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Pocket money for a 5 year old - thoughts?

(19 Posts)
evertonmint Sat 20-Apr-13 09:05:36

DS has just turned 5. He is obsessed with Lego and has a long prioritised list of all the Lego he would like. We don't buy toys other than at birthdays and Christmas, and grandparents don't buy toys for him outside these times either, so there is now a long wait before he has the opportunity for anything new.

He is also just starting to understand the concept of money. The other day he started a discussion about what you could buy for £100 - was surprised you couldn't buy an aeroplane or a house for that and surprised when I talked about how much our food cost.

Given these two things, DH and I were just discussing whether this might be an opportune moment to start teaching him the power of saving by giving him a small amount of pocket money to save. But at the same time, 5 seems a bit young for pocket money.

Any thoughts? When did you introduce pocket money (at a particular age, or when they started to understand money?)? Is it linked to chores (we like that in many ways, but also worry that he would then think every chore has a monetary value rather than being something that just needs to be done)? Or could we do an ad hoc, give him a few £s when he has done something particularly helpful type of thing rather than an expectation that there will always be money for chores.

We will probably do nothing, but just wondered if we should be seizing the moment. Interested in your thoughts/experiences.

thereinmadnesslies Sat 20-Apr-13 09:16:20

We have chickens, so from age 5 DS has sold the eggs to friends - in actual fact we do most of the chicken stuff, but he might out the eggs into boxes and write a label. He gets all the egg money as pocket money, so £1-2 per week. It's definitely helped with the concept of how much things cost, although now everything in priced in eggs eg "the Lego train would be 26 boxes of eggs etc". He can spend the money as he wants, although actually he seems to like keeping the money in a tin and counting it.

noisytoys Sat 20-Apr-13 09:30:48

I have 2DDs age 2 and 4 and they get half their age in pocket money so the 2yr old gets £1 and the 4yr old gets £2. Every birthday it goes up by 50p

evertonmint Tue 23-Apr-13 13:09:47

Thanks! We were thinking that if we do it it would be tied into a specific job like you therein so he doesn't start to monetise every chore. And seems that £1-2 is reasonable if we do it.

Still deciding!

Tournesol Tue 23-Apr-13 20:23:40

My 5yo and 3yo get up to £1 a week but it is dependent on good behaviour. No set rules but I just try and think about if there are any issues that need working on like if they have been fighting lots then I might dock them both 20p and use it as an opportunity to lecture talk to them about why fighting is bad.

It is amazing the motivating power of pocket money, they are always so well behaved on a Friday (pocket money day)!

kneedeepindaisies Tue 23-Apr-13 20:26:29

Ds2 is 5 and we've just introduced pocket money at £1.50 per week. Just for things that he should really do like staying in bed at night etc.

I did add the extra 50p on this week as an incentive to wear his goggles at swimming. Hopefully it works smile

LillianGish Tue 23-Apr-13 20:35:56

I started pocket money round that age - £1 if they made their beds, opened their curtains and put dirty clothes in the laundry basket at bath time. Small, simple tasks which they were easily capable of and saved me a job! They still do those things automatically to this day (now ten and 12). It is a great way of teaching the value of money - with £1 they couldn't buy much, but I always felt it was a good test to see if they really wanted something - were they prepared to pay with their own money!

beachyhead Tue 23-Apr-13 20:49:33

God, we started at secondary schoolgrin same time as getting a phone!

My 7 year old swipes change off the dressing table sometimes and then pays her 12 year old brother to buy sweets for her!

JiltedJohnsJulie Tue 23-Apr-13 22:15:27

My dd is 5 and gets pocket money because her elder brother does and I'd like to watch you explain that she couldn't have it

She gets 50p a week which she usually saves but will occasionally take £1 to the local shop and ask me the price of every chocolate bar and bag of crisps treat herself to something.

She doesn't have chores but does help to look after her pet.

girliefriend Tue 23-Apr-13 22:19:48

My dd has a reward chart and when she gets about 10 gold stars she gets £1 !!!

She is saving up to buy a car at the moment - she has £8 grin

Stopsittingonyoursister Tue 23-Apr-13 22:24:09

My DS1 aged 5 gets pocket money for good behaviour. £2 per week as long as he behaves at home and at school, with an extra 20p if he does really well at something eg he wins a gold start at school.

Since he has started getting pocket money, though, he was turned into a tightwad - he doesn't want to actually spend his OWN money on anything, just mine and DH's money!

jamtoast12 Tue 23-Apr-13 22:38:01

I'm not a fan of pocket money for young kids. It mudt depend on area as i dont know anyone who does it for primary!

Mine are 6&8 and I kind if think I shouldn't have to bribe them for anything - they should do as they're told!!! Plus I'm not sure I'd agree with what they'd want to buy and that can cause more rows it its 'their money'

Jojay Tue 23-Apr-13 22:41:25

Mine are 6 and 4 and get £1 a week each. They have autumn birthdays so after Xmas it's a long time until they get anything again.

It's not tied to chores or behaviour though, I deal with that seperately.

valiumredhead Wed 24-Apr-13 13:40:21

Ds had £2 per week from the age of 6 and becasue of it he really knows the value of money and about saving up for things etc.

He is 11 now and still gets £2 a week - perhaps it's time for a rise...

evertonmint Wed 24-Apr-13 14:26:09

Jamtoast - I kind of agree. Really don't want to link it too closely to behaviour as i feel that should be independent of money. But useful for him to start understanding money and power of saving guven he is receptive at the moment.Trying to think of a specific task that he can own and earn money for and then deal with day to day behaviour and chores as we currently do.

Thank you all for your thoughts. Interesting that so many of you do give pocket money at this age. I really thought it would be unusual!

valiumredhead Wed 24-Apr-13 17:40:51

I link to to behaviour, it works well. Ds will get a pound a week regardless and the other pound is up for negotiation.

valiumredhead Wed 24-Apr-13 17:42:26

Ds's tasks at 5yrs were -

Lay and clear the table
Clothes in the laundry basket
Make his bed

Behaviour - money could be docked, usually 5/10p at a time.

OvO Wed 24-Apr-13 17:53:42

My boys are 8 and 5 and get £2.50 a week.

They don't have to do chores as chores are done anyway as we all have to help out in a family. (can you tell I've said that 2873636 times?)

They get the money and it's not linked to behaviour either as being good is its own reward. wink

BUT everything has to come out of their money. Any sweets they have to pay for. Toys have to be saved for.

It has worked really well. We have a chart where they have to document every in going and out going. They now think first about buying stuff and it has really helped them understand the whole money/saving thing.

atara Wed 24-Apr-13 18:01:18

My ds is 4, he doesn't get pocket money as such, but if he helps tidy his toys or helps putting the shopping away or any household chore then he gets a few chf for his money box. Usually if he sees loose coins around he asks if he can put them in his moneybox too!

When it comes to emptying the moneybox then dh and I put all the loose change from our purses/wallets in too so he can afford to buy what he really wants (usually star wars related!).

He doesn't know the actual "real" value of money, but he is 4 and money for doing chores helps him understand the concept.

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