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Talk to Roosterbank.com about pocket money - great prizes to be won(214 Posts)
The online pocket money site Roosterbank.com just released their first Pocket Money Index and they want to know what you think about all things pocket money.
Here's what they say about it: "The PMI is a fun glimpse into the habits of young pocket money earners on Roosterbank.com with some surprising results. Families give pocket money differently and ultimately it's up to you as to how you approach it. Roosterbank.com can help provide some structure along the way."
Please do take a look at the index and post what you think about it on this thread. If you give pocket money on a regular basis, Roosterbank.com would also like to know:
~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
~ Are your DCs on par with the Index, above or below?
Every Mumsnetter who posts on this thread will be entered into a prize draw to win a first prize of a £150 Amazon Voucher and four runners up will win £20 vouchers each.
Roosterbank.com also have an exclusive offer for Mumsnetters - please do take a look at how it works and sign up here.
Thanks and good luck with the prize draw!
My dd1 is 9 and doesn't get a set amount a week but gets 50p or a pound for helping with jobs and gets money for doing well at football and her other sports. We buy all her clothes etc. however we are going to start a regular amount this year
I don't really believe in pocket money so much as when my kids reach a certain age they get given jobs. If they do it they get the money if not they don't.
I find this is more motivating when they are a bit older.
I think a lot of the differences in pocket money rates can be explained by what children are expected to pay for themselves. I have avoided giving my children (9 and 5) pocket money as I didn't think they needed it and like many others have commented, didn't think it was appropriate to pay for jobs that are part of the responsibility of being part of a family.
Having said that, I've come round to the idea that money management is a skill that needs to be learnt and pocket money is a good way to do this.
My two are too young to for pocket money yet but we will be starting pocket money at aged 4 when money will begin to have some value. We'll use a rewards chart to determine how much the child will get at the end of the week. Not through doing chores but through good behaviour. When they get older... say about 10/11 then I do think chores are a good way to get 'extra' pocket money. Not sure how much we'll give them yet but probably £2 a week
Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
My six year old DSis feeds the guinea pig, gets herself dressed and occasionally helps with tea. She doesn't get any money at all though. Grandparents sometimes give her a pound.
Are your DCs on par with the Index, above or below?
No. DSis doesn't get anything. The index is also much higher than when I was a child (not that long ago either, I'm 20!). I used to get £2 a week off parents between 4-18 years old. I got £40 a month when I was studying for exams between 16-18 off parents before that, I got £4 off parents for doing odd jobs around the house and washing dishes.
My ds is 9 and hes gets money when ever he askes for it within reason. He has autism and receive DLA so his money is there for whatever he wants or needs. He does have to tidy his room and make his bed daily
dd and ds get things bought for them at the moment. they had pocket money on holiday and went to the shop to buy a few cheap toys with £5 each. they get treats bought for them during school holidays, usually a trip to the local cafe and a day or two out, or an icecream. I tend also to buy them books or craft resources from their pocket money.
I found the website really interesting. My DS (5) is just below the average at £2 a week although it does get topped up by us helping towards purchases - e.g. if he's saved £12 we may help with the last couple of pounds for something. He does not earn money for any chores - he only really has a couple of little ones but we expect them done as being part of the household.
We give irregular pocket money only, but don't encourage the girls to buy rubbish by letting them have lots of spare money. If they need something I buy it, if they really want something then we find a way to help them save - tidying or being good would be rewarded, so they get a feel of using money.
I like some of the info on the site but wouldn't be so convinced as to get my kids to actually keep their own records online. I think putting too much personal info into sites like this gets dangerous and things like financial info need to be thought about carefully online. However, keep a track on money is a good idea so would consider a stand alone rather than internet based version.
Well we are well below the average! DS is 5 and does not get pocket money - still has to do his chores around the house though!
My son is 10 and gets £2 per week. He has to keep his room tidy for this but no other specific chores. I also save £30 per month for I'm into a savings account which he doesn't know about.
We have just started giving pocket money to our sons age 3 and 5, in an attempt to get them used to money and the idea of saving up for things and making choices about how they spend it. They currently get £1 ach week. Chores will come as they get older - at the moment there is the incentive for good behaviour and doing what is asked of them.
