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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!

Snog Sat 12-Oct-13 12:11:34

My dd is 14 and gets £40 monthly directly into her account. This is to help her get used to having a bank account. No chores are required.
She turned down a paid ironing job for her dad (having negotiated up to £2 a shirt!!!)
I would like her to buy her own clothes (other than uniform) and would be happy to give her a budget for this but she can't be arsed to go shopping except for make up and bath products!!
She has lost her login details to the account so its not going all that well tbh.

CheekyChimpsMummy Fri 11-Oct-13 10:53:51

DS gets pocket money from Grandma. £1 per week (so below the index as he's 4) But we buy him treats, toys, clothes, magazines etc throughout the month, so he is rarely goes without anything that he wants and knows that he is exceptionally lucky.

We're already teaching him the value of money, he knows that he can't always have everything he wants (when he wants it) and is usually very accepting of that. We're teaching him that 'Daddy has to work very hard for our pennies' and that we save money so that we can do and buy nice things.

He is expected to behave appropriately, I don't bribe him to do things for money, he does things like tidy his toys and away etc, because he's the one that made the mess in the first place - he's not always so keen on that house rule but makes the right choice eventually wink

tinypumpkin Thu 10-Oct-13 10:48:45

I was quite surprised to see a suggested amount for a three year old. DD2 does not receive anything yet and is almost 4! We do give her money to go into her money box (coppers or odds and sods) and pay into an online account. She does not understand that though!

Perhaps I need to start addressing this but I think something should be done to 'earn' it.

LentilAsAnything Sun 06-Oct-13 22:25:32

DS is not quite three, not receiving pocket money yet. I agree with many on this thread that helping around the home is something we like to encourage as being part of the family, not done for reward, so I doubt we will be going down that route.
We don't save specifically for him yet, obviously we will leave our DC whatever we have when we die, so I don't see the point yet of giving him his own money when we currently would make better use of it with our own ISAs etc.

Whereisegg Thu 03-Oct-13 21:55:47

My dd (10) has several chores she is expected to do because she is a member of the family, but then we sat down and agreed on some extra jobs she could do to earn pocket money.
I work long hours for my money, so she can do 'overtime' if she chooses and earn up to £5 a week, so she is above average if she pulls her finger out!

Ds (6) gets nothing regularly, and has his standard jobs like dd.
Should he do a REALLY good job, or randomly do something lovely without being prompted he will sometimes be given 50p/£1, so he is way below average!

Both dc have bank accounts that I contribute to as and when, plus for every £20 they receive for Christmas or birthdays, £5 must be put into the bank.

Aethelfleda Thu 03-Oct-13 21:21:08

Mine get 50p a week each but they are only small and so it tends to go on sweeties/magazines. For bigger things we encoursge them to save a percentage and then we sub the rest. They don't have to earn it, but it can be docked if they are naughty!

Bubbles85 Tue 24-Sep-13 11:55:14

Amounts on the website seem fair enough to me. I think your children should do chores anyway. I see pocket money as being a way of teaching children about saving money and budgeting.

BadlyWrittenPoem Wed 18-Sep-13 12:54:17

~ 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. Pocket money is given as a means of teaching my children how to manage money. Everyone is expected to contribute to household jobs in a way appropriate to their age. If the jobs were paid it would remove that principle and mean that they were optional if the child didn't want the money.

~ Are your DCs on par with the Index, above or below?
Given that Christmas and birthday money and other random money seems to be counted in the pocket money figure, my six year old is probably well above the average figure but I think including them is very flawed as it depend on whether relatives prefer to give money or things. If you count the actual pocket money then she is well below par as she gets 60p/week.

newtothenet Tue 27-Aug-13 16:51:34

What a fantastic idea! My DD is ony a baby but I'd like to give her a set amount of pocket money when she's older so she can learn to manage money. I used to have to put aside a pound a week out of my pocket money to pay for friends' birthday presents once I was in secondary school and it really taught me about budgeting. I will expect my DD to do chores but am not sure if I want to link this to the pocket money as I don't want it to be a bribe!

AllSWornOut Sat 24-Aug-13 19:35:18

DC start getting pocket money when they start school - 50p per week so well below the index.

It's also not linked to chores, but we may dock it if behaviour is particularly poor. We haven't decided on an escalation rate yet...

ICutMyFootOnOccamsRazor Sat 24-Aug-13 19:12:18

I like the site - might show it to DS (5) tomorrow.

I've never done regular pocket money, I'll give a bit if we are going somewhere special, or to a jumble sale or whatever, but I don't really go to shops with DS.

He's expected to do jobs around the house anyway, and I would not make pocket money a reward for that.

KnottedAnchorChief Sat 24-Aug-13 17:32:31

I've had a look at the site and I think it's a great idea. I want to encourage my children to save and budget and I'm very interested to see how roosterbank has approached this. My two DC's are too young I think just yet for pocket money although DS is starting to get to the age now where I will think about starting.

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
DS already helps with little jobs on a day to day basis and I would expect this without a specific reward. We have never used reward charts as he doesn't really take an interest and probably won't introduce this.

