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Let’s talk pocket money with Money Advice Service - £300 voucher to be won

(236 Posts)
EllieMumsnet (MNHQ) Mon 12-Nov-18 10:07:24

Navigating the world of pocket money can be a little tricky, especially since the rules are always changing. However it can also be for many children their first introduction to the concept of money and how to deal with it. That’s why in aid of ‘Talk Money Week’, Money Advice Service would love to hear all your thoughts, experiences and tips when it comes to pocket money.

Here’s what Money Advice Service has to say: “Children learn about money earlier than you’d think: by the age of 7 children have begun to form money habits. That’s why it’s never too early to start teaching them where money comes from and how to handle it. Giving pocket money – no matter how little – is one way to help children's’ money skills."

How much pocket money do you give your child/children? Do you set up a system where they can earn more if they do chores or do well in school? What about what they can spend it on? Are there any limitations or do you try encourage them to save it for something big? How much pocket money did you get when you were a child? And what age do you think it’s appropriate to start giving them pocket money?

Tell us everything about pocket money on the thread below to be entered into a prize draw where one MNer will win a £300 voucher of their choice (from a list).

Thanks and good luck with the prize draw
MNHQ

Standard Insight T&Cs Apply

Thiswayorthatway Mon 12-Nov-18 11:19:32

50p a day (DC aged 7) which can be spent in school tuck shop or saved up for a book or toy shop visit. Extra can be earned by helping with special chores - washing the car, helping in the garden. Deductions applied for bad behaviour, which has produced much better results than the usual penalty of a reduction in screen time.

BristolMum96 Mon 12-Nov-18 16:05:28

My daughter is too young for this yet but I don't intend to bother in future. I'll just buy her what she wants within reason, no spoiling, and she'll have to be good and nice and helpful to get stuff.

hiddenmichelle Mon 12-Nov-18 16:18:56

No set time or amount as everyones kids are different and everyone has different financial situations. However, for me, I would say 8 or 9 and £5 a week, if they do a small few chores (set table etc)

lovemyflipflops Mon 12-Nov-18 16:36:37

My DC's get £5.00 per week each, and that is put into a savings account via direct debit into their bank accounts, they are able then to save up for what they want, and they have a bank card to withdraw money when I am with them.

MTBMummy Mon 12-Nov-18 16:39:33

DD (9) receives £5 a week, to get this she has a list of chores she has to do, otherwise she doesn't get it. She can extra pocket money by doing additional chores, or getting exceptionally good grades, or making a real effort at something she finds difficult.

We used to give her cash, and she'd spend it as soon as she had it. we've moved over to the nimbl system and it's so much better, she's been actively saving up for something, and has just this weekend, done so successfully.

While we don't force her not to buy tat, we do actively encourage her that by saving she can afford nicer things.

She's been getting pocket money for just over a year now, so I would say 8 is probably a good starting point

OnlyToWin Mon 12-Nov-18 16:46:51

£5 per week with extra bonuses for achievements or special days out. For example if dds were invited on a shopping day with friends I would not expect them to have to use their pocket money to buy lunch. We also pay for their phones and all clothes etc. This money is purely for extras like make up etc. We are thinking of moving to more of an allowance style system to include more cash and therefore more they have to buy themselves. We just need to work it out. Tbh I think they realise they might be worse off this way! Grandparents often give cash as a treat or for a holiday/fair/day out, so they do okay! Pocket money has also been banned for poor behaviour.

MichelleTwinMum Mon 12-Nov-18 16:48:01

My 15 year old receives £20 a month and my 11 year olds get £15 a month, paid into their bank accounts, they have cash/debit cards and have to manage how they spend it over the month. My 15 year old uses £10 to pay for his phone service a month and he works and earns £30 a week. He doesn’t earn any more from us, I expect him to be helpful and cook sometimes, do the recycling, set the table, tidy his room etc.

He is very good with money and regularly saves to buy new gaming equipment/ phone/ laptop etc.

