Pocket money for 11 & 10 year olds

(7 Posts)
WhatTimeIsItCuckoo Tue 07-Jun-16 13:27:09

Hi all, my older two children, 11 and just about to turn 10, don't get regular pocket money at the min but they now have a certain amount of freedom re going out and about around our village with their friends etc. so they both ask me for money most days for the village shop and other bits and pieces. I've started thinking a weekly amount of pocket money might be a better idea so that they'll learn to spend wisely/budget etc, then if they spend up before the week's out they can earn more through helping round the house etc. I'm undecided on an appropriate weekly amount for their ages though and wondered what do others do/think? TIA smile

BackforGood Tue 07-Jun-16 19:38:00

This question gets asked quite regularly on MN, and the answers are as varied as the mythical piece of string is long smile

Personally, mine (in Primary school) got 10p per week, per year of age - so the 10 yr old would get £1 a week, and then in secondary, they got £1 per month per yr of age, so the 11 yr old would get £11 per month.

Puffykins Tue 07-Jun-16 21:08:09

There's a book that has just come out called The Opposite of Spoiled, Raising Kids Who Are Grounded, Generous and Smart About Money which is totally worth reading - it's by the personal finance column of the New York Times, whose name I'm temporarily forgotten. He also gave some talks on the subject in New York, which are available on YouTube. He talks about money as being a tool for learning, and how important it is that children learn how to budget etc., and how to spend wisely, and suggests ways of achieving it.

WhatTimeIsItCuckoo Wed 08-Jun-16 10:10:00

Thanks v much for the suggestion/recommendation Back and Puffy, appreciated. I do like the suggestion of using their age, that's a great idea. Thanks again both smile.

mrsm43s Fri 10-Jun-16 17:32:13

I have a 10 and an 11 year old, who like yours are beginning to have a bit more freedom.

I've just raised their pocket money from £5 a month to £10 a month. This also has to cover any out of contract spend on their mobile phones (capped at £2.50) not that they actually go over, but they know if they do it will cost THEM and not ME!

They spend a bit on sweets/lollies etc, but mostly DD spends hers in Claires when I take her into town, and DS mainly saves his and then has a splurge on an x-box game.

£10 a month seems plenty tbh.

SausageDogGeorge Tue 21-Jun-16 12:21:27

Sorry if i'm late adding to this thread but I give my children the same amount as their age each month. ie. 11 yo gets £11 and 13 yo gets £13 per month, seems to work for us smile

TeenAndTween Sat 25-Jun-16 06:43:03

DD2 age 11, just finishing y6. Currently gets £3 a week in cash.

Between now and September we will sort out a nationwide account with cash card for her, and then she will get £15-£20 a month, direct into her account.

All the above is discretionary spend only (and to include PAYG phone). Only requirement is token B-Day and Xmas presents for immediate family.

This is what we did for DD1.

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