~ Are your DCs on par with the Index, above or below? The index surprised me, I think I must be a bit of a stingy mum! I was going to start at around 50p for DS aged 4, so I'm coming in much lower than average.

One thing I would say is that I wanted DC's to see the value of the actual money in their hand and how far it goes rather than an online account with virtual money at this stage. However when they are a bit older i see no reason why an online system couldn't be just as good and introduce them to money management systems they will use in adulthood.

Letitsnow9 Sat 24-Aug-13 00:50:10

I never had pocket money as a child and was just given money for birthday and Christmas or as a surprise after doing something well. I still learnt to save and plan to do with with DC

Silverfoxballs Sat 10-Aug-13 22:54:54

Message withdrawn at poster's request.

VileWoman Sat 10-Aug-13 22:21:56

We don't give any pocket money yet but DC1 (5) is now asking for it, we'll probably give £1 a week initially. Having said that if you are including Christmas and Birthday money the DC do better than average because they get money put into their savings accounts by my Mum and over the year that puts her above the £2 a week for a 5 year old. the DC won't be paid for chores, we all live in the house, we all do things that contribute to it. When older (14/15 ish) they'll get a monthly allowance like I did.

lpickrell Thu 08-Aug-13 18:28:35

When they get older it'll be a case of a proper bank account and cash card etc but this works for my young ones.

lpickrell Thu 08-Aug-13 18:27:43

We tried giving pocket money to our 3 children aged 4 to 8 but they either lost it or took it from each others money boxes. In addition, when we're out they'd never have their money with them so we'd always end up paying for the 50p for the sweets etc

The site above seems a little over the top for the simple tasks of adding and dropping into a virtual money box.

Started using this so they have virtual money boxes ... no more taking from each other and when we're out I can deduct what they spend while giving them the hard cash to spend in the shop ... Also, we can reward them by adding virtual money for being good/doing jobs etc

It's pretty simple and free, and when the balances get to a larger number I'll move some of their money into their bank accounts ... but this is a nice simple petty cash tool.

Elainey1609 Tue 06-Aug-13 22:49:20

Started giving them pocket money at age of 5 and Get £1 a week and a little extra if they do chores around the house I try to encourage them saving it with money boxes
One is very good and the other as soon as he has that £ 1 he wants to pop to pound land lol
At the age of 10 I will show them there savings account which I've been putting money in since they were born .

lolancurly Wed 31-Jul-13 12:38:59

We have never really 'done' pocket money consistently. It has been haphazard and we never stick with anything - shame on me! We are just doing a little research now into what level to set pocket money at for my 6 year old and how to include chores into the mix too. Then we have to focus on sticking with it!

Celesse Tue 30-Jul-13 13:44:42

DD is 3. She has her own purse in the little bag she carries around with her and its filled with a bit of loose change. When we buy something like sweets or ice cream she will contribute towards it.

She doesn't understand how much each coin is worth yet so I don't see any point in giving a set amount and teaching about cost. That will come later. Right now she is learning that you buy things with money. Its basic, its the first step. Once she starts understanding the value of the coins we will move on to a set amount.

Tyranasaurus Sat 27-Jul-13 15:21:26

looks about right to me

steppemum Mon 22-Jul-13 23:16:06

mine get 10p per year per week

so ds is 10 and gets £1
dd1 is 8 and gets 80p
dd2 is 5 and gets 50p

I am amazed at how much kids get

we don't do any chores for money as I believe that they should do chores anyway as part of the household

We allow them to earn some extra by doing special jobs. ds mows the lawn to earn extra.

I buy clothes. We rarely do shopping as a leisure activity, so they don't actually spend their money and it tends to accumulate and then we take a trip out to spend it.

Although the amount they get it dictated by our tight budget, I would hate to give them more only to see it frittered away on rubbish.

I wouldn't show them the site as I would get 'why don't I get more money'

littlemonkeychops Mon 22-Jul-13 22:47:32

DDs are too young for pocket money yet but I'm reading this thread with interest for the future

I love the design of the website and it is a fun idea, but I think the novelty might wear off as it could be a lot of effort keeping the virtual money in line with the real money - I'll want DDs to have actual moneyboxes with coins in when they're young so they can physically count and see the money, trying to remember to update the website when they add/spend something would be hard work.

It could be useful when they're oldet though.

Not sure how much pocket money we'll give, we got 10p a week for every year when we were little (so 50p at 5, 60p at 6 etc).

ratbagcatbag Mon 22-Jul-13 15:01:09

My DSS (14) gets £20 per month at his mums which gets put via standing order into hisbankaccount.

At our house we don't do pocket money as such until he wants money for say cinema, maccyd or day trips we provide it.

He does chores at both houses but we link them to just being part of contributing to the household, I don't get paid to Hoover, why should he get paid to wash up. smile

Letitsnow9 Thu 18-Jul-13 16:08:52

A slightly different reply in that I never had pocket money as a child and instead was given money for special occasions or surprised with it if I had done well in something. It encouraged me to save save save

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