My dc's are 12 and 10. Their pocket money is in line with the pmi. Before their remaining grandparent died, he gave them their weekly pocket money when we visited. This had been a tradition in the family for all the grandchildren for some time. When he died, we took over giving our children pocket money. Not sure what my siblings have done.
Dc's do not have to do specific regular chores for their pocket money. They are expected to help out within the family but the two are not linked. The children each have a money box that counts what goes in to it. We strongly encourage saving and both children do well with this. Youngest dc recently saved for an ipad mini, saving all pocket and birthday/Christmas money. He has been setting an example to his older dc, who tends to spend pocket money more quickly but is now realising the benefits of preserving the money in the longer term to buy 'high ticket' items.
I like the website and might start using if when I have looked at it in more detail.
A slightly different reply in that I never had pocket money as a child and instead was given money for special occasions or surprised with it if I had done well in something. It encouraged me to save save save
My DSS (14) gets £20 per month at his mums which gets put via standing order into hisbankaccount.
At our house we don't do pocket money as such until he wants money for say cinema, maccyd or day trips we provide it.
He does chores at both houses but we link them to just being part of contributing to the household, I don't get paid to Hoover, why should he get paid to wash up.
DDs are too young for pocket money yet but I'm reading this thread with interest for the future
I love the design of the website and it is a fun idea, but I think the novelty might wear off as it could be a lot of effort keeping the virtual money in line with the real money - I'll want DDs to have actual moneyboxes with coins in when they're young so they can physically count and see the money, trying to remember to update the website when they add/spend something would be hard work.
It could be useful when they're oldet though.
Not sure how much pocket money we'll give, we got 10p a week for every year when we were little (so 50p at 5, 60p at 6 etc).
mine get 10p per year per week
so ds is 10 and gets £1
dd1 is 8 and gets 80p
dd2 is 5 and gets 50p
I am amazed at how much kids get
we don't do any chores for money as I believe that they should do chores anyway as part of the household
We allow them to earn some extra by doing special jobs. ds mows the lawn to earn extra.
I buy clothes. We rarely do shopping as a leisure activity, so they don't actually spend their money and it tends to accumulate and then we take a trip out to spend it.
Although the amount they get it dictated by our tight budget, I would hate to give them more only to see it frittered away on rubbish.
I wouldn't show them the site as I would get 'why don't I get more money'
DD is 3. She has her own purse in the little bag she carries around with her and its filled with a bit of loose change. When we buy something like sweets or ice cream she will contribute towards it.
She doesn't understand how much each coin is worth yet so I don't see any point in giving a set amount and teaching about cost. That will come later. Right now she is learning that you buy things with money. Its basic, its the first step. Once she starts understanding the value of the coins we will move on to a set amount.
We have never really 'done' pocket money consistently. It has been haphazard and we never stick with anything - shame on me! We are just doing a little research now into what level to set pocket money at for my 6 year old and how to include chores into the mix too. Then we have to focus on sticking with it!
Started giving them pocket money at age of 5 and Get £1 a week and a little extra if they do chores around the house I try to encourage them saving it with money boxes
One is very good and the other as soon as he has that £ 1 he wants to pop to pound land lol
At the age of 10 I will show them there savings account which I've been putting money in since they were born .
We tried giving pocket money to our 3 children aged 4 to 8 but they either lost it or took it from each others money boxes. In addition, when we're out they'd never have their money with them so we'd always end up paying for the 50p for the sweets etc
The site above seems a little over the top for the simple tasks of adding and dropping into a virtual money box.
Started using this www.moneybox.io so they have virtual money boxes ... no more taking from each other and when we're out I can deduct what they spend while giving them the hard cash to spend in the shop ... Also, we can reward them by adding virtual money for being good/doing jobs etc
It's pretty simple and free, and when the balances get to a larger number I'll move some of their money into their bank accounts ... but this is a nice simple petty cash tool.
When they get older it'll be a case of a proper bank account and cash card etc but this works for my young ones.
We don't give any pocket money yet but DC1 (5) is now asking for it, we'll probably give £1 a week initially. Having said that if you are including Christmas and Birthday money the DC do better than average because they get money put into their savings accounts by my Mum and over the year that puts her above the £2 a week for a 5 year old. the DC won't be paid for chores, we all live in the house, we all do things that contribute to it. When older (14/15 ish) they'll get a monthly allowance like I did.
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