Pocket Money - How much and from what age?

[aimeesmummy]

DD is just 6. She's not asking for pocket money or particularly asks to be bought lots of things but I was wondering what age did you start giving your child pocket money and how much. Just so I know I'm not a mean mummy!

[mylastrolo]

thining of doing the same she is 6 too well what do you think 50p for each task or say 2.50 a week or am i way out of touch

[PeachesMcLean]

DS is 6 and gets a Saturday Pound. I like this because Saturday One Pound Fifty doesn't have the same ring to it, but also he started to show an interest in money and saving, and heard about a friend having a Saturday Pound so we decided to go for it. He saved for a few different toys so far, currently working on a second Ben 10 toy at £10 so I'm feeling we've got him at the right time.

[mylastrolo]

sat pound sounds good will go for that i think.

[SpongebobControlpants]

Well.... my sk's are very well off I reckon. 12yo and 10yo get £10 each every week from DH, and have done for at least a year (he used to have a pot of coins, and they'd ask for cash and he'd usually let them have a quid here and there, most days of the week).

He's not planning to increase the amount for the forseeable future. I think £10 is quite a huge amount for kids of that age, but they do have to use it for buying birthday/xmas pressies if they wish, etc.

As a result, they're getting to be quite good with money. DSD in particular, who's saving hers to buy a guitar at the moment.

[aimeesmummy]

Woooah, a tenner a week - I wish I had that much each week to spend on what I wanted (just kidding.....almost!)

I really like the Saturday Pound idea. Think I'm going to start that. Thank you!

Something my sister has recommended that they do with her stepson is whenever he gets money, birthdays, xmas etc, he HAS to put half of it away in savings. I think that's another brilliant way to start learning about saving. The reason they do it is they've found because he has three families (Dads, Mums and Stepmums) he seems to get a lot of cash and his Dad thought it was too much.

So now what do I do... a Saturday Spending pound and a Saturday Saving Pound? Or stick to just the one Saturday Pound and take half back?!

[theUrbanDryad]

i think giving a Saturday pound and then giving an option to put half (or more) into a saving's account is a good idea. that way your dc has the choice. i know i would have been resentful about being made to save half my pocket money (although it's a good idea for larger sums of money).

having said that my ds is 6mo, so not really an issue just yet...!

[DoubleBluff]

Ds1 is 7 and gets £3 a weeek - when I remember.
DS2 is 4 and gets a £1 so as not to feel left out.
Ds1 saves his and has bought a DVD for himslef, he was chuffed when he went and paid all by himself with his own money.

[aimeesmummy]

I see what you mean, UD, but if she's anything like me, she'll have spent the lot and more before it's reached her pocket!
anyway, it's sunday and I forgt yesterday and she's not missed out, so I have til next week to think about it
Just a thought,as she's with me every other weekend, I could give her £2 every other week and persuade her to save half.
Think I'm starting too over confuse the issue!

[HappyMummyOfOne]

I like the idea of saving half of any birthday/christmas money, not sure re saving half weekly pocket money - think i would let DS decide if he spent it or saved some towards a larger item.

Dont have this worry yet as he's only 4 and so doesnt understand the value of money so just treat him to things I know he will like. Think will start pocket money at around age 6 once he can understand the value of items.

[Hulababy]

DD is 5 and she gets £1 pocket money a week, on a Saturday. It started at Easter as she turned 5, and coincided with them starting money topic in Numeracy at school.

DD's pocket money is not linked to chores or tasks. Didn't feel the need as she helps out with things anyway, so didn't need that type of incentive, etc.

She knows that she can chose to spend it straight away or can save up for something bigger. She generally choses the latter. She has, last week, saved up for a GBA game from ebay - she gave me the money, having counted it out (with help), and today her game has arrived. She is now saving up, with what was left over plus some money her family have goiven her, to take some money on holiday in August.

[Hulababy]

DD is completely unaware that she also had a bank acocunt which we pay a larger amount into each month. This is not for her to use at present, it is for when she is much older, such as when she goes to uni.

[Anchovy]

Ds is 5 and gets 50p a week. The deal is that he is allowed to buy anything he likes with his pocket money but he has to decide whether to save it or spend it. He has already got into the idea of saving up for something he likes.

He does get pasta pieces in his pasta jar, for particular acts of niceness (for example giving in graciously to his very annoying younger sister during a squabble rather than escalating it; really good reading of his homework book; doing things thoughtfully and without being asked etc) and we do - somewhat flexibly - use the pasta pieces to "make up" the amount towards something he wants. But although the pasta pieces don't have a set value, we do check if there are enough, and when they are "spent" they get reset to zero.

Also, I am quite strict about relatives giving him money. My father always slips him a pound - 2 weeks pocket money - which Ds loves. That feels to me about the right amount - it is a real "bonus" for DS. However I would not be happy if it was more than that - a fiver would be overwhelmingly large for DS.

Reading this does make me sound quite strict. Interestingly we are quite well off, so this is strategy, not economics. I do think solvency is a state of mind as well as the fact of how much money you have.

[aimeesmummy]

Interesting last sentance Anchovy, one of my very well-off friends has a seperate wallet especially for store cards and credit cards, she'll take them out to buy whatever goods she's buying to get the store/card discount and then pay them off straight away and close the account soon after. Whereas I would open a store card to get the discount, then forget to pay it off, use it again... and again... run up a small debt, get an interest free credit card to pay the store card off, then pay only the minimum on that, forget about it then realise that debt is now incurring interest! Doh!

[LunarSea]

ds1 is 5, and gets £1 a week, plus occasionally extra as a reward. Sometimes he saves for something he particularly wants, but quite often I take him to a local car boot sale to spend it. He has to ask the price, and select the right money/count the change for himself, and he usually manages to get quite a bit for his money. He has a great technique of asking "how many pennies is this?" when he's found something he likes, and mostly people do seem to offer him it for pence, when I'm sure sometimes they'd have asked more if he just asked "how much is it?", or if it was an adult asking.

[Anchovy]

Yes, Speccy, DS is allowed to have occasional bits of "brown money" lying around the house!

[SoMuchToBits]

Ds is 6 and gets £1.50 a week.He can also add to that by doing extra jobs, although this doesn't usually amount to very much. He can choose whether to spend or save it, but knows that if he spends it he won't get any more until the next week. Usually he saves it for things like Lego or Playmobil sets. If my parents or ILs give him any extra he just adds it to his savings.

[Anchovy]

SoMuchtoBits - that sounds virtually identical to what happens with us (right down to the Playmobil and Lego purchases!)