Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • sweetpeas
    • By sweetpeas 3rd Jun 08, 11:09 AM
    • 2,221Posts
    • 8,960Thanks
    sweetpeas
    Spending money for a 5 year old??
    • #1
    • 3rd Jun 08, 11:09 AM
    Spending money for a 5 year old?? 3rd Jun 08 at 11:09 AM
    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

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by Former MSE Wendy; 03-06-2008 at 5:48 PM.
Page 1
  • rayday2
    • #2
    • 3rd Jun 08, 11:13 AM
    • #2
    • 3rd Jun 08, 11:13 AM
    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
    • #3
    • 3rd Jun 08, 11:14 AM
    • #3
    • 3rd Jun 08, 11:14 AM
    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
    • #4
    • 3rd Jun 08, 11:15 AM
    • #4
    • 3rd Jun 08, 11:15 AM
    Hiya Noggin......

    pocket money at 5 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
    • By (Land of) Maz 3rd Jun 08, 11:16 AM
    • 11,044 Posts
    • 11,457 Thanks
    (Land of) Maz
    • #5
    • 3rd Jun 08, 11:16 AM
    • #5
    • 3rd Jun 08, 11:16 AM
    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
    • By sweetpeas 3rd Jun 08, 11:18 AM
    • 2,221 Posts
    • 8,960 Thanks
    sweetpeas
    • #6
    • 3rd Jun 08, 11:18 AM
    • #6
    • 3rd Jun 08, 11:18 AM
    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
    • #7
    • 3rd Jun 08, 11:19 AM
    • #7
    • 3rd Jun 08, 11:19 AM
    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
    Proud mum to Jade age 10 years and Baby Ellie born Christmas Day with a broke heart Proven to be a little fighter and battling on with her heart condition
    • SingleSue
    • By SingleSue 3rd Jun 08, 11:20 AM
    • 10,360 Posts
    • 58,598 Thanks
    SingleSue
    • #8
    • 3rd Jun 08, 11:20 AM
    • #8
    • 3rd Jun 08, 11:20 AM
    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! One graduated, 2 currently at university, 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!
    • Cleosmum
    • By Cleosmum 3rd Jun 08, 11:27 AM
    • 2,659 Posts
    • 9,288 Thanks
    Cleosmum
    • #9
    • 3rd Jun 08, 11:27 AM
    • #9
    • 3rd Jun 08, 11:27 AM
    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.
    Jan 2016 Grocery Challenge: £184.58/£400 (16/01)
    • (Land of) Maz
    • By (Land of) Maz 3rd Jun 08, 11:28 AM
    • 11,044 Posts
    • 11,457 Thanks
    (Land of) Maz
    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
    • By SingleSue 3rd Jun 08, 11:33 AM
    • 10,360 Posts
    • 58,598 Thanks
    SingleSue
    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! One graduated, 2 currently at university, 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!
    • jo1972
    • By jo1972 3rd Jun 08, 11:33 AM
    • 8,834 Posts
    • 66,272 Thanks
    jo1972
    OMG really?? 5 years old??

    Just think though, if you do decide to give him pocket money at 5, then you'll have to increase it from time to time and by the time he's 15 you might as well hand over your pay packet
    DFW Nerd no. 496 - Proud to be dealing with my debts!!
    • flea72
    • By flea72 3rd Jun 08, 11:34 AM
    • 5,218 Posts
    • 5,239 Thanks
    flea72
    we gave our 5yr old pocket money - she gets 50p a week.

    at her age, its more about learning the value of money, and how to control her spending. i know 50p isnt much, but as i pay for everything she 'needs', then the 50p is her money to be frivalos with, and i get no say on how she has to spend it either. if she wants to blow it all on sweets thats her choice, but more often than not, she tends to save it, as she knows that if she only saves 2 weeks worth of money, she can have a real blowout in £land, and buy huge amounts of stuff, i wouldnt normally allow her to have

    however, at present she has elected to subscribe to the awful Strawberry Shortcake magazine, so she gets no cash pocketmoney at all. - the magazine costs more than her 50p a week, but im prepared to pay the difference, as she hasnt got stroppy when she wants something, and i point out the choice she made

    pocket money also doesnt have to be earnt and it cant be taken away, however priviledges can. chores arent paid for in our house, they are something you have to do whatever, so we dont put any monetary worth on them

    Flea
  • LEWKI
    Hi, my 3 kids "earn" any pocket money, they are 8,7 and 5. They each have a piggy bank and actually save their money. To earn the money they have to do little jobs, for example, all 3 were outside on Sunday washing the 2 cars (The fact that I had to come behind them and do it all again was irrelevant). They spent ages doing it and were really chuffed to get 50p each. All 3 of them are saving their money for our summer holiday and each have built up about £20 since going back to school last September.
    They do also get "treats" when we go out as a family and they all get £5 each to spend on a siblings birthday present. They love this and get so much joy out of chosing a present for someone else
    • sweetpeas
    • By sweetpeas 3rd Jun 08, 11:43 AM
    • 2,221 Posts
    • 8,960 Thanks
    sweetpeas
    Some brill advice here thanks everyone!
    Maz, made me laugh with the half dead Barbie dolls from charity shops! Kids...!
    I know Jo, I did think about that aswell! If you put it up by £1/wk every year until they are 12, it will cost a right bomb!

