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What’s best pocket money wise?

(9 Posts)
namechangedcausebored Sat 11-Aug-18 14:30:37

What do you think works best pocket money wise? A set amount when set jobs are done for the week - or pay per job? Currently I ask them to do something and they’ll do it and give them money when they need it. But as someone who had no money sense when young, I would like them to learn to budget and save and plan from an early age. Kids are 6-13. I’m currently thinking pay per job as it encourages them to want to earn more. Let me know what has worked best in your family!

ignatiusjreilly Sat 11-Aug-18 14:45:33

In our family, pocket money isn't tied to jobs. So they get it every week regardless of behaviour/jobs done.

It's important they learn how to handle money, so I don't want it to be an optional thing that they can decide not to bother with.

Also they have to do their jobs around the house because they're part of the family, not because they fancy extra money.

But different methods work for different families.

namechangedcausebored Sat 11-Aug-18 14:59:47

Yes, they all do a fair bit, but I just haven’t given them pocket money, just cash when they need it. I suppose I’ve been lazy and just not bothered planning their financial education.
Current jobs done are windows, hoovering, keeping bedrooms tidy, garden work, setting the table etc - we all chip in to attempt to keep the house tidy! Eldest two get their phones, hobbies, school food, travel etc paid for. I give them money if they are heading out with friends - train/snack/cinema etc
I would just like to change the system a little to help them with their financial education

WorldCupWidow Sat 11-Aug-18 15:25:51

We use a go Henry card, they get a set allowance each week and then we can put jobs on it with a price that they can complete to earn extra.....all online and then they can use the card in shops / at cash point.

FrancesFryer Sat 11-Aug-18 15:30:58

My are adults now but if i had my time again I'd give them everything they needed to spend each month. So bus fares to school, club subscriptions etc and then a "pocket money" amount on top and teach them to budget so they had enough to pay for all they needed to pay for.

Spending money is what's left after all essentials

Bumply Sat 11-Aug-18 17:38:21

Another who uses goHenry with £5 a week guaranteed (Ds2 is a teen) plus extra if he does chores.

I introduced pocket money when Ds1 was about 3 or 4 and would chivvy to buy magazines with toys on the cover, or the toys in the vending machines in the supermarket. He would beg, beg, beg to be bought something each time and be upset if I wouldn't.
When it was a case of using his own money to buy trash (and learn the lesson of finding something wasn't worth the money) or decide not to waste his money it made life so much easier when shopping.

The GoHenry card lets you set limits of how much they can spend (in one go and/or over a period of time) and where (eg restrict online and only allow high street spends) and I can top it up if he has an emergency (eg taxi home if missed last bus)

Starlight345 Sat 11-Aug-18 17:49:35

My Ds gets £2 a week paid into his bank.
He does jobs because he is part of the family.

I know now he is going up to high school lots of parents are giving a weeks dinner money to manage . I don’t think my Ds is capable yet but will be something to work towards.

namechangedcausebored Sat 11-Aug-18 22:55:32

I tried Osper originally with my eldest, but he wasn’t keen. He prefers to physically have the money rather than it being on a card. He feels that he can budget it better that way. I suppose I’m just trying to organise my rather lacksidasical system or evolve it to something that is more financially educational. I’ll stick with the physical cash rather than bank cards for now and start a list of jobs they can earn extra money doing over and above the usual expected chores.

namechangedcausebored Sat 11-Aug-18 22:56:35

To be fair they aren’t particularly naggy kids, they understand no means no if they ask for something.

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