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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!

ScienceRocks Mon 29-Apr-13 07:34:29

My DD1 is way below average, according to the site, as she gets £1 a week. This is not linked to chores, though she can earn extra by doing extra stuff like helping to clean the car, wash up etc. things like tidying her room, putting clothes in the laundry basket, helping to set up and clear the table are part of family life, so she doesn't get financially incentivised.

She saves it and then goes to the charity shop to buy tat! When she first started getting pocket money, she wanted to buy magazines but soon realised how expensive they were. She also uses her pocket money for school discos (buying tat there, not her ticket which we pay for) etc.

Dd2 is three and doesn't get pocket money yet.

ShatnersBassoon Mon 29-Apr-13 11:18:03

My children get pocket money. £1 each per week (no chores, the £1 is guaranteed), and they get bonuses of 20p+ if they do something above and beyond eg get all their spellings correct, help each other without being asked to, do jobs in the garden.

They don't like spending their money at all. Nearly all the money they get goes into piggy banks before being taken to the bank when it's mounted up to a reasonable amount. They do take their own money on holidays though, but more often than not come back with more than half of what they took with them!

I love the look of Roosterbank. I think the kids need something more exciting than a bank book to help them monitor their savings, and realise that it's normal to buy things now and then smile

PiHigh Mon 29-Apr-13 11:20:20

Well DD1 is 6 and DD2 is 3. We don't give them pocket money yet. I seem to remember getting pocket money once I was old enough to go to the shops with my friends or 10p for a bag of sweets if I went to the shop for mum. I think we'll do similar but we live in a more built up area than my parents did so I expect the kids will get it later. We sometimes buy them an mp3 if they've been very helpful, for example.

Belo Mon 29-Apr-13 12:07:00

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

Yes, but only small tasks. They have long days with breakfast and after school club so I don't want them to do too much in the evenings. But, I'll get them to help me set the table, take out the recycling. They get the option to earn extra pocket money by doing extra studying.

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

Assuming my DDs don't do any extra school work they are well below... But, my eldest gets very slightly over if she doesn't loose any golden time at school

helcrai Mon 29-Apr-13 12:28:29

Both my DC are expected to help around the house (they are 7 & 4) by tidying their toys away and keeping their rooms sort-of tidy! They are not given pocket money but instead get bought treats such as sweets, comics etc at the weekend. They are also aware that the after school clubs and activities such as Brownies, fun club, swimming, dancing etc cost money so they get these paid for by us instead.
A family member gives them £5 each per week which we save in the bank for them so they seem to be both well above the index.

threesypeesy Mon 29-Apr-13 16:45:56

What a fantastic site very kid friendly and finally somewhere parents can go to be given an average amount for both ages and chores considering alot of us fall into the trap that our dcs use "but every one else gets..."

And after using the site it appears my 2dds are doing to little for too much pocket money (£5 each a week their 8&9 and alk they are expected to do is keep their room clean) we provide all clothes, magazines, sweefs and outings its only seen as extra for them. I will be directing them to the site and use it to make up reward chats for future pocket money earning

WeAreEternal Mon 29-Apr-13 20:57:52

My DS is 6. He has a 'weekend treat chart'.
Basically all week he earns points for being good/helpful/doing jobs/doing well at school and looses points for being naughty.
So if he does well in his spellings he gets a point for every spelling he gets right (they do 10 per week). If he tidies his bedroom he gets points, more if he does it without asking. Etc.

On Saturday we add up the points and however many he has decides the value of he weekend treat.

I prefer this method to giving cash. But if he wants DS can save his point for the next week for a bigger treat.

Usually he gets around £5 spent on him, and it is usually for a magazine and a small toy.
Last week it was garden chalks and a ben10 magazine.

brightermornings Mon 29-Apr-13 21:25:01

My dd is 11. She currently gets £2.50. It started off at £2 but she wanted to earn more so gets 50p for pairing socks.
She doesn't save any! I did get a mothers day present two packets of chocolate (both tested!).
She starts off with good intentions but it doesn't last and she can't keep hold of it.