One of my 11 year olds is very good and makes her money last the whole month, the other blows it all the first weekend and I don’t give her any more except for the essentials, as she needs to learn her spending has consequences.

She then can earn more money at 20p a job but I don’t pay for everything as all the kids need to learn that some jobs are just part of family life and we all have to muck in to make home life work.

fishnships Mon 12-Nov-18 17:01:20

My DD (16) gets a tenner each week, paid into her bank account, which she feels very grown up about! DS (14) gets the same amount directly from DH. It does help them to learn budgeting skills and gives them a bit more independence.

Livinglavidal0ca Mon 12-Nov-18 17:31:05

From about 13 I got £20 a month pocket money, but we also had a chore rota. If I missed one thing even one day I didn't get my pocket money. I could earn extra by doing big jobs like cleaning out the car etc if I wanted a cinema trip with friends tho. Each season me and my siblings were given £20 to spend in primark, definitely stretched further then. Mum would buy necessaries like underwear, shoes, coats etc. I'll do a similar system with my son. He'll be expected to do the basic jobs to help the house run but will get an allowance and can earn extra by doing other jobs.

alwaysinleggings Mon 12-Nov-18 17:34:27

When I was a child, I did not get any pocket money until I was around 16 - I did a paper round, and made birthday and Christmas money last - TBH I did not need or want any more. Children today have so much advertising thrown in their faces with the must have toys, apps on tablets and music to download, money can be a more of a priority, I do not give regular pocket money, we have money given for jobs done, for example weeding the garden with me gets £5.00, washing the car gets £5.00 and treats are given when I feel they are warranted and deserved. I think children need to earn their money - it will lead them to know everything in this life is no given- but earned.

anniehm Mon 12-Nov-18 17:36:02

Mine get £50 a month by bank transfer (teenagers) plus a clothing allowance of around £200. I buy all school uniform and sports kit in addition. If they want more money they need to work - I have paid for housework if properly done (eg when cleaner was on holiday) and for hard graft in the garden but normal jobs like the dishwasher and walking the dog are expected as part of getting an allowance in the first place. Their peers get from nothing to £100 a month so I'm guessing we are quite normal. When they were small we gave cash as rewards but only started formal pocket money once they had bank accounts with cards (11)

anniehm Mon 12-Nov-18 17:37:34

Should say one is at university (lives at home) one is 17

TeenTimesTwo Mon 12-Nov-18 17:38:17

We started with DD when she was 5 or 6 when she could understand money and count her 10p pieces.
Every 3-4 weeks we took her to town and she looked in charity shops deciding where to spend her £2 or £3, weighing up which treasure she liked best for her money.
Now 14 she gest £15 per month and has a cashpoint card (no debit card yet).
We don't tie to chores, pocket money is effectively 'payment for school'. Chores are part of being a family.

I don't like it when teens have too much disposable cash as they get into free spending habits which they can't (or shouldn't) maintain at university of when they first start a job.

TheWickedWitchofWestYorkshire Mon 12-Nov-18 17:55:35

How much pocket money do you give your child/children? Do you set up a system where they can earn more if they do chores or do well in school? My dc are 6&7 and earn £1 every time they get 5x10 ticks on their behaviour chart (they get ticks for any good behaviour, kind action, good effort with homework or doing a household chore properly without whinging about it).

What about what they can spend it on? Are there any limitations or do you try encourage them to save it for something big? If they want to spend it they can buy I try to steer them away from spending it all on sweets. If they don't have enough for whatever they're hoping to buy then they have to wait until they have enough and can afford it. I do use those words as well.

