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pocket money for 5 year old

(15 Posts)
time4tea Mon 01-Jun-09 22:08:51

Hello

any tips on appropriate level, how to present the issue, use money, etc? DS1 aged 5, likes looking at money now and again and jingling it in his pocket. says he would like to have a bit of his own for toys (nothing specific, although he likes browsing toy shops)

how have others dealt with this?

X thanks

T4T

LovelyRitaMeterMaid Mon 01-Jun-09 22:10:07

DS is 5 and has been getting £1 a week for a few months. He either spends it on something like gogos or saves up a bit and gets some lego.

It seems to be working quite well at the moment.

Biglips Mon 01-Jun-09 22:11:27

wow!...pocket money for a 5 yrs old!. is this true? as my dd1 who will be 5 in oct has always got her piggy bank full cos she finds money around the house all the time grin

FrannyandZooey Mon 01-Jun-09 22:13:13

i give ds1 £1 a week
he has one of those savings banks where it sorts the coins and you can see them mounting up (they give you one if you open child bank acc at the halifax)
he goes through phases of spending it every week (toy cars popular but ANYTHING would do really as long as it is £1) then saves a bit and looks through catalogues
he recently bought a pocket microscope which was very cool!

oodlesofpoodles Mon 01-Jun-09 22:14:58

My ds has just started getting 50p a week. its only been 3 weeks and he can't quite understand why he can't buy a massive toy yet. He has bought 1 hotwheels car and says he is saving up for a monster truck (£20- only 40 weeks to go grin). I think in a month or so he will have a better understanding of how muchs its worth and what things cost etc. He knows that gogos is 2 weeks money and a car is a bit longer.

oodlesofpoodles Mon 01-Jun-09 22:15:44

He was 5 two months ago

ChasingSquirrels Mon 01-Jun-09 22:16:29

ds1 has had £1 a week since he was 4y3m. He is now 6y. Since his dad and I separated he now gets 50p a week from each of us so he has some money at each house.
He generally saves it for lego or similar, although he did go through a phase of buying go-go's.
He very quickly decided that he didn't want tat if he had to spend his own money on it.

Twims Mon 01-Jun-09 22:16:53

I'd say 50p for a 5 year old if at all.

LovelyRitaMeterMaid Mon 01-Jun-09 22:17:31

grin at the gogos and lego similarity of my DS and Chasing Squirrel's DS1

ChasingSquirrels Mon 01-Jun-09 22:19:20

although he has recently transferred his allegience to Gormiti's.
And he if he saves up alot we put some in the bank, he is V V impressed at earning interest.

Biglips Mon 01-Jun-09 22:19:56

oodles -wow very impressed about your ds saving up for the monster truck. grin

i was expecting the pocket monies come in ALOT later like my age when i was 14!! (am i so out of tune! blush)

oodlesofpoodles Mon 01-Jun-09 22:20:47

We started doing it because ds was minted because he got lots of cash for Christmas, then chinese NY, then his b/d so he was just spending it randomly on crap. We put all his money in the bank and decided on 50p a week so he can save up for stuff and learn to manage money a bit.

lizziemun Tue 02-Jun-09 08:32:26

Do your children do chores for their money or do you just give them pocket money.

Or am i just a horrible mummy grin as dd1 is 5.4yrs and to get her £1 a week she has to put her dirty washing in her wash bag and take it to the washing machine on wash days. And lay and clear the table for her and dd2's dinner.

oodlesofpoodles Tue 02-Jun-09 09:28:47

Mine gets pocket money for nothing. He has to do chores regardless. I don't want them to think that the only reason to help out and contribute in the house is because you get paid. dd does chores (badly)but she doesn't get pocket money yet.

cory Tue 02-Jun-09 10:10:50

we started pocket money at the start of Yr 1 for both children

50 p a week, rising to 60 by Yr 2. No chores tied to money.

both dcs now quite good at saving

dd (12) gets a £10 monthly allowance

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