 9:45 AM
    • 20,668 Posts
    • 122,835 Thanks
    maman
    • #9
    • 23rd Aug 19, 9:45 AM
    • #9
    • 23rd Aug 19, 9:45 AM
    I like the idea of doing 3x their age.....I have previously done 50p per year at school and that's worked well but it does get a bit complicated/competitve so i've been giving my younger two (who are 6 and 7) £5 a month and eldest (9) £10 for the past year or so.
    Originally posted by aimeemum
    I can see that it's an easy rule of thumb for a child to work out but would that just be for treats of the child's own choosing like sweets and comics?

    I like the idea of doing 3x their age..Once he gets to 11 I'll be taking him to get a bank account and I'll transfer his money into there instead of giving him cash.
    Originally posted by aimeemum
    When children start travelling to secondary school that often coincides with them going out with a group of friends to the shops or the pool or other places you might have always gone as a family. Would you consider giving your child the money you currently spend on his leisure clothes, haircuts, swimming etc to manage himself at some point?
    • aimeemum
    • By aimeemum 23rd Aug 19, 1:40 PM
    • 459 Posts
    • 1,884 Thanks
    aimeemum
    I can see that it's an easy rule of thumb for a child to work out but would that just be for treats of the child's own choosing like sweets and comics?





    When children start travelling to secondary school that often coincides with them going out with a group of friends to the shops or the pool or other places you might have always gone as a family. Would you consider giving your child the money you currently spend on his leisure clothes, haircuts, swimming etc to manage himself at some point?
    Originally posted by maman

    At the moment they get such a small amount of money that yes, it's just for treats. I never got ANY pocket money to speak of growing up so it's a bit of a foriegn concept for me. I used to get my school clothes bought by my Mum and then my Dad would give me some cash to get home-clothes when I saw him in the holidays but this only happened when I reached about 14.. I feel like if I gave my boys money to get their own clothes (even at 14+), they would have
    1 nice pair of trainers and rags! lol I will have to play it by ear but I know I wont need to make any decisions about this sort of thing for a couple more years.
    DFBX19 #148 - 17/10/2019 - £3,170/£4,782 66% gone
    Total Debts cleared in 12 months (October 2018- September 2019) - £6,074
    • maman
    • By maman 23rd Aug 19, 2:02 PM
    • 20,668 Posts
    • 122,835 Thanks
    maman
    At the moment they get such a small amount of money that yes, it's just for treats. I never got ANY pocket money to speak of growing up so it's a bit of a foriegn concept for me. I used to get my school clothes bought by my Mum and then my Dad would give me some cash to get home-clothes when I saw him in the holidays but this only happened when I reached about 14.. I feel like if I gave my boys money to get their own clothes (even at 14+), they would have
    1 nice pair of trainers and rags! lol
    I will have to play it by ear but I know I wont need to make any decisions about this sort of thing for a couple more years.
    Originally posted by aimeemum
    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.
    • aimeemum
    • By aimeemum 24th Aug 19, 6:00 AM
    • 459 Posts
    • 1,884 Thanks
    aimeemum
    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.
    Originally posted by maman
    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..
    DFBX19 #148 - 17/10/2019 - £3,170/£4,782 66% gone
    Total Debts cleared in 12 months (October 2018- September 2019) - £6,074
    • PasturesNew
    • By PasturesNew 24th Aug 19, 6:41 AM
    • 67,247 Posts
    • 394,184 Thanks
    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).
    Last edited by PasturesNew; 24-08-2019 at 6:45 AM.
    • plug25
    • By plug25 4th Sep 19, 8:56 PM
    • 10 Posts
    • 0 Thanks
    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.
    • Mrs Arthur Crown
    • By Mrs Arthur Crown 6th Sep 19, 8:47 PM
    • 142 Posts
    • 117 Thanks
    Mrs Arthur Crown
    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
    • By JGB1955 7th Sep 19, 5:59 AM
    • 352 Posts
    • 396 Thanks
    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.
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