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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

Lent1l Fri 26-Apr-13 11:09:40

My little one is not yet old enough to have pocket money. I do put change into her money box each week, and savings into her bank monthly. Every so often I then take the contents of her money box and add it to her savings. However, I've looked at the site and hope it will still be going once she is at the age to receive pocket money. It's a great site to help gauge how much to give. I know we each have to take into account our own circumstances and feelings towards it, but I have friends who have asked on Facebook for the "going rate for a tooth" etc. I may have to point them at this site.

MissRee Fri 26-Apr-13 13:27:50

DD isn't old enough to have pocket money but DSS does get regular pocket money. He has to help out around the house and keep his room tidy to earn it.

It's all "virtual" money though as at the moment all we're doing is adding it to a spreadsheet that DP maintains. DSS knows that he can access it to see what his balance is at any time and if he wants to make a purchase, we make it out of family money and remove the balance from his spreadsheet.

We have looked into opening him a bank account too and will be going to get him his account very soon. It's the Co-op one that allows them to withdraw money and are effectively "in control" with a little bit of guidance from us (he can withdraw up to £10 a day or we can request transfer to our account for him).

I really wouldn't use a site like that mentioned above - surely its better to use a bank account where the money actually is?

Indith Fri 26-Apr-13 13:28:29

That looks like a great little site! I do like that you can see the going rate for things smile

My 6 year old is well under the average though, he gets 50p a week! The others are too young. We start pocket money at 5.

I loved the most popular brand, very true in this house! Ds saves his money and spends it on Lego. He doesn't have to do anything to get it really, though there are household chores the children are all expected to pitch in with anyway. He has had it docked in the past for being aggressive towards his sister.

Sometimes he gets a bit of extra money from grandparents that he adds to his savings. Recently he had around £10 saved up and some Lego sets were on offer in Sainsbury's so he spent it all. When he first started getting pocket money he just wanted to buy sweets then he realised how many weeks he had to save it for it to add up to buy a Lego minifigure and his saving habit snowballed grin. He is also expected to use his own pocket money for school cake sales and stuff.

A few weeks ago he broke a Lego baseplate bending it in half to try to remove some flat bits he had stuck to it so we have agreed with him that when he has saved enough to replace it then he will pay for a new one but we will buy him the little brick separation tool so he doesn't resort to bending again!

Tee2072 Fri 26-Apr-13 13:31:05

Okay, the PMI is adorable!!!

My son does not yet get pocket money, we will start when he is four in two months, probably with 50p a week. He will not have to do any chores to earn his money, he does chores because that's what families do to help each other. Have not yet decided if he can lose money for not doing chores.

So I guess he's below the index, as it says the average is £1.62 for four year olds. I think that's a lot of money at that age! It's not like he has to actually buy anything with it that keeps him alive or clothed. grin

BornToFolk Fri 26-Apr-13 13:34:19

~ 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, I believe that DS should do his fair share of chores around the house, according to his abilities. It's not related to pocket money and I don't give pocket money as a reward either.

~ Are your DCs on par with the Index, above or below?

He's 5 and gets £1 a week so he's below the index.

Roosterbank looks interesting but I'm not really sure how it works! Will have to poke around...

Eastpoint Fri 26-Apr-13 13:37:06

My children are 11, 13 & 15 but still receive pocket money. I don't count birthday money as pocket money as it is a specific gift and not something which is given regularly. I don't see the need for Rooster Bank, they can remember how much something costs and by adding up how much money they have manually they are learning how to use coins etc. The way the program tells them how much more they need to save stops them from seeing the value in maths so I see no benefit in that part of the package. I also think giving the children badges depending on how much they have saved silly - if a grandparent gives a child £100 for Christmas they are considered to be better savers whereas they simply have cash rich grandparents.

My children also receive less money than the averages shown, but that has always been the case.

Tee2072 Fri 26-Apr-13 13:39:09

The point, EastPoint is that it's FUN!!!!!

You know fun?

FreckledLeopard Fri 26-Apr-13 13:49:16

I think the website looks great and will be pointing DD (12) in its direction, as she's fairly useless with money (like me) and I'd like her to save, rather than spend.

She doesn't have 'regular' pocket money, but this week, so far, she's had £5 from me for an after school outing and probably gets about the same each week, sometimes more, sometimes less. It's not 'tied' to chores, but I do expect her to help out and offer her the chance to earn money by helping out more (i.e. doing additional chores that aren't expected). Overall, though, I'd say she's on a par with, or higher, than, the index.

aristocat Fri 26-Apr-13 14:00:26

I also like the website and my 2 DCs do get pocket money every Friday. It is way below the index. DS is 10 and DD is 8 and they have £2 each.

To be honest it just goes straight into their piggy-bank and DD will spend hers if there is a new toy that she wants but DS saves his for weeks and weeks and might get a new game when he has saved enough.

My DCs also do chores to but they are not related to Pocket Money. They have always done chores to help the family/house rather than for ££££. They will always set/clear the table for dinner, wash/dry up. The hamster is usually cleaned out by myself and DD.

notso Fri 26-Apr-13 14:21:51

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
DD is the only one out of the four children who gets regular pocket money. She is supposed to bring her Ipod and phone down on time each night to get her pocket money. She can empty the dishwasher to earn extra, but other things she is expected to do for nothing. I didn't agree with doing chores for money but when DD was saving up for something she felt it was unfair that she had no way of earning extra money to boost her savings so we agreed on the emptying dishwasher.

~ Are your DCs on par with the Index, above or below?
Below on paper, DD gets £20 a month but if you include £10 a month phone top up and the all the extras she gets then way above.
My 3 boys are 8,2 and 1 they don't get any pocket money. I do buy my 8 year old comics or lego minifigs every couple of weeks. I also let him keep the change when he goes to the shop for me if it's less than £2.
We save £15 a month for all the DC and they usually get around £50 Birthday and Christmas money which goes into their savings too.

Leafmould Fri 26-Apr-13 14:36:06

I do not give regular pocket money.

I give irregular pocket money when it is a cake sale, or we are going shopping.

I have found it very frustrating opening a saving account for my children. When I was 7 I had a post office account where I put birthday and Christmas money and it worked really well. They don't exist any more, and while some banks offer accounts for 8 year olds, they mostly do not have passbooks, but rely on children keeping receipts for transactions and receiving a statement in the post, which I think is not appropriate for young children. Passbooks are much more convenient. I ended up opening them a buildling society account, but they have difficulty accessing it because there is only one branch in the city centre, not like post office which would have been ideal.

They do their chores regardless of money. The 2 are not related.

stealthsquiggle Fri 26-Apr-13 14:59:44

My DC don't have to do anything for their pocket money but they are WAY below the index, so I guess if they wanted/needed more money we would engineer a way for them to earn it.

DS (10) did 3 days really hard work being a builder's labourer for DH in the summer (our house, not hiring him out) and we paid him £50. Thing is, we gave it to him as a £50 note - so anything he thinks about buying has to pass the "is it worth parting with my £50 note for?" - so far, nothing has grin. I don't personally think that virtual /online money would have the same 'stop and think' effect that handing over the carefully hoarded contents of your money box does.

Snapespeare Fri 26-Apr-13 15:29:34

DD(17) now has a part time job and gets her contract mobile bill paid by me and the occasional bung when I can afford it.
DS(15) gets £5 a week dependant on chores and good behaviour ...and if i can afford it
DS2(13) gets the same.

This is just below the index because I am a working single parent with no maintenance and rubbish wages. <shrugs>

What a lovely site! Having trouble signing up as a parent though, says my email address isn't a valid one? Anyway really like the concept. My own DC are still too young to appreciate the value of money but I think this is perfect for my 5 year old niece. She doesn't get regular pocket money but does get tooth fairy money, odd bits here and there as pressies etc

SacreBlue Fri 26-Apr-13 16:38:45

My DS doesn't get pocket money - all household tasks are done on the basis that they are part of living in a home, not something to be 'paid for'.

He has never received money for teeth as I disagree with notions like the tooth fairy and Santa.

He receives money from relatives for birthday/holidays if he specifies that's what he would prefer.

He works two p/t jobs for the rest of his money and has done since he was 10. He has his own bank account and debit card and budgets his spending.

I pay for his mobile PAYG top ups, he pays for all games/DVDs etc from his own money. He is currently saving for a new pc.

ouryve Fri 26-Apr-13 17:03:45

Haha! I'm not letting DS1 see that - he's 9 and only gets £2 per week.

He spends most of it on Lego. There's only so much Lego we can fit in the house.

He gets his £2 regardless, unless he's damaged something wilfully and been fined for it. I do occasionally give him the opportunity to earn extra in the school holidays, though.

MrsBartlet Fri 26-Apr-13 17:15:22

DD16 gets £10 a week; DS 12 gets £5 a week. Money is paid directly into their bank accounts every Friday. They both have bank cards and do internet banking so that they can manage their own money and pay for things which they want to buy online and they also learn to budget. They are both above the index and this rings true with what ds said after his pshe lesson on pocket money this week where he discovered that about half his class don't get pocket money.

They both do chores at home but this is not linked to getting pocket money - they are expected to help as they are part of this family.

Bananasinfadedpjs Fri 26-Apr-13 17:21:32

I really like the look of that site, and I think it's the sort of thing DH would be very enthusiastic about too. It looks like good fun and a nice way to show some practical aspects of maths.

DD is 5 and doesn't get pocket money yet, I think we'll probably start when she starts school (not in the UK and they start at age 6 here). I think we will probably give her 1 or 2 euros a week, which looks like it would be slightly below average.

I wouldn't make it dependent on chores, I don't think.

DD is 3 and so has only just started getting pocket money. At the moment, the pocket money is really just to get her used to recognising and handling money...(as well as cheap cheap labour!)

So, for example, if she dusts the radiators she'll get 10 pence. If she tidies away her shoes she gets 5 pence and if she puts her clothes in the washing basket she gets 20 pence...

I'm dreading when she starts inflating her price list wink

At the moment DD is waaay below the index... but when she is older I hope to be quite generous with it as it's a great way for kids to learn about financial responsibilities and to be able to choose something for themselves.

nextphase Fri 26-Apr-13 18:04:56

I was going to say we don't give pocket money, but if birthday money counts, both kids are way over average - they are about to have 2nd and 4th birthdays, and DH's family come from a country where you get given money at birthdays (if you get anything), and at other celebrations. So, the kids don't get a present from half the family - they get Cash. We tend to let them choose something (well, DS1 specifies a program he wan't something for, DS2 gets what we think!)

The site has too much on the linked page, tho it does look useful. I wouldn't pay for chores like tidying bedrooms - thats something that should just be done in a household where everyone pulls their weight. Cleaning the car, cutting the grass, something that isn't essential, might get money when they are big enough to do things like that.

borninastorm Fri 26-Apr-13 18:11:27

My dd is 14 and she has to do chores to earn pocket money.

