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Pocket money for 4 and 5yo?

(14 Posts)
xmyboys Mon 10-Oct-11 14:20:24

Is it time I should be doing this?
Kinda sick of hearing 'can we buy that' whenever they see something they like.
If so, HOW do you do it? And how much?

redskyatnight Mon 10-Oct-11 14:22:43

I wouldn't at 4 and 5 as they just won't understand the value of what they've been given. You'll give them 50p and they'll want to buy a £30 box of Lego and not understand why they can't.

sausagesandmarmelade Mon 10-Oct-11 14:25:20

I don't see why not.

Teaches them the value of money...and to save for things that they really want.

How much you give is completely up to you of course....but I personally wouldn't give more than a pound or two to a child of that age.

What if they want to spend it all on sweets though, instead of saving?

picnicbasketcase Mon 10-Oct-11 14:26:44

Are there any little bits of housework they can help you out with and earn some money that way? If they are trying to save for up something you could do that. I think they're a bit too young to just have pocket money as a regular thing.

TheTenantOfWildfellHall Mon 10-Oct-11 14:30:23

Our DD is 5. She has 25p pocket money a week that she puts into her purse and uses to buy sweets after ballet on a Saturday morning.

She understands that she needs to hand over money in exchange for the sweets, she understands that if she gets change she can put it back into her purse for next week and she understands that she cannot spend more money than she has in her purse.

She has just started year 1 and they have been doing a lot of work on recognising coins and paying in the class shop. She enjoys doing this, recognising the coins, talking about the money.

Pocket money is brilliant for this sort of thing but at this age, they won't be able to understand much more than this. HTH

looblylu Mon 10-Oct-11 14:32:42

DD is 5 and gets £2 a week (reduced to £1 if she does anything naughty!)
She's recently started to ask questions like "How many weeks will I need to save to buy XXXXX?" and making observations like "I would have to save up lots of money to buy that wouldnt I mummy?"

When shes saved up a bit we go shopping and its wonderful to see her doing the maths to work out what she can buy (and then asking if she could possibly have next weeks pocket money now and none next week as shes £2 short!).

Children will never understand the value of money without being given a chance to actually handle some. smile

HeadlessForHocusPocus Mon 10-Oct-11 14:42:22

Mine start getting pocket money once they turn 5, They get £1 a week at 5 and it increases by 50p a week every birthday.

GalaxyWeaver Mon 10-Oct-11 14:44:10

Message withdrawn at poster's request.

iwouldgoouttonight Mon 10-Oct-11 14:51:11

DS has recently turned 5 and we've started to give him 20p if he helps with things around the house. We kind of thought it would help him to realise that you have to earn money, and also help with understanding coins and the value of things (he's starting to learn about money at school this term too).

Its going ok, although he does sometimes empty all his toys out over the floor and then tidy them away thinking he has done me a favour and can get some pocket money. He also thinks that getting 20p every so often means he will have enough by Christmas to buy a toy he has his eye on which costs £120.

Think we may need to do a bit more explaining!

VikingBlood Mon 10-Oct-11 14:58:29

Never gave DS (now 9) regular pocket money, only gave him presents at Xmas and birthdays, and he quickly realised that if he wanted toys at other times then he needed to save up. Now every time grandparents etc give him spending money, he squirrels it away and only very occasionally buys himself stuff. In fact he's far more responsible with money than I am.

He has a secret (he doesn't know about it) bank account which we put money in every month, we'll give it to him when he's older (not fixed an age yet).

xmyboys Mon 10-Oct-11 21:58:14

Thanks for the replies, think we will give it a shot. Just need to work out how much? If I do £1.00 it sounds like a lot but if it means I am not buying them things during the week it will be cheap grin

SpectralHarrassmentPandaPop Mon 10-Oct-11 22:00:48

I've done pocket money for dd from 3. She doesn't understand the value of money but she knows when it's gone not to ask for any more toys/magazines etc til pocket money day. She also asks me how much she'll have left if she wants to buy something and if it is early on in the week she won't spend it all so she sort of budgets as well.

SpectralHarrassmentPandaPop Mon 10-Oct-11 22:03:31

DD gets a fiver but is is dependant on good behaviour! Sounds loads but some kids magazines cost almost that and she sometimes saves a bit.

norksinmywaistband Mon 10-Oct-11 22:06:43

I give my 5 and 6 yr old £2 a week each
but, they have penalties, it their jobs are not done then each time missed for each job they lose 10p, tally kept on fridge door.
Jobs are really simple, dirties in laundry basket, washing up in sink, coat and shoes put away.
Works for us and they remind each other not to forget their jobs or they will get a penalty.
They are beginning to learn how much things cost as well and the eldest will practice her maths telling her brother how long it will take to save up for his various wants from the dreaded argos catalogue smile

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