They would love to hear which chores your DCs can do in return for cash, and tips on how a pocket money reward system works. They’d also love to hear any other ways you encourage your family to appreciate the value of money.
So, do you believe encouraging your kids to earn their cash will help them in future? Do your DCs get pocket money for keeping their rooms clean and tidy, or do they have to go above and beyond? If so, which jobs come with a cash reward? How do you decide the ‘going rate’?
Whatever you do, Nationwide would love to know how you help your DCs to get a better understanding of earning money from a young age.
Take a look at the first episode of Nationwide’s ‘Tenner Challenge’ YouTube series for inspiration on how to encourage your DCs to start being resourceful with their money. In each instalment, Nationwide enlist a YouTuber to earn as much money as they can in a couple of hours from a single £10 note.
Everyone who posts on this thread will be entered into a prize draw, and one MNer will win a £300 Love2Shop voucher.
DD is 6, she gets £1 a week for putting her PJ's away, putting all her cups, plates etc in the sink after use and putting all dirty clothes in the laundry basket. Her success rate with these tasks has improved massively since we started giving pocket money for it and the longer term plan is to add more chores and increase the amount as she gets older.
She also has a savings account for birthday and Christmas money, we have a 'spend half/ save half' policy
My dc are now 17+ , we never did pocket money ( did / do save for them) and certainly didn't expect to pay them to help out at home , there were very few things we expected them to do but they did them because they are part of a family and that's just what you do .
My DC are too young at the moment but I don't think I'll make them earn it exactly. Just that they won't get it if they misbehave too much or they don't help out when asked etc. They need to know it isn't guaranteed I suppose.
DD 8 earns pocket money - she has to feed the cat's, empty lunchboxes, put washing away in her room and make sure entryway/stairs are clear of shoes/bags etc. she gets 10p per day she does the jobs, if she doesnt do the jobs she doesnt get pocket money.
This can be spent on whatever she likes - saved for something like a book/app on her tablet or when out and she wants a choc bar/cheap toy in a charity shop.
DD is 8, she can get £2 a week pocket money if she tidies her room, makes sure PJ's/socks etc go in the wash basket (instead of her bed!|), she takes the rubbish out twice a week and she completes her homework on the weekend without grumbling.
To earn extra, she can put a (pre-sorted) load in the washing machine, dust the living room and strip her bed, this gets an extra £1 or so depending how generous we feel).
If her behaviour is also good for that week we give her £3 on a Monday so she can attend an after school dance club.
She understands the importance of earning your own money, and knows this is why we both go to work, we share the cost of certain things like holidays as she often asks now, so she knows just how expensive life actually is and to ensure she appreciates how hard we work to ensure she benefits from them.
Oh this is something I struggle with - my daughter is a proper spendthrift. I have tried chores for pocket money with little success. I am now switching to a 'when it's gone, it's gone' allowance. I expect a hand around the house anyway, it's not just me that lives here!
We work on a sticker chart with a cash value at the end for dd7 &ds5 They earn a sticker to put on a chart for things like tidying there bedroom on the weekend. DD earns one for making the school snack pots in the evening even though this is somtjing she asked to start doing herself. DS earns one most days by laying the table. This also earn them as and when we ask them to to something. Each sticker is worth 50p but they are not allowed to spend anything before they reach a minimum of £15.this keeps the plastic tat at bay as they tend to save a lager amount for a 'better toy' All 3 DC have saving accounts that birthday and Christmas money is put into. as it stands neither asks to spend this,they just assume it will be saved but I think this will change as they get older
My children, 10 and 7 are expected to keep their rooms tidy and help out with family chores such as setting the table, putting clothes away etc This is not to earn pocket money. However, DS earns extra by cleaning the cars and DD occasionally earns extra by dusting and hoovering. I believe they should do some chores just because it's a part of life, not everything is about money.
I have never really wanted to associate pocket money or any money with doing chores as I would like the DC (six and eight) to feel this is something they need to do to contribute to the family as a whole, not something they can do as an extra to earn money. It's not like I get money for doing it!
Having said that, they do have a sticker chart with incremental rewards for doing homework without moaning and getting dressed off their own bat, and that has rewards ranging from a magazine to a trip to the roller-skating rink, so I suppose that's the same thing really. And they have £1 a week from their grandparents and birthday money, which really adds up - DS1 has £120 in his piggy bank at the moment. They will buy themselves Pokemon cards and things when we are out, so they do know how much things cost although I'm not sure the six year old does really, he just spends until it is gone.
DS is still a bit young for pocket money but it will be behaviour dependant. It'll go with a base amount X and he can earn extras by doing extra jobs. Not everyday things he should be doing already (tidying etc) but helping with other tasks like cleaning the car or offering to be more helpful. I want him to know putting his clothes away/making his bed/ putting dishes in the sink and small cleaning tasks is expected within a family, pocket money or not. He is still young but he saves nearly every penny ATM, I know that won't last long but I will always encourage to put at least a portion of Xmas/be money into savings.
DC should do chores as part of being a member of the household. Pocket money is separate to that entirely, although if DS wants, when older, to do 'work' for us to earn more money, I'd be open to that - it would have to be for non-routine stuff, like washing the car.
My parents did try one slightly unusual method, of putting a small set amount of money in a tin each week, for my two sisters and me (10, 8 and 6) to have unrestricted access to, according to what we judged to be our need. That experiment failed pretty quickly!
DS is 5 and just doesn't care about money yet. He wanted chocolate money from the tooth fairy when he lost his first tooth!
When he gets birthday money I show him how to count it and then take him to a toy shop to spend it. He is learning to look at the numbers and add up. I'm not sure I want him obsessed with money and asking for pennies every day like his friends do. Will check out this thread for tips, this phase won't last forever!
My 8 year old earns his pocket money by doing a set number of chores like making his bed, tidying up and helping clear away after meals. Money is deducted if he chooses not to..I think it's a really valuable experience to earn and save for toys or things he really wants.
My eldest wanted to know why wishes didn't always come true so we had a conversation about it and one of the things I told him is that you can work to make your wishes and dreams come true, one way being to save money.
Since then he earns money for going above and beyond, e.g. Carrying a grocery bag, helping his brother read, helping me put away groceries (he's only 5) and he loves it!