At the minute she loads and unloads the dishwasher every day and gets £5 a week. I she did more chores she'd get more money, but as she doesn't want to do any more chores I haven't had to work out what that increases would be.

My ds2 is only 3 so too young for pocket money, but when he's older he'll also have to do chores.

WouldBeHarrietVane Fri 26-Apr-13 18:16:17

Interesting site!

WouldBeHarrietVane Fri 26-Apr-13 18:28:31

Is it usual to start pocket money at 3? I was thinking of starting it at 5.

thebestpossibletaste Fri 26-Apr-13 18:56:35

My dd is 12, she gets £2 per week but I buy all her clothes, magazines etc. I only expect her to keep her room tidy and feed/clean her pets. However she can earn more by doing extra chores like hoovering, washing the car, dusting etc but never does!

kotinka Fri 26-Apr-13 19:10:26

Message withdrawn at poster's request.

ThePskettiIncident Fri 26-Apr-13 19:14:45

My Ds isn't old enough for pocket money, but we have a "Days out" jar which I put change into and any little bits of cash from family. We save it up for a big day out to the zoo or a play farm.

I think we'll always have it. It feels like a good tradition.

I like the idea of earner pocket money so will do that in the future.

ThePskettiIncident Fri 26-Apr-13 19:20:11

P.s I do love the idea of this site!

TippiShagpile Fri 26-Apr-13 19:23:34

My dc are 7 and 8 but neither get pocket money. I feel really mean now! blush

DD (3) doesn't get pocket money as such. She gets given money, usually between £2 - £5 when we are going somewhere and she can spend that on what she wants within reason. She doesn't get paid for household chores because they are part of living together as a family. She does get paid for extras like weeding, washing the car, recycling cans, or "helping" with DIY. Anything that is not a standard household chore earns her money. Of course, most of the jobs she does need me to go back and do them, though she is getting quite good at washing up. It's about instilling a work ethic more than actually expecting her to do the jobs well at the age of 3.

500internalerror Fri 26-Apr-13 19:56:53

Here, they get pocket money from grandma - but I never agreed to it, she kind of sneakily established it! It's a fiver aWeek.... way too much for a 6 and 10 yr old. They save it, for holidays or a big purchase, & after the major summer hol the balance goes in their saving-for-bank tin.

But even if I was the source of the pocket money, they wouldn't do chores for it - they need to do household stuff because they are part of the household!

trockodile Fri 26-Apr-13 20:02:53

DS gets £6 a week -he is nearly 8 so obviously gets a lot more than average. He does do jobs around the house but it is not directly linked to his pocket money. He is expected to save at least half towards holidays/Christmas etc (when we went to Disneyland he bought himself a skeleton sweatshirt and a duffy bear!) will save for a big purchase (last year bought an ipod touch with savings and birthday money) he also has to pay for his own sweets/magazines/music etc. if he does something mad (like wasting all my expensive bubble bath which he has been told not to touch!) he uses his money to replace.
I find that when he is using his own money he is more likely to look for bargains and to realise that some things are over priced and not worth it.

Oodsigma Fri 26-Apr-13 20:04:09

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

Some jobs are expected ( tidy room/look after pets/ clear the table) other are earners ( dishwasher/washing machine/hoovering)

~ Are your DCs on par with the Index, above or below?
Dd1(13)- £22 a month so roughly on par
Dd2(11)- £2 a week ( mainly confiscated) so below par. This will increase in September.
Dd3(2)- collects everyone's coppers which seems to be approx £6 a month!
DS(6weeks) - nothing yet.

ds doesn't get pocket money from me yet. on the index it says average 6yo gets £3 pw and i'm guessing i spend about that on sweets and choc ices and the like in a week.

my parents do give him 50p a week which they save up so when he goes to a fete with them or we go on holiday he has some money to spend.

it's too young for him to need money imo. i will probably start when he's about 8 and rather than a weekly amount will come up with a chore he can do to get paid for i think then as the years go on the jobs and 'pay' can get bigger i guess.

hytheliz Fri 26-Apr-13 20:18:32

My children are not yet old enough to earn pocket money but I do like the idea of the website. I think some of the amounts seem a little high for some chores that I would expect them to do anyway (eg. tidy their room) and £3.81/ week in general seems a little high to me. I would not agree with giving pocket money for nothing! I would always expect extra chores/duties around the house to give the children the sense that they must earn their money.

ClaraOswinOswald Fri 26-Apr-13 20:20:35

£5.03 and £4.21 for my 2 according to the index. Maybe I should be doing pocket money, but the children know when they are onto a good thing. We tend to give them opportunities to earn money and spending money if we go somewhere and buy them stuff. Pocket money could actually work out cheaper.

If I did regular pocket money I would forget for a few weeks and end up owing them a fortune, though.

JedwardScissorhands Fri 26-Apr-13 20:45:48

DC aged 5 gets none, so below average! I do give cash to be spent however they like but it's ad hoc not every week and not tied to chores.

maxmissie Fri 26-Apr-13 21:31:42

Interesting info on the index, if the amounts for average pocket money for age is per week then my children (aged 3 and 5) are well under the average! At the moment they get 10p x their age per week so dd gets 50p per week and ds gets 30p per week. When they are older we'll review this but for now this give them an idea about saving a bit of money in their piggy bank and then they can buy something every now and then, take some on holiday and put some in the bank.

They don't have to do anything to earn the money, on the basis that there are certain chores that have to be done (which will increase as they get older), e.g. make their beds, pick up clothes, lay and clear the table. As they get older will also pay them to help with out of the ordinary chores, e.g. help wash the car, help with some gardening. I don't want them to think that they only have to do everyday chores if they get paid for it!

Iamaslummymummy Fri 26-Apr-13 21:44:03

I Love the look of rooster bank.

D's is 7.9 but doesn't get regular pocket money. He gets bought lots of things though!

sharond101 Fri 26-Apr-13 22:25:21

My DS is too young for pocket money now but any loose change goes in his piggy bank for to buy something nice when I think he is growing away from his current toy collection. I intend to start giving him pocket money when he understands the concept and he will not have to earn it as I will give him tasks to do which he would have to do regardless and will try and make it fun for him so he does not require a reward. The roosterbank index is a useful tool to know what the ball park figures are for different ages and how much the going rate is for the toothfairy.

januarysnowdrop Fri 26-Apr-13 22:37:59

I was surprised by the index implying that it's normal for 3 year olds to get pocket money - I've never heard of anyone giving it to a child that young! My oldest dd is 5, nearly 6 and doesn't get any yet - I give 50p each to her and her sister for school cake sales, and might give £1 if we're, eg, in a museum gift shop, but that's about it. I was planning on starting it when they go to Junior school, ie in Year 3, or maybe from their 7th birthday. Probably starting at around £1 per week, so way below what the index shows. I wouldn't want to link it to regular chores - I prefer to see them as something that we should all do to help one another around the house. Mind you, I might be tempted to pay them for one-off jobs that I didn't fancy doing myself....

LackaDAISYcal Sat 27-Apr-13 00:09:30

WE never used to give pocket money, but in the last year, DS started taking odd bits of change from worktops and then my purse shock It transpired that all his friends had pocket money and he didn't and were buying sweets at the corner shop in the morning and he felt pressured into doing the same. He's 10!

Sooo, after a lot of deliberation (as we didn't want to be seen to be rewarding his theiving), we agreed to £4 a week, though he has to save half of this (though it has been confiscated since February for to repay my money spent downloading an X-box game on X-Box live without permission hmm)

And, as he has younger siblings, who immediately started howling "where's my pocket money...waaahhhh", they get some too. DD, 5, gets £1.50 and DS2, 4, gets £1. Though not every week. So I guess they are all below the index. If it wasn't for DS1 though, my "little ones" wouldn't get anything at all.

Our own index is based on £1 at age 4, with a 50p increase per year. This will no doubt be revised for DS1 when he starts secondary school in September!

They don't have to do any chores for this pocket money, though there is the chance to earn extra by doing additional chores (not the usual likwe tidying etc, but helping wash the car, do gardening etc)

MartyrStewart Sat 27-Apr-13 00:10:31

I have an 8yo DS and a 4yo DD. I don't give regular pocket money but still expect my DC to chip in with chores.

BikeRunSki Sat 27-Apr-13 07:16:10

I rather like the site, it's fun.

DS is 4 and 7 months, he stared getting pocket money when he was 4. He gets 50p a week, for which he has to make his bed (duvet!), put his dirty clothes in the laundry basket and put his plate in the dishwasher. He gets an extra pound for his money box if he gets a certain amount of stars on his star chart for various jobs / behaviours (stars can also be removed). He's very good with his pocket money. He generally saves it for Lego! When he asks for sweets/comics I usually ask him where his pocket money is, but he always chooses to save it. All grandparents live several hours away, so he tends to get a bit spoilt when he sees them. My mum tends to send him a fiver for birthday, special occassions etc.

I feel a bit stingy looking at the Index, DS (11) and DD (9) have an in-house "cleaning company" with mutually agreed prices for jobs: 15p per pair of shoes shined, 30p per load of washing, 20p to empty and load the dishwasher etc. they don't get money for nothing, or regular cash.
They have bank accounts for birthday money, but can't think what to spend it on.

BoyMeetsWorld Sat 27-Apr-13 09:22:10

Well our son's 4. He actually doesn't get pocket Money - we get him what he wants if deemed appropriate & his behaviour has been good. But ExP gives him £8 a month which I think is a lot for a 4 year old.

Looking at the index, DH and I think it's a bit high for the pre schoolers & a bit low for teens. We think £1 a week until starting school is about right, £2 per week throughout primary, £5 lower high, £10 upper high - with options to earn more doing useful chores.

tomorowisanotherday Sat 27-Apr-13 09:40:16

we have one DD who is 9. she gets, and h as got since she was 5 years old, £5 per week. she never had to work to get it...

BUT she has to work hard to use it. In the early days, if she wanted something for 40 pence I would ask her 'how do you make 40 pence?' and she would have to work it out. I would never ever give her a pound and let the shop do the work for her. often we would come out of the shop to count out her pennies before going back in to buy the item.

also this gave her the idea that money isn't limitless. you can have that but then there is no money left for anything else.

We have also used cash whenever possible, going to the supermarket and handing over £100 for the food in the cupboard, makes you think about it (at 6 £100 seems A huge amount ... which it is)

as she has got older we introduced the concept of value for money. if she wanted a toy for £10, how many weeks pocket money was that? do you think its worth it? you can get two of these for one of those? but if you wait three weeks you can have that?

then we introduced the concept of saving. we bought her a tin, and gave her the pocket money in pound coins. this means that her tin gets heavier and heavier.

then we introduced the concept of saving for an event. currently she is saving for 'spending money' at Disney Paris, when we go in the autumn.

