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Talk to about pocket money - great prizes to be won

(214 Posts)
TheOtherHelenMumsnet (MNHQ) Fri 26-Apr-13 09:48:43

The online pocket money site just released their first Pocket Money Index and they want to know what you think about all things pocket money.

Here's what they say about it: "The PMI is a fun glimpse into the habits of young pocket money earners on with some surprising results. Families give pocket money differently and ultimately it's up to you as to how you approach it. can help provide some structure along the way."

Please do take a look at the index and post what you think about it on this thread. If you give pocket money on a regular basis, would also like to know:

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

~ Are your DCs on par with the Index, above or below?

Every Mumsnetter who posts on this thread will be entered into a prize draw to win a first prize of a £150 Amazon Voucher and four runners up will win £20 vouchers each. also have an exclusive offer for Mumsnetters - please do take a look at how it works and sign up here.

Thanks and good luck with the prize draw!

whattodoo Sat 27-Apr-13 10:16:07

Crikey, DD is 5 and I haven't even thought about giving her pocket money.

She does little jobs around the house ('dusting', putting clothes in was basket, etc) but these are just part of her role within the family.

We buy her treats from time to time, but she earns then via her reward chart.

Having read this thread and looked at the site, I realize we should be giving her pocket money as a tool to learn about budgeting, saving, value of money etc.

TheImpossibleAstronaut Sat 27-Apr-13 10:39:43

DD is 5. She gets a maximum £1.75 a week depending on chores, so is below the average. We have a chart which shows how much each chore is worth. A lot of the chores are ones DD does automatically, so she always gets something.

The amount of money doesn't bother her. She is thrilled to be getting money and saves it up for months on end, usually until the jar can't fit any other coins. We do still give her occasional treats if she's been very helpful. Her favourite things to spend the money on are lego and art supplies.

LadyMountbatten Sat 27-Apr-13 10:45:02

i am aghast that you all have such formalised systems
I have three sons 14, 12 10 and its very ad hoc. IMo unless you are going to REFUSE to buy them certain things. IME mostly parents do anyway, thus rendering pocket money pointless.

H once suggested that weekly pocket money for KS2 kids should be enough to buy a magazine and a packet of sweets, which I agree with.

as it is s1 gets about $50 (SOrry no pound sign on this laptop!) every half term and s2 gets - well I dunno, money when he needs it, which isnt often.

s3 gets none.

DalstonShoes Sat 27-Apr-13 11:49:02

Mine are 17mo, 5 and 6. None of them get anything and I have no intention of changing that for a while. They can learn the value of budgeting when they're much older. I love their innocence around money and they enjoy things for what they are not what they cost.

We also buy them things when they need it and get them treats when we feel they've earned it. Every now and then my mum gives the older ones a tenner each and we'll let them choose something but that's maybe twice a year.

NorkyButNice Sat 27-Apr-13 13:04:16

DS1 is 5 and doesn't get any pocket money as of yet - neither does DS2 who is 2. We put all of our loose change (10p and under) into their money boxes and pay it into their accounts regularly, they could theoretically use it to buy toys etc but never ask for anything. I'm sure it'll change soon...

SunshinePanda Sat 27-Apr-13 15:29:25

Think my DC are about on par with national index, especially if you we're to include birthday and Christmas money. Seriously considering Internet banking for them now, with debit card, after reading Mrs Bartlet's post. Does anyone else do this and is it with HSBC? Sounds a great idea for Kindle books and I tunes etc.

lorisparkle Sat 27-Apr-13 21:26:49

Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

General good behaviour is expected with basic helping out (e.g. taking out plates, tidying up, etc) - however extra special behaviour, extra special helping out gets extra pocket money. They also have to contribute (5p) towards batteries for toys and to have toys fixed! We really want them to get the idea that you can earn money, save up for things they want and that you have to pay for things.

Are your DCs on par with the Index, above or below?

Much much lower. We give 10p per year at the moment so DS1 gets 60p, DS2 gets 50p and DS3 gets 20p. DS1 gets 50p per tooth.

The children really love the idea of money and my DH does 'coin swaps' were they have to give him the right amount of coins to get a 'one hundred p' coin or if they are really lucky a 'two hundred p' coin. Great for learning coin recognition and for learning equivalent exchanges. DS1 in particular loves counting his money and has been desperately saving to get 'one thousand pennies'!

The site looks interesting but at the moment we like the real thing!

Lifeisontheup Sun 28-Apr-13 16:12:46

My DC's didn't really get pocket money when younger but they seem to have a very good attitude to money. Two thirds of the way through degree courses and they still haven't been overdrawn. I pay for rent and that's it. Everything else is their problem.
At school I gave money for cake sales etc as I would have bought my own cakes if I'd been there but was at work. Other than that they had approx £30 a month from about 14 and that had to cover entertainment and sweets etc. Clothes etc I provided but they had to be needed and approved by me, fortunately none of them are fashion victims so it wasn't an impossible burden.

CharlotteBronteSaurus Sun 28-Apr-13 16:21:03

dd1 is 6, and gets £1.50 per week, so is a tiny bit behind.

she doesn't have to earn it by doing chores. No-one pays me to do chores, and offering payment implies she has a choice to do them or not, which she most certainly doesn't.

when she first got pocket money, it burned a hole in her pocket very quickly. she's now beginning to learn the benefits of saving some, and of comparing prices to get the best value for money. i think the site could definitely helps as she gets older, and maybe has a bit more money of which to keep track.

the Lego shop does very well out of dd1 as well.

We've got teens and since they were around 15 and 13 they have had an allowance of between £20 to £30 a month, to cover trips out, non-essential clothing, CDs and basic crap. We buy toiletries but not make up for them, and pay for their phones, travel etc. Now that they are older, we sometimes slip them an extra fiver or so if they are wanting to go to the cinema or out for a meal.

