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Pocket money

(6 Posts)
wishiwasonthebeach Tue 16-Dec-14 20:22:00

I was thinking to start giving weekly pocket money to my 5 year old DS to get him to understand the value of saving for more expensive items and knowledge about money in general.

Is he too young? And what's an appropriate amount for his age?

wishiwasonthebeach Tue 16-Dec-14 20:41:06

I forgot to ask. Do you stop buying them toys at random times other than Christmas and birthday?

wishiwasonthebeach Wed 17-Dec-14 19:20:57

Anyone?smile

WiggleGinger Wed 17-Dec-14 19:31:38

This is something I have been thinking about

Dd gets toys throughout the year aswell at bday and Christmas.

Tbh I'd rather bio that in the bud now!

I think maybe earning money 5/10/20p for jobs would teach her the value if things.

Will be interested to hear other ideas.

wishiwasonthebeach Thu 18-Dec-14 08:06:33

The same here Wiggle DS gets toys at random times. I thought that if he had to save up for them and get them himself, it would teach him the value of money.

I don't want to do money for task as I don't want to end up paying for him to do simple chores that everyone in the family should participate regardless. I would rather give him a set amount weekly. But how much? And is it too soon?

WiggleGinger Thu 18-Dec-14 20:54:27

That's a good point about chores / tasks being everyone's responsibility.

I need to think about this more x

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