We have never ever introduced the concept of lending from next weeks money. if she doesn't have the money, she has to wait for 'payday' like the rest of us. (loans were the bear-trap that I fell into when I was 18 and its taken me 20 years to get out of that particular trap)

when she gets to 10 we will introduce the concept of earning it. she will still get the basic £5 but will be able to top it up by doing extra chores. Your website seems like a great place to start.

When I was growing up, money was a very abstract concept. it was a number on a page in a bank book and didn't mean anything. we had no concept of value, choices or limits. Money was something that was controlled by other people; mysterious cards that seemed magical and could pay for anything chosen, without seeing the reality of the monthly bill.

Subsequently I have a very bad relationship with money, and I really don't want my DD to fall into the same trap as I did. I want her to understand that with money comes a responsibly, to spend it wisely and it is in limited supply.

Babycarmen Sat 27-Apr-13 09:56:20

My eldest DD is 5. I don't currently give her pocket money but it is something I have been considering. I don't think children younger then 5 should get pocket money. My DD is starting to learn about the concept of money at school now so I think its a good time to start. £2 a week sounds very fair. She will have to behave and help around the house for it though, for example keeping her room tidy.

JakeBullet Sat 27-Apr-13 10:05:02

DS is 10 and has high functioning autism, as such he has specific difficulties and things like "money" can be difficult concepts for him. At 10 he is just beginning to get the idea that money does not grow on trees and I am starting to hone in on this to try and give him a better idea of how money works.
I like the child friendly appearance of the Roosterbank website and want to see if this is a tool I can use to give him more of an idea about money not being limitless etc. He loves using the computer so will try it out with him.
I am just starting to compare things such as days out/shopping/petrol to the cost of certain key coveted items. So for example he would love the Skylanders Starter Kit for the Wii which is around £50, so shopping which comes to £50 or above is officially " a lot of money Mum".
He doesn't get pocket money yet but I am starting to think about giving him a small budget which will last all week from which he has to pay certain things like his football training fee (it's only £1) and a magazine etc. This will take preparation though.

CarrieDon Sat 27-Apr-13 10:14:37

Attractive site. Dd probably too old for it now.

DD15 gets £20 pm put into her bank acct plus we save quite a large amount for her in a savings acct.

She earns £5 ph in the holidays doing gardening and housework and gets lobbed the odd £20 for working hard for exams, then another £20 when she gets good grades. Also bit of holiday spending money.

She's naturally frugal so hopefully she'll always be able and willing to live within her means.

whattodoo Sat 27-Apr-13 10:16:07

Crikey, DD is 5 and I haven't even thought about giving her pocket money.

She does little jobs around the house ('dusting', putting clothes in was basket, etc) but these are just part of her role within the family.

We buy her treats from time to time, but she earns then via her reward chart.

Having read this thread and looked at the site, I realize we should be giving her pocket money as a tool to learn about budgeting, saving, value of money etc.

TheImpossibleAstronaut Sat 27-Apr-13 10:39:43

DD is 5. She gets a maximum £1.75 a week depending on chores, so is below the average. We have a chart which shows how much each chore is worth. A lot of the chores are ones DD does automatically, so she always gets something.

The amount of money doesn't bother her. She is thrilled to be getting money and saves it up for months on end, usually until the jar can't fit any other coins. We do still give her occasional treats if she's been very helpful. Her favourite things to spend the money on are lego and art supplies.

LadyMountbatten Sat 27-Apr-13 10:45:02

i am aghast that you all have such formalised systems
I have three sons 14, 12 10 and its very ad hoc. IMo unless you are going to REFUSE to buy them certain things. IME mostly parents do anyway, thus rendering pocket money pointless.

H once suggested that weekly pocket money for KS2 kids should be enough to buy a magazine and a packet of sweets, which I agree with.

as it is s1 gets about $50 (SOrry no pound sign on this laptop!) every half term and s2 gets - well I dunno, money when he needs it, which isnt often.

s3 gets none.

DalstonShoes Sat 27-Apr-13 11:49:02

Mine are 17mo, 5 and 6. None of them get anything and I have no intention of changing that for a while. They can learn the value of budgeting when they're much older. I love their innocence around money and they enjoy things for what they are not what they cost.

We also buy them things when they need it and get them treats when we feel they've earned it. Every now and then my mum gives the older ones a tenner each and we'll let them choose something but that's maybe twice a year.

NorkyButNice Sat 27-Apr-13 13:04:16

DS1 is 5 and doesn't get any pocket money as of yet - neither does DS2 who is 2. We put all of our loose change (10p and under) into their money boxes and pay it into their accounts regularly, they could theoretically use it to buy toys etc but never ask for anything. I'm sure it'll change soon...

SunshinePanda Sat 27-Apr-13 15:29:25

Think my DC are about on par with national index, especially if you we're to include birthday and Christmas money. Seriously considering Internet banking for them now, with debit card, after reading Mrs Bartlet's post. Does anyone else do this and is it with HSBC? Sounds a great idea for Kindle books and I tunes etc.

lorisparkle Sat 27-Apr-13 21:26:49

Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

General good behaviour is expected with basic helping out (e.g. taking out plates, tidying up, etc) - however extra special behaviour, extra special helping out gets extra pocket money. They also have to contribute (5p) towards batteries for toys and to have toys fixed! We really want them to get the idea that you can earn money, save up for things they want and that you have to pay for things.

Are your DCs on par with the Index, above or below?

Much much lower. We give 10p per year at the moment so DS1 gets 60p, DS2 gets 50p and DS3 gets 20p. DS1 gets 50p per tooth.

The children really love the idea of money and my DH does 'coin swaps' were they have to give him the right amount of coins to get a 'one hundred p' coin or if they are really lucky a 'two hundred p' coin. Great for learning coin recognition and for learning equivalent exchanges. DS1 in particular loves counting his money and has been desperately saving to get 'one thousand pennies'!

The site looks interesting but at the moment we like the real thing!

Lifeisontheup Sun 28-Apr-13 16:12:46

My DC's didn't really get pocket money when younger but they seem to have a very good attitude to money. Two thirds of the way through degree courses and they still haven't been overdrawn. I pay for rent and that's it. Everything else is their problem.
At school I gave money for cake sales etc as I would have bought my own cakes if I'd been there but was at work. Other than that they had approx £30 a month from about 14 and that had to cover entertainment and sweets etc. Clothes etc I provided but they had to be needed and approved by me, fortunately none of them are fashion victims so it wasn't an impossible burden.

CharlotteBronteSaurus Sun 28-Apr-13 16:21:03

dd1 is 6, and gets £1.50 per week, so is a tiny bit behind.

she doesn't have to earn it by doing chores. No-one pays me to do chores, and offering payment implies she has a choice to do them or not, which she most certainly doesn't.

when she first got pocket money, it burned a hole in her pocket very quickly. she's now beginning to learn the benefits of saving some, and of comparing prices to get the best value for money. i think the site could definitely helps as she gets older, and maybe has a bit more money of which to keep track.

the Lego shop does very well out of dd1 as well.

We've got teens and since they were around 15 and 13 they have had an allowance of between £20 to £30 a month, to cover trips out, non-essential clothing, CDs and basic crap. We buy toiletries but not make up for them, and pay for their phones, travel etc. Now that they are older, we sometimes slip them an extra fiver or so if they are wanting to go to the cinema or out for a meal.

We also add to savings accounts for them.

I suspect we save a bit more for them than perhaps some of their friends' parents do, but that some of their friends get much more disposable cash than ours do. We do try to encourage them to be quite frugal, so eg a filter coffee from Pret (99p) rather than a coffee from Starbucks (at least £2.20) or to go to the cinema on two for one nights etc.

Boggler Sun 28-Apr-13 17:19:00

My DS (9) gets £2.50 per week so he is below the average shown on roosterbank blush

To get his picket money he is responsible for putting the recyclables into the correct boxes - he actually really likes doing this so it's not too onerous a chore.

I'm not sure if we would use roosterbank as he tends to like cash and he knows to the penny exactly how much is in his wallet any time.

CheeryCherry Sun 28-Apr-13 17:31:10

My three teens are well below the index but I won't be telling them! They get £10 a month but get their phone contracts paid for too. They keep their rooms tidy (supposedly) and do jobs around the house when asked....not sure if that's part of the pocket money rule or just house law! Like the site, but may put ideas in a child's head if they get less money than the index.

LineRunner Sun 28-Apr-13 18:38:46

It really depends what's included. My two teenagers get a monthly allowance, within which is a certain amount for fripperies which I suppose is 'pocket money', of £10 a week. Round here that's one trip to the cinema.

nowwearefour Sun 28-Apr-13 18:54:55

To me the amounts in the index look v high and I think it is coz Christmas and birthday money is included. Pocket money is weekly or occasional money not gifts. So my dds (7 & 5) are below the average but I don't believe it I am afraid. Well presented and clear though!

sinpan Sun 28-Apr-13 18:59:13

I'm a bit torn on this one. Roosterbank looks like a good idea and I applaud anyone doing anyting innovative on the internet. But really do we have to commodify everything and leave a trail across the internet, down even to the level of kids' pocket money?

Also, what is the point of the conversation? Will you be analysing the data from the thread or is the point of it just to draw attention to the website?

YoniFoolsAndHorses Sun 28-Apr-13 19:24:02

My 10 year old gets £1 a week (so way below the index). She does not have to so any chores for that and nothing is ever docked. Why not be linked to chores? I expect her to help as a matter of course! Not for money!

Dededum Sun 28-Apr-13 20:08:53

Ds1 (11) £3.50
DS2 (9) £3.00

No chores required, DS1 spends on Aps and DS2 iTunes music as required.

jamaisjedors Sun 28-Apr-13 20:27:24

The DS (8 & 6) get 2 euros each, so below the index.

They have a list of jobs to do and must do 15 over the week to get their pocket money.

The jobs include laying/clearing the table, making their bed, tidying, feeding the chickens, putting the bins out, and getting the post.

We don't dock their pocket money but they don't get it if they don't do their jobs.

youmaycallmeSSP Sun 28-Apr-13 20:41:03

3yo DS gets 50p a week. To get that he has to take off his shoes and put them on the shoe rack when we come into the house and put his own clothes in the laundry basket after his bath. Nothing too taxing... We're just trying to get him into the idea of work = money to spend and how to make simple money-for-goods transactions.

On the index the average 3yo gets £1.22 a week so we're positively stingy in comparison! I'm not at all fussed about that as he doesn't have to pay for anything he needs or any of his leisure activities. As he gets older we will give him more responsibility for the money we now spend on him.

Generally, I like the look of the site. It's quite fun!