DifferentNow Tue 30-Apr-13 09:00:16

My DC are 3, 6, 8 and 11 and we don't give pocket money. They get lots of treats and if they're given small amounts of money from relatives, ie £5 each, they can spend it on whatever they like. We don't believe in rewarding academic acheivement with money.

Dontbugmemalone Tue 30-Apr-13 11:37:45

I liked the index, I found it very surprising that children save more than their parents. It's useful to know how pocket money is being spent.

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

I haven't started to give pocket money to DS1 who is 4. I hope to give him £1 a week from when he turns 5. He saved up some pennies before and bought himself some sweets.
I won't make pocket money about earning it. I want him to do chores without the incentive of money.

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

If I give £1 a week at age 5, then my DS will be below the Index.

Rockinhippy Tue 30-Apr-13 12:02:58

Its good to see that my own DD is getting close to the average amount smile

We started DD with pocket money at 2 - but I should probably add she was a very forward 2 yr old & able to count well & even manage a bit of basic maths. This allowed her to go shopping & buy 2 things in the 99p store etc & it also allowed us to introduce the concept of saving to her. She soon learnt to save for bigger items & is still very good with money now -

I learnt this from my mother as I was given pocket money & bar birthdays etc I had to save for things I really wanted - my brother on the other hand wasn't given pocket money but usually had everything he wanted bought for him - I firmly believe this is the reason I am very good with money & my brother is dreadful with it & still often needs bail out hand outs from DPs now - in his 40shmm

We have given DD a 25p pocket money rise for every birthday, so at 10 she now gets £4 & is excellent at saving up for bigger items she wants - we do pay her weekly £3 YC fees, but if we didn't & just gave her enough to cover this & have money to spend on a magazine etc, I know she would forgo going, in favour of saving up more quickly for whatever she has her eye on.

We don't pay her for basic chores, personally I think that is teaching her a very bad life lesson - chores are something we all have to do if we want to live in a clean, tidy home, have clean washing, dishes etc - so she just has to do it - we will dock her pocket money though if she doesn't pull her weight when she's well enough to do so.

I will treat her if she works hard & does well, things like a good school report will get her a trip out to buy something

ATJabberwocky Tue 30-Apr-13 12:05:58

It's an interesting site, but I was initially confused that the bank is virtual. I'm not sure I like the idea of my DCs picking lots of items they want, although it may be useful to get them things they like for Christmas and birthdays.

dahville Tue 30-Apr-13 12:12:34

My LO is too young yet for pocket money but I believe he'll get a small weekly amount plus 'bonus' amounts for special chores. I want to encourage saving money both for the future and for special purchases.

The link was interesting to see how much kids get and save.

THERhubarb Tue 30-Apr-13 12:18:20

That is an interesting site although the link didn't make it obviously clear what it was all about. I read the stats and then thought "what am I supposed to do?" I got there in the end by clicking on the Roosterbank link at the bottom of the page.

I found the average pocket money doesn't seem to tally with the amounts they get by age? Average pocket money of just over £3 seems reasonable but I noticed that by the age of around 10 they are getting £5??? Who gives their 10 year olds £5 a week?

Anyway I like the idea behind the site, the only bugbear I have is that it's yet another computerised app when I am trying to wean mine off the computer. My dd isn't too bad but if ds goes on to check his balance he'll end up spending an hour playing games and educational or not, I would rather they didn't play games on the computer. Plus he's sneaky and protests that because they are educational he has actually been doing work which now requires him to play a couple of non-educational games as a reward. Bloody kids and their bloody logic!

I will have another look at the site however and think about signing up. I do want to teach them to save money responsibly and I'm all for anything which encourages that. The website looks to be user-friendly and fun so is definitely something the kids would enjoy doing.