We also add to savings accounts for them.

I suspect we save a bit more for them than perhaps some of their friends' parents do, but that some of their friends get much more disposable cash than ours do. We do try to encourage them to be quite frugal, so eg a filter coffee from Pret (99p) rather than a coffee from Starbucks (at least £2.20) or to go to the cinema on two for one nights etc.

Boggler Sun 28-Apr-13 17:19:00

My DS (9) gets £2.50 per week so he is below the average shown on roosterbank blush

To get his picket money he is responsible for putting the recyclables into the correct boxes - he actually really likes doing this so it's not too onerous a chore.

I'm not sure if we would use roosterbank as he tends to like cash and he knows to the penny exactly how much is in his wallet any time.

CheeryCherry Sun 28-Apr-13 17:31:10

My three teens are well below the index but I won't be telling them! They get £10 a month but get their phone contracts paid for too. They keep their rooms tidy (supposedly) and do jobs around the house when asked....not sure if that's part of the pocket money rule or just house law! Like the site, but may put ideas in a child's head if they get less money than the index.

LineRunner Sun 28-Apr-13 18:38:46

It really depends what's included. My two teenagers get a monthly allowance, within which is a certain amount for fripperies which I suppose is 'pocket money', of £10 a week. Round here that's one trip to the cinema.

nowwearefour Sun 28-Apr-13 18:54:55

To me the amounts in the index look v high and I think it is coz Christmas and birthday money is included. Pocket money is weekly or occasional money not gifts. So my dds (7 & 5) are below the average but I don't believe it I am afraid. Well presented and clear though!

sinpan Sun 28-Apr-13 18:59:13

I'm a bit torn on this one. Roosterbank looks like a good idea and I applaud anyone doing anyting innovative on the internet. But really do we have to commodify everything and leave a trail across the internet, down even to the level of kids' pocket money?

Also, what is the point of the conversation? Will you be analysing the data from the thread or is the point of it just to draw attention to the website?

YoniFoolsAndHorses Sun 28-Apr-13 19:24:02

My 10 year old gets £1 a week (so way below the index). She does not have to so any chores for that and nothing is ever docked. Why not be linked to chores? I expect her to help as a matter of course! Not for money!

Dededum Sun 28-Apr-13 20:08:53

Ds1 (11) £3.50
DS2 (9) £3.00

No chores required, DS1 spends on Aps and DS2 iTunes music as required.

jamaisjedors Sun 28-Apr-13 20:27:24

The DS (8 & 6) get 2 euros each, so below the index.

They have a list of jobs to do and must do 15 over the week to get their pocket money.

The jobs include laying/clearing the table, making their bed, tidying, feeding the chickens, putting the bins out, and getting the post.

We don't dock their pocket money but they don't get it if they don't do their jobs.

youmaycallmeSSP Sun 28-Apr-13 20:41:03

3yo DS gets 50p a week. To get that he has to take off his shoes and put them on the shoe rack when we come into the house and put his own clothes in the laundry basket after his bath. Nothing too taxing... We're just trying to get him into the idea of work = money to spend and how to make simple money-for-goods transactions.

On the index the average 3yo gets £1.22 a week so we're positively stingy in comparison! I'm not at all fussed about that as he doesn't have to pay for anything he needs or any of his leisure activities. As he gets older we will give him more responsibility for the money we now spend on him.

Generally, I like the look of the site. It's quite fun!

Hedgepig Sun 28-Apr-13 20:54:32

DS1 get £3 per week and for this he has to put his clean clothes away in the draws and wardrobe. If he doesn't put his clothes away he doesn't get the dosh. Unfortunately he has never bee motivated by rewards (stickers, things, money) so quite often he doesn't get any pocket money but doesn't seem that fussed tbh

HazelDormouse Sun 28-Apr-13 20:56:35

Ds (3) does get weekly pocket money from his grandparents. He is just below the index for his age. In order to get this 'pocket money', he only has to visit his grandparents at the weekend. We don't give him regular pocket money, however, we do allow him to spend vouchers which I get from doing surveys (Rather irregular). This will probably change to 'pocket money' when he is a little older - probably 5 and I would envisage that he would have to do chores for this. Money from relatives at Christmas and Birthday goes in a savings account.

kissmyheathenass Sun 28-Apr-13 21:33:47

ds, 12 gets £5 ONLY IF he keeps room tidy and puts dirty clothes in laundry, helps lay table and a few other chores. I frequently forget to give it to him and he will suddenly demand 4 weeks pocket money he is owed shock. He wants £10 when he reaches 13. He saves every penny!

Dd, 8 gets £1.50 and dd6 gets £1. Feel a bit tight now looking at averages. They do get plenty of treats from grandparents too though. Dds spend their pocket money in gift shops etc. mainly on plastic crap that doesn't last.

ProtegeMoi Sun 28-Apr-13 23:03:51

My 9 year old receives £3 a week and my 10 year old £4 a week. We start pocket money at age 8 and it increases by £1 on each birthday. Pocket money is linked to chores in that money is deducted for chores not done.

Prawntoast Sun 28-Apr-13 23:53:19

Quite interesting to pop on that site and see what the going rate is for chores, I think I may be being rather generous at £5 for a car wash, but she does do a pretty good job.
I pay DD a monthly allowance of £30, she is 12, so gets slightly above the going rate by the looks of it. She doesn't have to do chores for the allowance but does have to pay for lost items out of it. If she wants to earn extra she washes the car or does the hoovering.
I still buy most of her clothes, she pays for the "accessories", she likes to swap the cash for an iTunes voucher now and again.

Waferthinmint Mon 29-Apr-13 06:57:21

Message withdrawn at poster's request.

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