Hedgepig Sun 28-Apr-13 20:54:32

DS1 get £3 per week and for this he has to put his clean clothes away in the draws and wardrobe. If he doesn't put his clothes away he doesn't get the dosh. Unfortunately he has never bee motivated by rewards (stickers, things, money) so quite often he doesn't get any pocket money but doesn't seem that fussed tbh

HazelDormouse Sun 28-Apr-13 20:56:35

Ds (3) does get weekly pocket money from his grandparents. He is just below the index for his age. In order to get this 'pocket money', he only has to visit his grandparents at the weekend. We don't give him regular pocket money, however, we do allow him to spend vouchers which I get from doing surveys (Rather irregular). This will probably change to 'pocket money' when he is a little older - probably 5 and I would envisage that he would have to do chores for this. Money from relatives at Christmas and Birthday goes in a savings account.

kissmyheathenass Sun 28-Apr-13 21:33:47

ds, 12 gets £5 ONLY IF he keeps room tidy and puts dirty clothes in laundry, helps lay table and a few other chores. I frequently forget to give it to him and he will suddenly demand 4 weeks pocket money he is owed shock. He wants £10 when he reaches 13. He saves every penny!

Dd, 8 gets £1.50 and dd6 gets £1. Feel a bit tight now looking at averages. They do get plenty of treats from grandparents too though. Dds spend their pocket money in gift shops etc. mainly on plastic crap that doesn't last.

ProtegeMoi Sun 28-Apr-13 23:03:51

My 9 year old receives £3 a week and my 10 year old £4 a week. We start pocket money at age 8 and it increases by £1 on each birthday. Pocket money is linked to chores in that money is deducted for chores not done.

Prawntoast Sun 28-Apr-13 23:53:19

Quite interesting to pop on that site and see what the going rate is for chores, I think I may be being rather generous at £5 for a car wash, but she does do a pretty good job.
I pay DD a monthly allowance of £30, she is 12, so gets slightly above the going rate by the looks of it. She doesn't have to do chores for the allowance but does have to pay for lost items out of it. If she wants to earn extra she washes the car or does the hoovering.
I still buy most of her clothes, she pays for the "accessories", she likes to swap the cash for an iTunes voucher now and again.

Waferthinmint Mon 29-Apr-13 06:57:21

Dd is 6 and gets £1 per week. She is expe tex to help put her washing away for this.

ScienceRocks Mon 29-Apr-13 07:34:29

My DD1 is way below average, according to the site, as she gets £1 a week. This is not linked to chores, though she can earn extra by doing extra stuff like helping to clean the car, wash up etc. things like tidying her room, putting clothes in the laundry basket, helping to set up and clear the table are part of family life, so she doesn't get financially incentivised.

She saves it and then goes to the charity shop to buy tat! When she first started getting pocket money, she wanted to buy magazines but soon realised how expensive they were. She also uses her pocket money for school discos (buying tat there, not her ticket which we pay for) etc.

Dd2 is three and doesn't get pocket money yet.

ShatnersBassoon Mon 29-Apr-13 11:18:03

My children get pocket money. £1 each per week (no chores, the £1 is guaranteed), and they get bonuses of 20p+ if they do something above and beyond eg get all their spellings correct, help each other without being asked to, do jobs in the garden.

They don't like spending their money at all. Nearly all the money they get goes into piggy banks before being taken to the bank when it's mounted up to a reasonable amount. They do take their own money on holidays though, but more often than not come back with more than half of what they took with them!

I love the look of Roosterbank. I think the kids need something more exciting than a bank book to help them monitor their savings, and realise that it's normal to buy things now and then smile

PiHigh Mon 29-Apr-13 11:20:20

Well DD1 is 6 and DD2 is 3. We don't give them pocket money yet. I seem to remember getting pocket money once I was old enough to go to the shops with my friends or 10p for a bag of sweets if I went to the shop for mum. I think we'll do similar but we live in a more built up area than my parents did so I expect the kids will get it later. We sometimes buy them an mp3 if they've been very helpful, for example.

Belo Mon 29-Apr-13 12:07:00

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

Yes, but only small tasks. They have long days with breakfast and after school club so I don't want them to do too much in the evenings. But, I'll get them to help me set the table, take out the recycling. They get the option to earn extra pocket money by doing extra studying.

* ~ Are your DCs on par with the Index, above or below?*

Assuming my DDs don't do any extra school work they are well below... But, my eldest gets very slightly over if she doesn't loose any golden time at school

helcrai Mon 29-Apr-13 12:28:29

Both my DC are expected to help around the house (they are 7 & 4) by tidying their toys away and keeping their rooms sort-of tidy! They are not given pocket money but instead get bought treats such as sweets, comics etc at the weekend. They are also aware that the after school clubs and activities such as Brownies, fun club, swimming, dancing etc cost money so they get these paid for by us instead.
A family member gives them £5 each per week which we save in the bank for them so they seem to be both well above the index.

threesypeesy Mon 29-Apr-13 16:45:56

What a fantastic site very kid friendly and finally somewhere parents can go to be given an average amount for both ages and chores considering alot of us fall into the trap that our dcs use "but every one else gets..."

And after using the site it appears my 2dds are doing to little for too much pocket money (£5 each a week their 8&9 and alk they are expected to do is keep their room clean) we provide all clothes, magazines, sweefs and outings its only seen as extra for them. I will be directing them to the site and use it to make up reward chats for future pocket money earning

WeAreEternal Mon 29-Apr-13 20:57:52

My DS is 6. He has a 'weekend treat chart'.
Basically all week he earns points for being good/helpful/doing jobs/doing well at school and looses points for being naughty.
So if he does well in his spellings he gets a point for every spelling he gets right (they do 10 per week). If he tidies his bedroom he gets points, more if he does it without asking. Etc.

On Saturday we add up the points and however many he has decides the value of he weekend treat.

I prefer this method to giving cash. But if he wants DS can save his point for the next week for a bigger treat.

Usually he gets around £5 spent on him, and it is usually for a magazine and a small toy.
Last week it was garden chalks and a ben10 magazine.

My dd is 11. She currently gets £2.50. It started off at £2 but she wanted to earn more so gets 50p for pairing socks.
She doesn't save any! I did get a mothers day present two packets of chocolate (both tested!).
She starts off with good intentions but it doesn't last and she can't keep hold of it.

DifferentNow Tue 30-Apr-13 09:00:16

My DC are 3, 6, 8 and 11 and we don't give pocket money. They get lots of treats and if they're given small amounts of money from relatives, ie £5 each, they can spend it on whatever they like. We don't believe in rewarding academic acheivement with money.

I liked the index, I found it very surprising that children save more than their parents. It's useful to know how pocket money is being spent.

Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

I haven't started to give pocket money to DS1 who is 4. I hope to give him £1 a week from when he turns 5. He saved up some pennies before and bought himself some sweets.
I won't make pocket money about earning it. I want him to do chores without the incentive of money.

~ Are your DCs on par with the Index, above or below?

If I give £1 a week at age 5, then my DS will be below the Index.

Rockinhippy Tue 30-Apr-13 12:02:58

Its good to see that my own DD is getting close to the average amount smile

We started DD with pocket money at 2 - but I should probably add she was a very forward 2 yr old & able to count well & even manage a bit of basic maths. This allowed her to go shopping & buy 2 things in the 99p store etc & it also allowed us to introduce the concept of saving to her. She soon learnt to save for bigger items & is still very good with money now -

I learnt this from my mother as I was given pocket money & bar birthdays etc I had to save for things I really wanted - my brother on the other hand wasn't given pocket money but usually had everything he wanted bought for him - I firmly believe this is the reason I am very good with money & my brother is dreadful with it & still often needs bail out hand outs from DPs now - in his 40shmm

We have given DD a 25p pocket money rise for every birthday, so at 10 she now gets £4 & is excellent at saving up for bigger items she wants - we do pay her weekly £3 YC fees, but if we didn't & just gave her enough to cover this & have money to spend on a magazine etc, I know she would forgo going, in favour of saving up more quickly for whatever she has her eye on.

We don't pay her for basic chores, personally I think that is teaching her a very bad life lesson - chores are something we all have to do if we want to live in a clean, tidy home, have clean washing, dishes etc - so she just has to do it - we will dock her pocket money though if she doesn't pull her weight when she's well enough to do so.

I will treat her if she works hard & does well, things like a good school report will get her a trip out to buy something

ATJabberwocky Tue 30-Apr-13 12:05:58

It's an interesting site, but I was initially confused that the bank is virtual. I'm not sure I like the idea of my DCs picking lots of items they want, although it may be useful to get them things they like for Christmas and birthdays.

dahville Tue 30-Apr-13 12:12:34

My LO is too young yet for pocket money but I believe he'll get a small weekly amount plus 'bonus' amounts for special chores. I want to encourage saving money both for the future and for special purchases.

The link was interesting to see how much kids get and save.

THERhubarb Tue 30-Apr-13 12:18:20

That is an interesting site although the link didn't make it obviously clear what it was all about. I read the stats and then thought "what am I supposed to do?" I got there in the end by clicking on the Roosterbank link at the bottom of the page.

I found the average pocket money doesn't seem to tally with the amounts they get by age? Average pocket money of just over £3 seems reasonable but I noticed that by the age of around 10 they are getting £5??? Who gives their 10 year olds £5 a week?

Anyway I like the idea behind the site, the only bugbear I have is that it's yet another computerised app when I am trying to wean mine off the computer. My dd isn't too bad but if ds goes on to check his balance he'll end up spending an hour playing games and educational or not, I would rather they didn't play games on the computer. Plus he's sneaky and protests that because they are educational he has actually been doing work which now requires him to play a couple of non-educational games as a reward. Bloody kids and their bloody logic!

I will have another look at the site however and think about signing up. I do want to teach them to save money responsibly and I'm all for anything which encourages that. The website looks to be user-friendly and fun so is definitely something the kids would enjoy doing.

Mine are not on a par with the index, no. They get pocket money for doing chores and how much they get depends on how many chores they do. I put a value next to each chore on a sheet; every time they complete a chore they put their name next to it and at the end of each week I add up the values to give them a total. It usually comes to a couple of pounds each.

My children are aged 12 and 9 and the chores we have on the sheet include hoovering their rooms (50p), setting the table for tea (30p), washing up (50p), cleaning out the hamster (50p), making the tea (50p), making cups of tea (20p), putting a load of washing in the machine (20p) and emptying the upstairs bins (20p).

They are quite lazy though and would rather do without pocket money than do some of the chores. I am quite strict though and so if all they have done is set the table for tea one day, they will only get 30p for that week. They have to learn that if they want more, they need to do more. There is the potential for both of them to earn around a fiver a week if they did all the chores and then I'd probably have to put the prices down - this is a recession after all!

Signing them up for Rooster might just make all the difference so it could be worth a shot.

Areyoumadorisitme Tue 30-Apr-13 12:41:20

I think the PMI is misleading, I don't know many people who give that much to their children.

DS (12) gets £20 a month plus £10 phone paid and DS(9) gets £15 a month, both are viewed to be very generous around here and I know they get more than most of their peers. Yet in both cases (if you ignore the phone) they are below par.

