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Talk to Roosterbank.com about pocket money - great prizes to be won

(214 Posts)
TheOtherHelenMumsnet (MNHQ) Fri 26-Apr-13 09:48:43

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!
MNHQ

Silverfoxballs Sat 10-Aug-13 22:54:54

Chores for pocket money in our house, always lots of negotiation on the specifics. Was causing problems so now we have short times bursts of twenty minutes and DS makes it a race against himself. We are at very similar levels for a 12 year old according to your site.

For good grades we tend to buy a gift or go out to dinner to celebrate.

Letitsnow9 Sat 24-Aug-13 00:50:10

I never had pocket money as a child and was just given money for birthday and Christmas or as a surprise after doing something well. I still learnt to save and plan to do with with DC

I've had a look at the site and I think it's a great idea. I want to encourage my children to save and budget and I'm very interested to see how roosterbank has approached this. My two DC's are too young I think just yet for pocket money although DS is starting to get to the age now where I will think about starting.

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
DS already helps with little jobs on a day to day basis and I would expect this without a specific reward. We have never used reward charts as he doesn't really take an interest and probably won't introduce this.

~ Are your DCs on par with the Index, above or below? The index surprised me, I think I must be a bit of a stingy mum! I was going to start at around 50p for DS aged 4, so I'm coming in much lower than average.

One thing I would say is that I wanted DC's to see the value of the actual money in their hand and how far it goes rather than an online account with virtual money at this stage. However when they are a bit older i see no reason why an online system couldn't be just as good and introduce them to money management systems they will use in adulthood.

ICutMyFootOnOccamsRazor Sat 24-Aug-13 19:12:18

I like the site - might show it to DS (5) tomorrow.

I've never done regular pocket money, I'll give a bit if we are going somewhere special, or to a jumble sale or whatever, but I don't really go to shops with DS.

He's expected to do jobs around the house anyway, and I would not make pocket money a reward for that.

AllSWornOut Sat 24-Aug-13 19:35:18

DC start getting pocket money when they start school - 50p per week so well below the index.

It's also not linked to chores, but we may dock it if behaviour is particularly poor. We haven't decided on an escalation rate yet...

newtothenet Tue 27-Aug-13 16:51:34

What a fantastic idea! My DD is ony a baby but I'd like to give her a set amount of pocket money when she's older so she can learn to manage money. I used to have to put aside a pound a week out of my pocket money to pay for friends' birthday presents once I was in secondary school and it really taught me about budgeting. I will expect my DD to do chores but am not sure if I want to link this to the pocket money as I don't want it to be a bribe!

BadlyWrittenPoem Wed 18-Sep-13 12:54:17

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
No. Pocket money is given as a means of teaching my children how to manage money. Everyone is expected to contribute to household jobs in a way appropriate to their age. If the jobs were paid it would remove that principle and mean that they were optional if the child didn't want the money.

~ Are your DCs on par with the Index, above or below?
Given that Christmas and birthday money and other random money seems to be counted in the pocket money figure, my six year old is probably well above the average figure but I think including them is very flawed as it depend on whether relatives prefer to give money or things. If you count the actual pocket money then she is well below par as she gets 60p/week.

Bubbles85 Tue 24-Sep-13 11:55:14

Amounts on the website seem fair enough to me. I think your children should do chores anyway. I see pocket money as being a way of teaching children about saving money and budgeting.

Aethelfleda Thu 03-Oct-13 21:21:08

Mine get 50p a week each but they are only small and so it tends to go on sweeties/magazines. For bigger things we encoursge them to save a percentage and then we sub the rest. They don't have to earn it, but it can be docked if they are naughty!

Whereisegg Thu 03-Oct-13 21:55:47

My dd (10) has several chores she is expected to do because she is a member of the family, but then we sat down and agreed on some extra jobs she could do to earn pocket money.
I work long hours for my money, so she can do 'overtime' if she chooses and earn up to £5 a week, so she is above average if she pulls her finger out!

Ds (6) gets nothing regularly, and has his standard jobs like dd.
Should he do a REALLY good job, or randomly do something lovely without being prompted he will sometimes be given 50p/£1, so he is way below average!

Both dc have bank accounts that I contribute to as and when, plus for every £20 they receive for Christmas or birthdays, £5 must be put into the bank.

LentilAsAnything Sun 06-Oct-13 22:25:32

DS is not quite three, not receiving pocket money yet. I agree with many on this thread that helping around the home is something we like to encourage as being part of the family, not done for reward, so I doubt we will be going down that route.
We don't save specifically for him yet, obviously we will leave our DC whatever we have when we die, so I don't see the point yet of giving him his own money when we currently would make better use of it with our own ISAs etc.

tinypumpkin Thu 10-Oct-13 10:48:45

I was quite surprised to see a suggested amount for a three year old. DD2 does not receive anything yet and is almost 4! We do give her money to go into her money box (coppers or odds and sods) and pay into an online account. She does not understand that though!

Perhaps I need to start addressing this but I think something should be done to 'earn' it.

CheekyChimpsMummy Fri 11-Oct-13 10:53:51

DS gets pocket money from Grandma. £1 per week (so below the index as he's 4) But we buy him treats, toys, clothes, magazines etc throughout the month, so he is rarely goes without anything that he wants and knows that he is exceptionally lucky.

We're already teaching him the value of money, he knows that he can't always have everything he wants (when he wants it) and is usually very accepting of that. We're teaching him that 'Daddy has to work very hard for our pennies' and that we save money so that we can do and buy nice things.

He is expected to behave appropriately, I don't bribe him to do things for money, he does things like tidy his toys and away etc, because he's the one that made the mess in the first place - he's not always so keen on that house rule but makes the right choice eventually wink

Snog Sat 12-Oct-13 12:11:34

My dd is 14 and gets £40 monthly directly into her account. This is to help her get used to having a bank account. No chores are required.
She turned down a paid ironing job for her dad (having negotiated up to £2 a shirt!!!)
I would like her to buy her own clothes (other than uniform) and would be happy to give her a budget for this but she can't be arsed to go shopping except for make up and bath products!!
She has lost her login details to the account so its not going all that well tbh.

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