Mine are not on a par with the index, no. They get pocket money for doing chores and how much they get depends on how many chores they do. I put a value next to each chore on a sheet; every time they complete a chore they put their name next to it and at the end of each week I add up the values to give them a total. It usually comes to a couple of pounds each.

My children are aged 12 and 9 and the chores we have on the sheet include hoovering their rooms (50p), setting the table for tea (30p), washing up (50p), cleaning out the hamster (50p), making the tea (50p), making cups of tea (20p), putting a load of washing in the machine (20p) and emptying the upstairs bins (20p).

They are quite lazy though and would rather do without pocket money than do some of the chores. I am quite strict though and so if all they have done is set the table for tea one day, they will only get 30p for that week. They have to learn that if they want more, they need to do more. There is the potential for both of them to earn around a fiver a week if they did all the chores and then I'd probably have to put the prices down - this is a recession after all!

Signing them up for Rooster might just make all the difference so it could be worth a shot.

Areyoumadorisitme Tue 30-Apr-13 12:41:20

I think the PMI is misleading, I don't know many people who give that much to their children.

DS (12) gets £20 a month plus £10 phone paid and DS(9) gets £15 a month, both are viewed to be very generous around here and I know they get more than most of their peers. Yet in both cases (if you ignore the phone) they are below par.

In both cases they get £5 cash on 1st of the month and a standing order into their bank accounts for the remainder of the monthly amount. That way it doesn't all get spent on sweets but they can get it out of the bank as they wish along with xmas and birthday money (but unlike money given from GP on christening/death etc).

The kids don't specifically do chores for their pocket money but there are certain expectations of help around the house, such as tidy bedrooms, playroom, clear table after dinner etc.

Whilst the site looks a nice idea, I think it'd just be 'another thing to do' and I'm trying to eliminate the 'other things to do' on my list to simplify life. Our system works well for us, perhaps roosterbank would be more useful for small children?

THERhubarb Tue 30-Apr-13 13:06:53

Areyoumadorisitme See I thought that too because the PMI does not correspond to their figures on the average pocket money rate. It also puts pressure onto parents to conform and I know if mine saw that they would want a payrise!

I would prefer to see the PMI taken off as I hate having to compare my decisions regarding my kids to other peoples. I don't mind seeing the average but not for it to be broken down into age like that. I would question those pocket money rates too.

I also read DifferentNow's post and I have to say, this isn't about rewarding academic achievement. It's about teaching them the value of money and giving them a good work ethic. If you give children pocket money without requiring them to do anything to earn it then how will they ever respect money? In my mind, you respect money far more if you've made an effort to earn that money.

If my son sees a Lego set for sale at £20 he knows how many chores he will have to do to earn that amount and what work he'll have to put into. So he realises that £20 is a lot of money.

And there is no harm in rewarding hard work at school. Not with money but the occasional treat in recognition of that hard work makes them feel appreciated and it shows you are proud of them.

mistlethrush Tue 30-Apr-13 13:19:55

Yes, DS (8) is below that level too - although as he has most things he needs, and some things he wants bought for him anyway, he doesn't really need lots. When he's older I can see a clothing allowance being helpful so that he has some more autonomy on his own clothes because I certainly won't be buying some of the things I see teenagers in - mind you he'll probably still be in comfy jeans and Tshirt then anyway....

Beechview Tue 30-Apr-13 13:37:33

My kids don't do specific chores for pocket money but they know they have to generally keep with their own chores (keeping room tidy, dirty clothes in laundry bin) in order to receive it.
I wanted to do it this way because I didn't want my children to think you get money for nothing.
I also think that children should help around the house because they live there and are part of the family and not just because they get paid for it so they also help out generally with other stuff.

They're young at the moment (under 8) but as they get older, they'll be able to earn extra by doing extra chores.