In both cases they get £5 cash on 1st of the month and a standing order into their bank accounts for the remainder of the monthly amount. That way it doesn't all get spent on sweets but they can get it out of the bank as they wish along with xmas and birthday money (but unlike money given from GP on christening/death etc).

The kids don't specifically do chores for their pocket money but there are certain expectations of help around the house, such as tidy bedrooms, playroom, clear table after dinner etc.

Whilst the site looks a nice idea, I think it'd just be 'another thing to do' and I'm trying to eliminate the 'other things to do' on my list to simplify life. Our system works well for us, perhaps roosterbank would be more useful for small children?

THERhubarb Tue 30-Apr-13 13:06:53

Areyoumadorisitme See I thought that too because the PMI does not correspond to their figures on the average pocket money rate. It also puts pressure onto parents to conform and I know if mine saw that they would want a payrise!

I would prefer to see the PMI taken off as I hate having to compare my decisions regarding my kids to other peoples. I don't mind seeing the average but not for it to be broken down into age like that. I would question those pocket money rates too.

I also read DifferentNow's post and I have to say, this isn't about rewarding academic achievement. It's about teaching them the value of money and giving them a good work ethic. If you give children pocket money without requiring them to do anything to earn it then how will they ever respect money? In my mind, you respect money far more if you've made an effort to earn that money.

If my son sees a Lego set for sale at £20 he knows how many chores he will have to do to earn that amount and what work he'll have to put into. So he realises that £20 is a lot of money.

And there is no harm in rewarding hard work at school. Not with money but the occasional treat in recognition of that hard work makes them feel appreciated and it shows you are proud of them.

mistlethrush Tue 30-Apr-13 13:19:55

Yes, DS (8) is below that level too - although as he has most things he needs, and some things he wants bought for him anyway, he doesn't really need lots. When he's older I can see a clothing allowance being helpful so that he has some more autonomy on his own clothes because I certainly won't be buying some of the things I see teenagers in - mind you he'll probably still be in comfy jeans and Tshirt then anyway....

Beechview Tue 30-Apr-13 13:37:33

My kids don't do specific chores for pocket money but they know they have to generally keep with their own chores (keeping room tidy, dirty clothes in laundry bin) in order to receive it.
I wanted to do it this way because I didn't want my children to think you get money for nothing.
I also think that children should help around the house because they live there and are part of the family and not just because they get paid for it so they also help out generally with other stuff.

They're young at the moment (under 8) but as they get older, they'll be able to earn extra by doing extra chores.

My dcs are below the index for regular pocket money though if you include birthday and other money from relatives, I think it evens out to much higher.

missorinoco Tue 30-Apr-13 14:02:24

This confirms what I previously thought - I am tight. Going rate for a tooth fairy visit in this house is £1.

I don't do pocket money yet, my olderst is nearly six. I plan to split it - half for a chore/chores and half as pocket money, with the former as an extra. I was considering £1 pocket money and £1 chore, but I thought this was excessive; again I appear to be below average. Cores could be taking the sheets of the bed, tidying the bedroom at the weekend Too scared for my crockery to let them load the dishwasher!

I like the idea of the site, but agree it adds up the pressure to conform, although the pressure is there regardless of the site, and I suspect the children will tell me who gets more than them even if noone else does.

BetsyBell Tue 30-Apr-13 16:59:55

8yo & 6yo just asked if they could have pocket money and we negotiated and decided 20p week each would be reasonable! So way below the index. However, they each get a comic a week and other magazines in the month, and they get interesting things bought for them year round. They get tooth fairy money (£1 per tooth) and they always end up with loads of cash at birthdays and Christmas which I take them shopping with and they get to decide exactly how they spend that money - that way they get to understand the concept of money. If we have days out or holidays we give them spending money. Essentially they have no need for pocket money at the moment but we've agreed to the small amount as they're interested in saving up pennies. If they want something in particular they will give me the money for it so I can buy it online or at the supermarket.

We don't make them do chores in return for money but if they want to negotiate that in future I'd be happy to do that.

They each have a bank account with some money in but it's abstract and untouched.

CheeseStrawWars Tue 30-Apr-13 17:41:28

~ 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, because part of being a family is helping out. I don't "employ" my kids to do chores, it is expected they muck in.

If you pay them to do stuff, they have the choice: whether it's worth more to them personally to not bother vs what it is worth to them financially. There's always the possibility they choose the former option, and the jobs will still need doing.

~ Are your DCs on par with the Index, above or below?

DCs are 2 and 4 and we don't have regular pocket money, we chuck loose change in a pot which they get to cash in at the Coinstar at the supermarket; I then swap the supermarket voucher for 'real' money they can spend.

I like the look of Roosterbank though, helping my eldest in particular get to grips with the idea of saving up.

BoysWillGrow Tue 30-Apr-13 17:55:23

does my ds have to do anything to earn his pocket money?
we have an overall behaviour thing where myself and dp decide if hes been well behaved enough for a treat at the end of the week. He usually chooses a magazine, so no pocket money as such.

is he on par with the index?
Yes i guess he is, although some magazines are a small fortune.

twotrackmind Tue 30-Apr-13 18:06:46

DD isn't old enough for pocket money (22 months). I don't like the idea of paying children for chores, room cleaning etc. If you are part of the family, you should pull your weight. Paying sends out the wrong message.

Reserve the right to review this when DD is older though!

THERhubarb Tue 30-Apr-13 20:24:06

I've signed my two up and I have a suggestion to make. It would be good if we could set some chores for them to do with agreed amounts for doing them. If they did that chore, the child could sign in and check the box and an email sent to the parent to confirm and a reminder of how much we owe the child for that chore.

I sometimes forget at the end of the week and lose count of what I've given and what I haven't so this would be a good way of doing that and it encourages them to take an active role in earning their pocket money.

I also think you should cut out the chat altogether. Any chat page which involves children is asking for trouble. I know you can sign them out but I just think it's unnecessary and there aren't enough safeguards on the site to keep out undesirables. Children's chat sites are routinely targeted I'm afraid.

leanneth Tue 30-Apr-13 22:25:29

My little boy is too young to earn or need pocket money but even if he wasn't, I don't think he should have regular pocket money at the index shown! It definitely looks like far too much money! It may be worth keeping an eye on though, just to see how this changes over time.

Chores might be negotiated as he gets older as a preparation for work so he can see that work pays! Not too early though, he needs some sort of childhood first!

beanandspud Tue 30-Apr-13 23:31:19

DS is 5 and doesn't get any pocket money (yet!). He sometimes 'earns' a couple of pounds for doing some extra jobs but I don't like the idea that doing chores automatically merits a payment - we all do them because we are part of the family.

He does have a building society account for birthday money etc. and loves going to pay it in with his passbook. Sometimes when we are out he will ask for something but soon goes off the idea when we suggest that it will need to come out of his money!

I like the PMI pages grin

PolkaDotCups Wed 01-May-13 04:28:59

Had a look and registered on the site. However my child was too young to add (the date of birth only goes to 2010).

I think it is a great idea. She doesn't get pocket money yet as she is too little but she does have money from Christmas. I tend to put 50% in her long term savings account (which she will get at 18) and I have 50% still in an envelope. I intend to pay it into a spare account I have so as she gets a little bit older she can use it to buy things she wants. I think Rooster bank will be a great way to manage this, both for me and her!

Puppypoppet Wed 01-May-13 11:48:12

DD is 10 and gets £5 per week. I'm going to show it to her as she is doing quite well for her age. She helps out with chores when required.

Doesn't save as much as we'd like. I think I'll also point out the stats on saving. She does have a sealed money tin where she deposits money from time to time - saving towards an ipad so might take some time!! I think she is up to about £70.

TheOtherHelenMumsnet (MNHQ) Wed 01-May-13 11:51:03

BornToFolk

~ 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, I believe that DS should do his fair share of chores around the house, according to his abilities. It's not related to pocket money and I don't give pocket money as a reward either.

~ Are your DCs on par with the Index, above or below?

He's 5 and gets £1 a week so he's below the index.

Roosterbank looks interesting but I'm not really sure how it works! Will have to poke around...

"Roosterbank is an online piggy bank but instead of actually depositing money, you simply use it to keep track of your pocket money transactions. For more information, Roosterbank recommend that you check out info.roosterbank.com/how-it-works because there's much more besides, including a whole educational package around learning about maths and money."

TheOtherHelenMumsnet (MNHQ) Wed 01-May-13 11:52:39

ATJabberwocky

It's an interesting site, but I was initially confused that the bank is virtual. I'm not sure I like the idea of my DCs picking lots of items they want, although it may be useful to get them things they like for Christmas and birthdays.

"Thanks for looking at the site. Think of Roosterbank as a bookkeeper for pocket money - it lets families keep track of pocket money without the need to make deposits on the site (which makes it simple for you to remove money and give them the cash). Children can therefore still handle cash if you feel that's important, as you can give it to them when they need it to spend at the shops or wherever, and they can keep track on the website how much they have and how they are using it.

On Roosterbank, children are encouraged to think about what they are doing with their pocket money be that putting it in their 'Safe' to save for the future, donating it to charity, or saving up for a treat they might want like a book or toy. The PMI index reveals most children seem to save - not least because they are encouraged to do so through earning a form of virtual interest and getting little awards the more they save. Those that choose to save up for books or toys do so at the expense of other things they might do with their pocket money - an early introduction to budgeting.

Hope that helps."

BornToFolk Wed 01-May-13 12:01:59

Thanks for the response! I understand now, I was confused by the "virtual" aspect of it.

I'd definitely consider using the site but possibly when DS is a bit older. At the moment, he likes receiving his £1 coins and keeping them in his money box until he wants to spend them.

TheOtherHelenMumsnet (MNHQ) Wed 01-May-13 12:02:42

THERhubarb

That is an interesting site although the link didn't make it obviously clear what it was all about. I read the stats and then thought "what am I supposed to do?" I got there in the end by clicking on the Roosterbank link at the bottom of the page.

I found the average pocket money doesn't seem to tally with the amounts they get by age? Average pocket money of just over £3 seems reasonable but I noticed that by the age of around 10 they are getting £5??? Who gives their 10 year olds £5 a week?

Anyway I like the idea behind the site, the only bugbear I have is that it's yet another computerised app when I am trying to wean mine off the computer. My dd isn't too bad but if ds goes on to check his balance he'll end up spending an hour playing games and educational or not, I would rather they didn't play games on the computer. Plus he's sneaky and protests that because they are educational he has actually been doing work which now requires him to play a couple of non-educational games as a reward. Bloody kids and their bloody logic!

I will have another look at the site however and think about signing up. I do want to teach them to save money responsibly and I'm all for anything which encourages that. The website looks to be user-friendly and fun so is definitely something the kids would enjoy doing.