    Strawberry shortcake, oh no. I don't really like it either, I think she looks a bit possessed (sorry to all the fans out there!).
    But the 50p a week idea is good aswell. There are some brill ideas on here and it's really interesting to see what everyone else gives there children aswell. I was worried I was out of date or behind the times or something!
    I am thinking about a set amount each day/week, and at the end of the week he can either spend it or save it as he likes. Could give him 50p a week to spend, 50p to save..?? hmm.

    xx
    • Horace
    • By Horace 3rd Jun 08, 12:03 PM
    • 14,111 Posts
    • 24,783 Thanks
    Horace
    Reading this has brought back some memories - my grandpa used to give me 3d a week but I soon learnt that if I spent it all on sweets then I wouldn't get any more money. I can remembery having an heavy metal moneybox from Birmingham Municipal Bank (now TSB) that I would put any money in that I had received as a present and as well as any left over money from my pocket money - I would either buy a few sweets or a copy of Twinkle - I soon discovered that my grandma had a hidden sweetie jar in the pantry where I could occasionally be allowed some sweets thus meaning that I could save a large proportion of my pocket money.....Those were the days.
    Semper in faeces profundum variat

    Make £5 a day challenge Oct 2014 £126.00/£155
    Make £5 a day challenge Nov 2014 £157.40/£150
    Make £10 a day challenge Dec 2014 £392.90/£310
    • jak
    • By jak 3rd Jun 08, 12:08 PM
    • 1,591 Posts
    • 3,419 Thanks
    jak
    That's a difficult one really. When I was growing up we had chhores to do as standard. If we did extra ones then we got paid some money. 10p or so. I'm not sure what i'll be doing for my little one. Probably putting a set amount away for 'big' savings for the future and giving him a small set amount for his piggybank from quite a young age so he learns the value of money. Also very good for children educationally- eg. coin recognition etc.
    Let us know what you decide.
    J
    X
    Newly disabled and finding life tough! Please be gentle with me xx
  • snoopy_and_woodstock
    Hi

    We have decided that my DD (9) should earn her money instead of having pocket money, she is currently saving up for a nintendo game and has made it up to £21 so far doing little jobs around the house plus she has really enjoyed it.

    I have also said that birthday and christmas money should be saved, she loves getting a bank statement and seeing how much she has saved up, i really hope this will teach her the value of money and to save for things you want.

    Snoops x
    Chaos is Life, Life is chaos. Control is an illusion

    Proud To Be Dealings With My Debts
    • sweetpeas
    • By sweetpeas 3rd Jun 08, 12:34 PM
    • 2,221 Posts
    • 8,960 Thanks
    sweetpeas
    Reading this has brought back some memories - my grandpa used to give me 3d a week but I soon learnt that if I spent it all on sweets then I wouldn't get any more money. I can remembery having an heavy metal moneybox from Birmingham Municipal Bank (now TSB) that I would put any money in that I had received as a present and as well as any left over money from my pocket money - I would either buy a few sweets or a copy of Twinkle - I soon discovered that my grandma had a hidden sweetie jar in the pantry where I could occasionally be allowed some sweets thus meaning that I could save a large proportion of my pocket money.....Those were the days.
    Originally posted by Horace
    Lol, Horace. Reminiscing.
    While we're on the subject of the good old days, did anyone else know that they have started showing King Rollo and Button Moon on tele again?
    I think what I will do is give DS 50p a week to save up, but continue to buy his bits and pieces as I do now. Like his comic or a few sweeties. He can then save his own money up for holidays to buy something he wants if we go out. I will ask him to start making his bed and folding his clothes up in order to earn his pocket money. (DH used to have an allotment and DS would go with him and help him dig, then come home and I'd give him £1 "wages" as he used to like calling them)
    I think it will do him good to realize that sometimes you have to save your money if there is something you really want.

    Thank you all for your ideas they have been very helpful, I'll let you know how I get on with the 50p a week idea!

    xx
  • EmptyPurse
    I had pocket money from around the age of five. Dad calculated it against the cost of a Mars bar - I got the price of a Mars bar each week. If the price went up, so did my pocket money.

    I was allowed to spend my pocketmoney at the newsagent on a Saturday morning; it was my choice whether to spend the whole lot on one Mars bar or to buy lots of penny sweets. I wasn't allowed sweets 'on demand' during the week and didn't have chocolate biscuits or anything like that with my packed lunch. Overall had far fewer sweets than my peers and my parents (who didn't have a lot of money) didn't have to shell out vast amounts of money to a child who didn't really understand the value of money. It worked well.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,253Posts Today

5,879Users online

Martin's Twitter