My dcs are below the index for regular pocket money though if you include birthday and other money from relatives, I think it evens out to much higher.

missorinoco Tue 30-Apr-13 14:02:24

This confirms what I previously thought - I am tight. Going rate for a tooth fairy visit in this house is £1.

I don't do pocket money yet, my olderst is nearly six. I plan to split it - half for a chore/chores and half as pocket money, with the former as an extra. I was considering £1 pocket money and £1 chore, but I thought this was excessive; again I appear to be below average. Cores could be taking the sheets of the bed, tidying the bedroom at the weekend Too scared for my crockery to let them load the dishwasher!

I like the idea of the site, but agree it adds up the pressure to conform, although the pressure is there regardless of the site, and I suspect the children will tell me who gets more than them even if noone else does.

BetsyBell Tue 30-Apr-13 16:59:55

8yo & 6yo just asked if they could have pocket money and we negotiated and decided 20p week each would be reasonable! So way below the index. However, they each get a comic a week and other magazines in the month, and they get interesting things bought for them year round. They get tooth fairy money (£1 per tooth) and they always end up with loads of cash at birthdays and Christmas which I take them shopping with and they get to decide exactly how they spend that money - that way they get to understand the concept of money. If we have days out or holidays we give them spending money. Essentially they have no need for pocket money at the moment but we've agreed to the small amount as they're interested in saving up pennies. If they want something in particular they will give me the money for it so I can buy it online or at the supermarket.

We don't make them do chores in return for money but if they want to negotiate that in future I'd be happy to do that.

They each have a bank account with some money in but it's abstract and untouched.

CheeseStrawWars Tue 30-Apr-13 17:41:28

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

No, because part of being a family is helping out. I don't "employ" my kids to do chores, it is expected they muck in.

If you pay them to do stuff, they have the choice: whether it's worth more to them personally to not bother vs what it is worth to them financially. There's always the possibility they choose the former option, and the jobs will still need doing.

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

DCs are 2 and 4 and we don't have regular pocket money, we chuck loose change in a pot which they get to cash in at the Coinstar at the supermarket; I then swap the supermarket voucher for 'real' money they can spend.

I like the look of Roosterbank though, helping my eldest in particular get to grips with the idea of saving up.

BoysWillGrow Tue 30-Apr-13 17:55:23

does my ds have to do anything to earn his pocket money?
we have an overall behaviour thing where myself and dp decide if hes been well behaved enough for a treat at the end of the week. He usually chooses a magazine, so no pocket money as such.

is he on par with the index?
Yes i guess he is, although some magazines are a small fortune.

twotrackmind Tue 30-Apr-13 18:06:46

DD isn't old enough for pocket money (22 months). I don't like the idea of paying children for chores, room cleaning etc. If you are part of the family, you should pull your weight. Paying sends out the wrong message.

Reserve the right to review this when DD is older though!

THERhubarb Tue 30-Apr-13 20:24:06

I've signed my two up and I have a suggestion to make. It would be good if we could set some chores for them to do with agreed amounts for doing them. If they did that chore, the child could sign in and check the box and an email sent to the parent to confirm and a reminder of how much we owe the child for that chore.

I sometimes forget at the end of the week and lose count of what I've given and what I haven't so this would be a good way of doing that and it encourages them to take an active role in earning their pocket money.

I also think you should cut out the chat altogether. Any chat page which involves children is asking for trouble. I know you can sign them out but I just think it's unnecessary and there aren't enough safeguards on the site to keep out undesirables. Children's chat sites are routinely targeted I'm afraid.

leanneth Tue 30-Apr-13 22:25:29

My little boy is too young to earn or need pocket money but even if he wasn't, I don't think he should have regular pocket money at the index shown! It definitely looks like far too much money! It may be worth keeping an eye on though, just to see how this changes over time.

Chores might be negotiated as he gets older as a preparation for work so he can see that work pays! Not too early though, he needs some sort of childhood first!

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