Mine are not on a par with the index, no. They get pocket money for doing chores and how much they get depends on how many chores they do. I put a value next to each chore on a sheet; every time they complete a chore they put their name next to it and at the end of each week I add up the values to give them a total. It usually comes to a couple of pounds each.

My children are aged 12 and 9 and the chores we have on the sheet include hoovering their rooms (50p), setting the table for tea (30p), washing up (50p), cleaning out the hamster (50p), making the tea (50p), making cups of tea (20p), putting a load of washing in the machine (20p) and emptying the upstairs bins (20p).

They are quite lazy though and would rather do without pocket money than do some of the chores. I am quite strict though and so if all they have done is set the table for tea one day, they will only get 30p for that week. They have to learn that if they want more, they need to do more. There is the potential for both of them to earn around a fiver a week if they did all the chores and then I'd probably have to put the prices down - this is a recession after all!

Signing them up for Rooster might just make all the difference so it could be worth a shot.

"Thanks for your post and taking the time to look at Roosterbank. The Roosterbank average of £3.81 is for all ages and includes both regular pocket money and any boosts for extra jobs and additional earnings. It's not easy to define pocket money but that's what we have tried to do here to get a figure that is of some value to you.

The Pocket Money Index, where these statistics are revealed, is not embedded within the child areas of Roosterbank and we hope that parents continue to treat pocket money as something that is personal to their family as ultimately it depends how and what it is earned for and what it is expected to cover.

You can read more our views on the averages here, including some comparison surveys from Halifax and other surveys.

Hope this is helpful."

THERhubarb Wed 01-May-13 13:58:07

Thanks for the reply Roosterbank.

I have a few more observations to make. My daughter tried to access the site via the mobile app but whilst parents can sign in this way, children can't. So she clicked on the classic view but most of that is not compatible with mobile devices so she only got a very limited view.

I would say that you really need to work on making all the features of the site compatible with mobile devices as that's how many kids now access the web - on iPods and iPhones.

As a result, my two haven't really had a good look at it yet but when she has her computer out tonight I'll encourage them to do so.

TheOtherHelenMumsnet (MNHQ) Wed 01-May-13 15:08:20

THERhubarb - thanks for your posts! Roosterbank.com wanted to respond to a few more of your comments...

"Thanks for taking the time to sign up and offering the feedback, it's very helpful!

The chat features are restricted by default and parents have to choose to enable them. If they do this, the messages are moderated. That said, many parents do feel like you and seem to leave the chat setting for their children on restricted mode - which means children can only use set safe phrases. It's understandable and something we might look at as we don't want to detract from the core educational offering.

In terms of the chore chart. Again a nice idea! Currently a lot of parents use our reward chart to manage chores alongside Roosterbank or make a boost on their mobile at the time of job completion. We might look at jazzing those features up though so thanks for the feedback.

With regards making Roosterbank accessible on all devices for children - we completely agree! We wanted to get a mobile version of the site out for parents to let them manage pocket money on the go - so parents can check their children's statements, balances and boost and remove pocket money while out at the shops on their behalf. We are now working on a mobile version of the site for children to complement this. The site works on tablets for parents and children, although some of the educational games are in flash and therefore don't currently work on iPads, again something we are working on resolving.

Thanks again."

katiewalters Wed 01-May-13 15:35:58

my 3year old doesnt have pocket money, but he has a jar which we put money in every so often and we put our loose change in. we will sometimes put extra money in it if he does something to help us out around the house; such as making his bed, tidying his toys, loading the washing machine, etc. hes only 3 now, but i think its good to get him helping around the house now. once hes a bit older, will difenately pay him a regular weekly amount of pocket money, which he will only get if he does certain chores, which we will have a chart for, showing what he has to do on what day.
I did like the rooster site
on average my son would be on par with the index

Thanks for the link! I really love that PMI infographic. In fact, I'm tempted to use at work as an example of a good infographic!

I have to admit we have been a bit random but DD is only 4 and frankly doesn't 'get' it yet. We give £1 or £2 on a Saturday when it occurs to us, or if she notices her piggy bank and talks about it. She has a piggy bank and likes to put money in it, but that's it.

I suspect when she starts school all of this will change.

threepiecesuite Wed 01-May-13 16:20:01

I had a look around the website and thought it was unique and inspiring. It prob needs a bigger push in the media to get more on board. It's something I'd definitely use - I'm super keen on the idea of 'earning' rewards and the value of things.

~ 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 DD is only 3 but starting to understand about money, spending and value. We give her pennies to save and spend in shops on small toys eg. stickers.

newfashionedmum Wed 01-May-13 17:08:40

Our DD is 8 and gets 50p a week. Below many others - but she doesn't often have need of it because she's usually not really into buying stuff - apart from having a penchant for knick knacks in charity shops! She also gets the loose change from Dad's pockets.

We don't give her money for the specific chores, in the same we we allocate each other 'spends' every month from our joint account into our own accounts, she gets the money on the understanding she contributes generally to the running of the household as and when we ask. Cleaning, feeding pets, tidying up, that kind of stuff.

She has a savings account with Triodos which we opened for her, all her birthday money goes in there and someties she empties her piggy bank and we put the money in for her. She's saving for a something special when she grows up.

TheTempest Wed 01-May-13 17:29:30

I really like the website, my DD's are 3 and 2 and get £1 each. I have 3 stepchildren with my ex partner who are 14 10 and 9. My 14yo DSD gets approximately a tenner a week and it is linked to attitude, helpfulness and keeping her room here tidy. She gets extra for babysitting generally, having looked at the website we are spot on for the little ones and high for DSD. The boys get £5 a week and dig walk x2 for that. I'm tough!

I have sent a link to my Dsis as my 9 yo nephew would love that. He loves that sort of thing. Great idea and well implemented I think!

TwoIfBySea Wed 01-May-13 19:15:38

My dts (11) get pocket money, half they get in their wallets, half goes straight into their savings account. They are expected to do chores but not for the pocket money, the chores are just part of helping out around the house and shouldn't be paid.

The deal with pocket money is that if they want something they have to save up, apart from necessities like clothes etc. I don't buy anything out-with birthday and Christmas and very occasional treats. They want a magazine they have to pay for it.

It's been better since trying this way out as now they have to buy things with "their" money they're much more careful on what they spend and if the thing is actually worth it.

malachite Wed 01-May-13 20:36:43

My kids are too young to understand pocket money at the moment but we plan to link it to chores as they get older. I'm not sure I see the point of the website tbh, but maybe if my kids were older I would. Why not just use real online banking to teach them how to manage their account? As for getting them to list things that they want, I would tend to use amazon wishlists for that. The ideas about saving and donating to charity I do like though.

eteo Wed 01-May-13 21:18:34

I had not talk about money with them as they are not allow to have their own money. My son is 5 year old and he cant look after his lunch money let alone i give him money.

i love the ideas but to log in and out. it seems too much of the trouble.

michelleblane Wed 01-May-13 23:28:10

My son is 15 and gets £20 a month. He is expected to keep his room tidy and help around the house, but the pocket money is not dependant on chores. He saves the money. I buy clothes etc. Occasionally he meets friends and goes to the cinema. I give his enough for the cinema ticket but he takes some of his pocket money for snacks. He is happy to use his own money for gifts like mother's/father's day or birthdays. When we go on holiday my parents always slip him some money and they also pay monthly into a building society for him. I feel we pay him a fair amount and I'm pleased he is saving it. (He is hoping to get an IPad soon with it)

renaldo Thu 02-May-13 08:06:06

Mine don't have to earn their money, family chores are expected but not for monetary reward. We are well above the index, but the kids contribute to school trips and budget for them, and music, clothes etc.

MrsCornish Thu 02-May-13 09:29:29

Am I the only person who thinks the emphasis on "what can I buy" and product promotions is hideous? The practical side of the site is fine, we do the same thing using a notebook, but it strikes me as an entirely hideous commercially motivated sales engine.

Ds2 (17) and ds3(16) still get pocket money, in addition to the money they earn from doing paper rounds and, in ds2's case, from scoring for cricket matches. Part of this does go towards paying their phone contracts, and the rest can be clawed back if they incur a big debt (like ds3 accidentally running up a £600 phone bill).

We started giving them pocket money when they were quite small, but stopped for a number of years because I felt they were too careless with their possessions, so I was not prepared to carry on giving them money, for them to buy more plastic tat to break.

Littleorangetree Thu 02-May-13 11:49:26

This looks like a very interesting website! My DS is still too young for pocket money, but he occasionally gets given some money now and then by various relatives. It gets put into a money box. I'd like to open a savings account for him at some point though.

Once he's old enough he'll probably be getting some pocket money as an incentive to do chores around the house.

THERhubarb Thu 02-May-13 12:07:04

The reward chart is good but I'd like to add it to the kids dashboard so they can see what chores I'd like them to do and how much I will pay for each chore. Once they have complete their weekly chores, parents could get an email so they can check what has been completed and give them that sum amount.

Also, the site does look a bit young for my 12yo dd. You could have different levels on some things for younger and older children.

I'd better get £20 for all this feedback I'm giving!

renaldo Thu 02-May-13 13:05:16

Mine don't have to earn their money, family chores are expected but not for monetary reward. We are well above the index, but the kids contribute to school trips and budget for them, and music, clothes etc.

Patchouli Thu 02-May-13 13:13:45

Just had a quick look and my first thought was 'I can't show DD that'!
(The PMI) but it's not on the children's area of the website then?

Fazerina Thu 02-May-13 14:27:53

My DS is too young to have pocket money, but I had a look on the site and think it's a gret idea to get kids into saving.

However, I would be a bit wary on the idea of teaching them on money only in virtual terms. I think kids tend to learn better when they can feel and touch things and I think having a piggy bank will stil be a major part of teaching DS about money. But I think this kind of site will be very useful to show DS how the money in his piggy bank will be recorded on the site andhow long it takes to save for what he might want to buy. It also teaches about delaying gratification, which is so important nowadays with all the commercials on toys etc. on kids' tv.

janekirk Thu 02-May-13 16:16:04

My 7 year old gets pocket money but it can be reduced for repeated bad behaviour.

TheOtherHelenMumsnet (MNHQ) Thu 02-May-13 16:36:13

Thanks for keeping the comments coming. Roosterbank.com have asked if they can respond to a few more of your comments - see their responses below...

MrsCornish

Am I the only person who thinks the emphasis on "what can I buy" and product promotions is hideous? The practical side of the site is fine, we do the same thing using a notebook, but it strikes me as an entirely hideous commercially motivated sales engine.

"Thanks for your post and you have made a very important point.

On top of the practical pocket money management tools, Roosterbank is designed to help teach children to save and spend responsibly and we wanted to make that experience fun and rewarding. A child's pocket money is split into their 'Safe' and 'Wallet'. We place the emphasis on saving - encouraging children to add money to their 'Safe' for long term goals by giving them interest in the form of 'Roosties' and trophies the more and longer they save. The PMI reveals how popular this can be.

