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to think that pocket money should be given.

(8 Posts)
dowhatnow Fri 01-Jul-16 13:43:17

Following on from another thread about mobile phones, AIBU to think that giving pocket money is a good idea from a very young age? It seems that some posters give money as and when it is needed, which is all very well but it doesn't teach children about budgeting and saving, especially as they reach their teens.

I know that mine think a lot more carefully about whether they really want or need something if they are paying for it themselves.
I think they also value something more if they've had to save up for it. It also obviously teaches them that you can only spend money once and when it's gone it's gone.

I gave a small amount when very young, which has increased as they age. DD also has a clothes allowance now she is in the sixth form so I won't be funding anything except food, toiletries and anything we do as a family.

AIBU to wonder why other people don't do this?

mrstiggy Fri 01-Jul-16 13:48:20

I agree, and we don't do pocket money. grin
I'm not sure why we never started, it just seemed easier to throw the kids a few quid when we went somewhere then have the faff of remembering to have a certain amount of cash on a certain day. Also never been sure how much money to give them. I agree it's an important skill though and one I should be helping them with.

Babysafari Fri 01-Jul-16 13:49:31

I'll be watching this closely.

Ds is always asking for things, I've been trying to do pocket money for small jobs like keeping his room tidy but he doesn't seem at all interested in the money.

NattyTile Fri 01-Jul-16 13:50:53

Some people can't afford it.
Some people believe money should be earnt, rather than handed out on a weekly basis. Others think children should learn to help out as being a part of a family, rather than for reward.

Some people aren't organised enough to have a set amount of change available every week.

Some know their children would blow it all on sweets and would prefer to not give them that option.

Some people believe handling their own money helps children to budget, others involve children in family discussions on finance, others believe money us a totally private thing for the grown ups only.

Some of our friends give pocket money, others don't. Because different families do things differently.

Fwiw a friend's child didn't have pocket money and only got a bank account when they went to uni. I was worried. Turns out that child is one of the most financially astute young adults I know. Horses for courses.

SouperSal Fri 01-Jul-16 13:51:13

We've recently started with our 5.5 year old. She gets £1.50 per week and it's completely stopped her nagging us every time we go to the shops for yet more shit toys. She loves saving it up almost as much as she enjoys spending it.

Babysafari Fri 01-Jul-16 13:52:27

I was thinking 50p a day for my 8 year old in exchange for small jobs like tidying his room, putting his clothes away, bringing the bins in.

SouperSal Fri 01-Jul-16 13:52:30

She can earn extra by doing some basic jobs but she can't often be bothered!

dowhatnow Fri 01-Jul-16 14:13:33

We've always only given a small basic rate that they got regardless.

More was tied in with tidying their room. Tidying had to be done anyway, but they didn't get it if we had to nag them. They knew it had to be done by noon on Saturday or they didn't get that element of pocket money. It saved us lots of nagging.

As they got older they got extra jobs for more money - but once they committed to doing these they were't optional if they couldn't be bothered.

They've also always had the option of doing additional jobs as a one off, to earn more. So work = reward.

baby - it doesn't take them long to work out that if they really want something then they need money. He hasn't made that connection yet.
I've always been hard, making them use their own money and asking them if they have enough money. If not it's the end of the pestering. I didn't let them buy limitless sweets with it though. That was my one no no, apart from that they could spend it on what they liked.

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