If children do decide to use some of their money to save for something in the Rooster Shop, such as a book, a toy or a charity donation, then they are encouraged to scrutinise the items and pick something they really want rather than making 'spur of the moment' purchases. All products have been selected based on age appropriateness and many are recommended by children themselves and checked by the Roosterbank team. Ultimately the parent approves everything and can reinforce the lessons Roosterbank helps provide by talking through whether they really need to use their pocket money buying another Lego set - or whatever it is.

Hope this helps."

TheOtherHelenMumsnet (MNHQ) Thu 02-May-13 16:40:05

Patchouli

Just had a quick look and my first thought was 'I can't show DD that'!
(The PMI) but it's not on the children's area of the website then?

Thanks for the post. The Pocket Money Index is designed purely as an indicative guide for parents. It is not displayed in the children's area of the site.

You shouldn't worry if you are under the index. We have parents giving 20p a week to their children - how much you give is down to you and ultimately comes down to what you are comfortable with and what you expect them to cover with it. However small the amount, in our experience children get a huge amount of satisfaction in taking responsibility for their pocket money. You can read more on pocket money averages and our feedback here.

THERhubarb Thu 02-May-13 16:46:51

I think encouraging them to donate to charity is a wonderful idea! smile

Patchouli Thu 02-May-13 17:07:38

Thanks, I think DD does okay looking at the index - just in different areas. Gets less toothfairy money and so far sees helping in the garden as a pleasure.

insanityscratching Thu 02-May-13 17:25:27

~ Are your DCs on par with the Index, above or below?
It seems I am far too generous. Dd gets more than average pocket money, the tooth fairy pays £2 per tooth, rewards for academic achievement is around double that on the PMI.
~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
Dd has to do chores but they aren't linked to pocket money she gets that regardless although she can earn extra for doing a specific extra chore like pairing socks or washing the car. We don't link them to pocket money because we think that everybody should contribute to the housework because that's where they live and they should pull their weight.

majjsu Thu 02-May-13 17:41:19

The site looks cool and fun. My DD gets 10 pounds a week, all from relatives and is the only grandchild. It goes in her piggy bank unless she sees a toy she would like.

Aero Thu 02-May-13 18:11:55

My older two get pocket money paid monthly into their own bank accounts and they can withdraw cash as they need it (or 'til they run out). They get twice their age until they reach 15 (I figure I can't afford to raise it after that). Ds2 is only 9 and doesn't get pocket money as such, but does get money on an ad hoc basis as he needs it or we feel it's appropriate. All the children are expected to help around the house and keep their rooms tidy and we haven't related pocket money to this. they have been threatened with reductions though for behaviour related issues although in reality, they've been able to modify their actions before 'payday'! We wouldn't use the rooster site.

I have a 2 and 4 nearly 5 year old.
2 year old gets a magazine a week or a car etc.
4 year old gets £2.50 a week and £5 once a month off grandparents.

nice site.

tigerlilygrr Thu 02-May-13 20:04:48

My dd is too young for this site (2.5) and for pocket money, but I'll bookmark it for the future. I think we'll start giving her pocket money when she's four. Quite interested to see the attitudes of other posters towards paying for chores... I have never considered it before!

Tortoise Thu 02-May-13 22:12:21

I like the website.
DS1 16 gets £5 a week, meant to be upping it to £7.50 but not got around to changing it at the bank.
DS2 13 gets £5.
DD1 9and DD2 8 get £1.50 each.

I can't afford to give them more than that but they seem happy with it so far! They have chores to do which I tell them earns pocket money but actually don't take any away if they don't get a job done one day!

daisybrown Thu 02-May-13 23:15:15

Our 6 year old gets £2.50 a week to spend as he likes, as long as it is suitable for a six year old.
Gets extra for helping with large tasks/jobs.

bigTillyMint Fri 03-May-13 07:53:09

Well we are officially stingy!
I like the website - will show it to DS, but I htink DD is a bit old for it.

~ 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 chores to earn pocket money - we expect them to keep their rooms relatively clean and tidy and to pitch-in to help with whatever chores need doing if we ask. DD sometimes earns babysitting money and DS has earned petsitting money!

~ Are your DCs on par with the Index, above or below?
DS - 12 - £3 a week - well below par! But I pay £10 a month for his mobile
DD - 13 - £20 a month - below, but I pay £10 a month for her mobile

Trinski Fri 03-May-13 11:39:56

I've just had a look at the index and I'm shocked to see how much children get these days. I remember when I got 25p a week, going up to £1 when I was a teenager. And this was really not very long ago.

Also, I'd like advice please on pocket money for my husband's children (14 and 8). We have them one night every week, plus every other weekend. I'd like them to start helping with chores, and get rewarded for it, but have no idea what would be fair recompense given how little we see them. Ideas please!

poppy1973 Fri 03-May-13 11:52:45

My oldest is 8 and only gets £1.50 a week - so below average. He only gets this if he has a good week at school and receives this on a Friday or Saturday (depending if I have any change).

An interesting site - my child is below pocket money !!!

CMOTDibbler Fri 03-May-13 12:27:13

My ds is 6, and doesn't get regular pocket money, but will start getting a regular amount when he's 7 - we intend to give him £1 in his hand per week and £5 per month into his own bank account (separate from formal savings)

Spirael Fri 03-May-13 12:55:19

DD (2) is still too little to be getting regular pocket money, but I did find the PMI very interesting and may well be back to reference it when she reaches an age where pocket money becomes relevant. smile

She's not completely broke, however. DH and I put a regular amount into her savings account every month and any money she gets for Birthdays/Christmases goes in there too.

Currently she has more savings than we do... confused

WowOoo Fri 03-May-13 12:55:28

Ds1 who is 6 gets a £1 a week. Housework and chores are separate.

I've sometimes said I'd give him a bit extra if he does something mega helpful. He did some shifting a wheelbarrow last week and worked so hard.
He was thrilled to get another £1 for his piggy bank.

My other ds is nearly 4 and gets 50p a week.
He doesn't understand a thing about money, but he really enjoys putting it in (and taking it out and putting it back in, again and again.)

So they are under the average. They both save it.

It's an interesting website. Mine too get their money on a Saturday, the most popular day it seems.

likesnowflakesinanocean Fri 03-May-13 13:15:19

£3 here and couples with the star chart. sometimes i give them the £3 sometimes i buy them something that i think they will enjoy like a small dvd. this week the boys have got a ninja turtle toy, sd some new crafts. I think that the what can i buy element is what works especially with mine, they know that i wont buy expensive stuff aside from birthdays or christmas so they want to save to get to their goal and thats all i ask. I veto them spending all of it on plastic crap though. I have a star chart where the dc earn stars for doing jobs or achievements, they trade the stars for different things depending on how many stars so i suppose that in turn means they are saving them or spending. obviously saving means a better thing at the end not always to buy sometimes its an activity, friend sleeping over. This works better for us as ours can be very careless with money.

Kveta Fri 03-May-13 15:04:18

my DC are too young for pocket money yet, and we plan to hold off on giving them pocket money for as long as possible! DS gets a £1 occasionally and is let loose in the 99p shop, but that's not a regular occurrence.

the PMI is interesting to read though!

VerySmallSqueak Fri 03-May-13 16:35:51

Mine get above average,but they have to do chores for it and there is an expectation that they have to fund certain things themselves (eg saving for holiday spending money).

TheOtherHelenMumsnet (MNHQ) Fri 03-May-13 17:28:01

Roosterbank have asked us to post another response - they love all your feedback and are very very grateful - please keep it coming!

Trinski

I've just had a look at the index and I'm shocked to see how much children get these days. I remember when I got 25p a week, going up to £1 when I was a teenager. And this was really not very long ago.

Also, I'd like advice please on pocket money for my husband's children (14 and 8). We have them one night every week, plus every other weekend. I'd like them to start helping with chores, and get rewarded for it, but have no idea what would be fair recompense given how little we see them. Ideas please!

"You can check out the pay for specific jobs in the PMI which might help as a guide, but it does depend on the age of the child and the size of the job! Bear in mind it doesn't need to be a lot of money to get them going.

An alternative approach that many parents on Roosterbank use is to stipulate a number of chores or jobs their children must do in order to get a flat rate of pocket money each week. This avoids having to put a price tag on specific chores and encourages them to contribute. There are more tips on our 'How to give pocket money' page, which have been collated from the feedback we have received from parents.

If you do start paying for jobs or chores, one thing lots of parents reiterate to us is that you need to make it clear to them what jobs and chores you think they should be doing anyway and additional jobs you are prepared to pay for. This is often defined by the size of the job e.g. making your bed versus mowing the lawn, for example.

Hope that Helps."

serendipity1980 Fri 03-May-13 19:39:01

We have only just started giving our son pocket money - he has just turned five. So, this whole subject is very new to us. We give him £1 a week on a Saturday but he can earn extra through extra special behaviour or doing jobs etc. He earns 10p extra a time. He can also be deducted for behaviour in ways we don't like! He is below the average rate but I think it's enough. I just feel slightly guilty our 3 yr DD isn't getting any, but she's only got 18mth to wait.

Rosehassometoes Sat 04-May-13 10:53:18

I'd thought my 3 year old was too young for pocket money but I'm going to mull this over.
I might start to introduce him to 1, 2, 5, 10 and 20ps to introduce the concept of money. However, at this age we'll just use his money box.

Might link to a chore but not sure if want to replace praise/stickers with a monetry reward... Hmmm

angell74 Sun 05-May-13 01:10:58

Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
Our kids get pocket money to give them some independence and to help them to learn good saving/spending habits. If they want sweets, comics etc they are expected to buy them with their own money. It didn't take long for them to get bored of this and they mostly save their money up for Xbox games and Lego. (This has turned into a great way to stop them eating sweets.)

The kids are expected to do chores around the house because they live in it and are expected to do their bit. However, I do occasionally take money away if they don't cooperate/do their school homework.

Are your DCs on par with the Index, above or below?
Both kids get the same amount of pocket money (£2) despite the 5 year age gap. One of them is on par with the Index and the other is £2 under it but this does not take into account the money they get from grandparents (although this is sporadic). Since we spend quite a lot of money on clubs, sports activities etc I don't have any concerns about this.

My eldest is already talking about finding a part time job when he is old enough so I think he is developing a good work ethic and understands the value of money.

ataraxia Sun 05-May-13 14:04:48

The layout of the Index and Roosterbank service look good - a child-friendly version of the graphs, charts and savings goals approach that many banks are taking for adults to help manage money! However, like some other MNers, I agree that it would seem to make sense to be linked with a bank/building society account for the child rather than being a standalone service.

To a certain extent, the index seems a bit of style over substance - not sure how useful these averages are for parents' in benchmarking (who really gives 72p for cleaning a bedroom). For children, it could lead to a sense of entitlement - what if academic achievement isn't usually rewarded with money; will DD/DS now expect £8.24 because that's 'the norm'? R

asuwere Tue 07-May-13 11:00:33

None of my kids get pocket money but they do get magazines/toys sometimes when we're out. They do also get money sometimes from relatives and money on their birthdays so they do deal with money.

They each have a piggy bank at home where they put their money and if they choose to buy something, they have to make sure they have the right amount. They sometimes buy stuff as soon as they have money but the eldest have also saved to get something that they really wanted.

I also have a bank account set up for each child - I opened each account within about a month of them being born. Any money which they were given as a present as baby (up to about 2yrs when they are more aware) was put in their own account and we occasionally add money to them too. They will have access to these when they are older.

I have looked at the site and I'm not sure I see any real benefits to children over piggy banks/bank accounts/notepads. I think seeing figures on a computer screen makes it less real and is harder to understand fully than seeing cash and handing over cash in a shop. Learning the value of money is so important but can be difficult especially as cash is not used as often now with cards/online payments.

I agree with many other posters about paying for chores - think this isn't right. Children should do chores because they are part of the family, not to earn money.

taddyd Tue 07-May-13 14:04:13

I have tried giving my eldest daughter pocket money based on doing certain jobs throughout the week but she has not been interested enough so has hardly earnt anything. (She is 12). My youngest (5) has a much keener enthusiasm for earning money, even in pennies.

OldBagWantsNewBag Tue 07-May-13 15:23:13

Message withdrawn at poster's request.

Jux Tue 07-May-13 17:34:27

DD is 13 and she gets a fiver a week. It went up from 4 quid a week on her birthday. I see we are below the Index. The poor deprived child was on 4 quid a week for a few years, and we probably won't increase it again for a cople of years.

She does not have to do chores for it.

I pay for all her clothes, shoes, books, etc. so it really is just fun money for her.

marmiteandhoney Tue 07-May-13 21:52:03

I think this looks great. Pocket money for xmas and birthdays so often ends up stuffed into daddy's jeans pockets, and then we lose track of who has what. This way, we can stuff it into daddy's jeans pockets, but will know how much each child has to spend (or save, I suppose! if they don't take after us anyway).

goldenretriever Wed 08-May-13 09:26:02

Great site. My 4 yo gets a pound a week, but doesn't really understand the concept of money. This website may help

Luckystar96 Wed 08-May-13 13:54:54

I give my two their age in pocket money per month (ie, 8yr old gets £8and 13yr old gets £13 and this will obviously increase every birthday). I got the idea from someone on mumsnet actually. It now doesn't seem very much having seen what other people are giving their kids! I don't pay them for doing chores- I would hope they will do them if asked anyway! I do buy them all their clothes unless its something I don't think they need and they put their own money towards it. Also I have promised my 13yr old a laptop if he gets his expected levels at school. Sometimes a bit of an incentive works wonders! They both saved up all their Xmas money and pocket money to buy iPods, I think they have a pretty good idea of the value of money and I think having actual cash has helped ( and with their maths) smile

PuddingsAndPies Wed 08-May-13 14:15:03

I like the PMI - it is a good comparison, & the whole site looks very useful, although DS is only 4 so probably wouldn't 'get' it yet. I would use it in the future, though.

DS is expected to complete standard chores without reward, but he earns pocket money doing extra bits. For example at the weekend, he was given a small bucket, and was given £1 for filling it with weeds. He is still below the index though, with an average of £1 per week at 4 years old.

GetKnitted Wed 08-May-13 22:28:13

oops our ds (5) doesn't get any regular pocket money.... so 100% less than average

TheBiskyBat Sun 12-May-13 18:05:14

Oh dear, poor dcs. dd is 8, and gets half what the index suggests she should be. ds1 is just 6, and has just started getting £1. ds2 is 4. He gets nothing.

It goes straight into their own accounts, which I can access through my online banking if they want to buy anything. They don't have specific chores linked to pocket money but they do have their own list of jobs to do and they know that pocket money is part of the "family contract" - I have used that phrase before - they help out, and in return they get money.

Wuldric Sun 12-May-13 19:11:14

I'm surprised at you MN, I am really

What is this site? Why is it needed? How does it help?

FWIW both DCs had online accounts for spends from 13. DS (13) gets £50 a month and his phone contract. DD (15) gets £75 a month and her phone contract.

We manage their savings. Gawd knows what would happen if we didn't.

Pocket money is not linked to chores. They are expected to do chores and muck in because they live here.

Roseland Sun 12-May-13 19:16:14

I like the website. We haven't started pocket money yet as DC1 is only 3 and really doesn't understand the concept of money. We will rethink when he is 4.

It won't be linked to chores as I think that is something that should happen anyway (and is already encouraged) as he is a member of the household. We will probably start him on £2 so he will be over the index.

Bakingtins Sun 12-May-13 19:24:22

My DS1 is 6 and he gets £1 a week - we have been using Roosterbank or we'd tend to forget to give it to him and we'd lose track. We don't link pocket money to chores, though he is expected to help round the house a bit. We started pocket money when he started school. We like Roosterbank because it has given him the idea of saving for something, or only being able to have it if he has enough in his pot.
It seems we're a bit mean as the average for his age is £3, which presumably means some 6 yr olds get a lot more than that confused.
We buy him 100g of pick and mix sweets on a Saturday in addition to his pocket money, which I guess bumps it up to £1.80!

soundstrue Sun 12-May-13 20:05:58

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

They get money to put in their 'piggy bank'. No, they don't have to do anything. They're still young, 6,5&3

~ Are your DCs on par with the Index, above or below?

Below the index. Only £1. I think that's plenty at this age.

is1 Sun 12-May-13 21:00:41

Website looks good but I am trying to limit the amount of time the DCs spend on the Internet so it wouldn't really help with that!

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

Chores, keeping room tidy

~ Are your DCs on par with the Index, above or below

Below

yawningbear Sun 12-May-13 21:06:50

I hadn't really given pocket money much thought yet as DC's are only 2&4 but I do like the look of the site and would maybe use it with them in the future. It has made me think about when we will start giving pocket money, maybe at 5, and probably only a £1 to start with. So we would be under the index. it would be good for DD to start to understand the value of certain things as she has no clue.

I am also not sure about it being linked to chores. They don't have any set chores at the moment although they can be helpful but they often will make more mess in the process of being 'helpful'. I think I will introduce the concept of set chores but not link to payment or pocket money.

arcticwaffle Sun 12-May-13 21:20:56

My 13yo and 11yo are about average on that index. For that they have to do a daily chore (emptying the dishwasher, hanging up washing, hoovering).

9yo is on a lot less than the average 9yo but she can't bear to save, money burns a hole in her pocket so she has to spend it as soon as she gets it, on any old rubbish. If she had a bit more restraint I might give her more. She's supposed to do a daily chore too, like the others.

dc do get given quite a lot of money at birthdays and christmas by relatives. And they can do more chores if they want more money but the older two are quite good at saving money and they don't run out.

Hopezibah Sun 12-May-13 21:30:48

My poor boys hardly get any pocket money compared to the index. I offer them 50p a week but they must be good to earn it. They tend to earn actual treats instead eg a magazine each month (but that still works out less than the average in the index).

I do give them the odd chance to earn more with certain chores if they need doing.

Reward chart usually equates to time on the computer rather than money.

If they are good for their music lessons then they get to choose a toy up to the value of around 5 or 10 pounds once every term. But again I hold onto the money and then buy the prize for them.

Tistheseasontobedramatic Mon 13-May-13 00:37:37

Dd is 10 and earns £5.00 pw. All money earned is chore related- feed cat, tidy room, help with general housework and get homework done without a fuss. If she slacks the amount given is reduced. We've been doing this for about 2yrs and its working really well.. She spends her earned money very wisely and has turned into a regular little saver grin

bellabelly Mon 13-May-13 00:53:45

~ 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. Their pocket money is from their grandparents. We do not make them do anything to "earn" it.

~ Are your DCs on par with the Index, above or below?
They get £2 per week each, so below the average.

ArtsMumma Mon 13-May-13 02:12:54

My son is only 3 so has no real concept of pocket money. we do feel it is really important he has some idea of the value of money, especially as he likes to ask for so much when we are shopping. sometimes if we go shopping I give him a pound coin and let him buy anything he can afford. if he chooses too much he has to make s tough choice. not only has it taught him to make the best choices, it also gives him a sense of independence and responsibility. he did buy a pastry brush once which was quite odd... grin

samuelwhiskers Mon 13-May-13 08:16:23

The index is pretty accurate except my DCs have their pocket money monthly (like in the working world) and have to budget weekly to make it last. They buy sweets out of it and save for electronic games, songs on itunes etc. Part of their monthly pocket money they save but so far have never dipped into their savings to buy anything (they are 13 and 10). They do chores for extra pocket money but not that frequently so maybe we give too much - £2 above index for age.

prakattack Mon 13-May-13 10:31:10

Looks like a great site! I'll definitely be exploring it more when the time comes to start pocket money with my two.
Haven't decided when to start with my eldest. He'll be 4 in a couple of months. My head says 5 would be a good age to start but then, he starts school in September and it might be nice to start then... decisions, decisions!

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

dotcomlovenest Wed 15-May-13 19:13:50

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.

PracticallyPerfect Mon 20-May-13 18:20:58

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.

manfalou Thu 30-May-13 10:22:13

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

TheFlipsideOfTheCoin Thu 30-May-13 13:24:12

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.

mandydave3 Thu 06-Jun-13 19:04:33

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

BlackeyedSusan Thu 13-Jun-13 14:42:39

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.

BlackeyedSusan Thu 13-Jun-13 14:43:02

they are 6 and 4 (oops forgot)

VirtuallyHere Sat 15-Jun-13 21:09:46

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.

beautifulgirls Sat 15-Jun-13 22:15:15

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.

grassroots Mon 17-Jun-13 11:56:43

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!

makemineamalibuandpineapple Thu 11-Jul-13 20:59:22

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.

pussinwellyboots Fri 12-Jul-13 06:43:48

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.

VestaCurry Fri 12-Jul-13 07:20:18

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.

Letitsnow9 Thu 18-Jul-13 16:08:52

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

ratbagcatbag Mon 22-Jul-13 15:01:09

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. smile

littlemonkeychops Mon 22-Jul-13 22:47:32

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).

steppemum Mon 22-Jul-13 23:16:06

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'

Tyranasaurus Sat 27-Jul-13 15:21:26

looks about right to me

Celesse Tue 30-Jul-13 13:44:42

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.

lolancurly Wed 31-Jul-13 12:38:59

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!

Elainey1609 Tue 06-Aug-13 22:49:20

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 .

lpickrell Thu 08-Aug-13 18:27:43

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.

lpickrell Thu 08-Aug-13 18:28:35

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.

VileWoman Sat 10-Aug-13 22:21:56

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.

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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