How much pocket money did you get when you were a child? I don't remember. I think by the time I was 16, in 1996, I got about a fiver a week but I think I had to do stuff like the washing or the pots for that and when if I was cheeky or rude I didn't get it. I used to babysit my younger siblings too, and at about that age I started babysitting for a family nearby. I got £6 per night and saved it up for my holiday spending money, by which time I had over £100. It all got stolen on my 1st day there angry sad

And what age do you think it’s appropriate to start giving them pocket money? My dc are 6&7 and have been earning their money for at least 2 years now. I think it's important to start young and teach them money management and saving up from being young. They need to learn that money isn't from a neverending pot and that once it's gone it's gone and that you have to earn more.

torthecatlady Mon 12-Nov-18 17:58:54

Ds doesn't get pocket money as he doesn't really have a big interest in spending money, but if he is well behaved he gets some change and can buy sweets on the weekend. He is 7.

There's no limitations for the change I give him on the weekend. But with birthday or Christmas money, I do encourage him to save some. If I gave him a set amount of pocket money, I would encourage him to save some.

I used to get about £2 a week at about the same age ds is now. But as I got older it went up. I was expected to help out around the house and got a job at 15.

I think it depends a lot of the child as to when pocket money should be given. But any age from around 5.

Shireslass Mon 12-Nov-18 19:36:34

My daughter is too young for pocket money l, nevertheless she still gets a nominal
Amount from her grandad each week. We put it into her money box and use it for treats on a day out-teddy from the zoo etc... the idea is she has things to remember trips by.
When she is old enough I will give her what she needs (within reason) but will like her to do some chores/ help around the house (tidy her room, when she is older unload dishwasher etc...)

slithytove Mon 12-Nov-18 19:42:25

£10 a month into their bank accounts
Then random bits each week which they can earn through very good behaviour - 20p / 50p a go
They are 4 and 5

vickyors Mon 12-Nov-18 20:11:48

We give our 5 year old one pound a week, and she does household chores.. tidy room/helping with dishes etc.. and we then help them save by matching any savings they put together to help them buy things they want..

My parents did it with us; they matched any savings we put into a long term bank account so we could save for a GAP year..

dreamer26 Mon 12-Nov-18 20:31:49

My son is only 4 so he doesn't get pocket money yet. Maybe when he turns 7 I will start it. I didn't get pocket money as a child but I wish I did to teach me the value of it a bit more. I think things are very expensive these days but I think a 7 year old won't want for much so I think I'll start him off at £5 a week and maybe bump it if he does a big job at home/ garden or like washing the car for £2 extra, but not every week that's a one off job.

Imgettingcheesefries Mon 12-Nov-18 20:36:28

My dd 12 gets £10 a month into her bank account, she needs to help around the house, keep her bedroom tidy and not get into trouble at school. She can spend it on whatever she wants but I try to encourage her to save it for things she really wants rather than sweets etc. I think I probably got a similar amount of pocket money at her age. We started giving pocket money from when she was about 10 I think, that seemed to be when her friends started getting it too

Teaformeplease Mon 12-Nov-18 20:49:50

My 5 year old gets 50p pocket money a week. She is just learning about money and counting coins and I want her to have an understanding of the value of things.
The pocket money goes into her little piggy bank and she can decide what to do with it. At the moment she wants to keep it and likes the idea of having money. If she asks for something in a shop I say she can use her pocket money for it - she soon changes her mind then!

EggysMom Mon 12-Nov-18 21:00:30

Am posting in this thread so as to be part of the draw, but our son does not get any pocket money - he is ASD with SLD, with his level of understanding, money doesn't even appear on his radar.

I remember getting pocket money around the age of 7 or 8, just 40p/wk from my grandparents, which I was allowed to spend at the rate of 8p/day in the corner shop on penny sweets. I probably did also receive pocket money from my parents which got saved, but no real recollection of that.

PhilomenaButterfly Mon 12-Nov-18 21:05:50

£5 a month, because that's all we can afford. Any sweets or toys are bought with it.

anothermansmother Mon 12-Nov-18 21:39:34

Pocket money has changed over time for my DC, when they are smaller we went by 20p a week for every year of your life. So 5 year old got £1 a week but 9 year old got £1.80. It worked for s long time. DS is now 12 and is given £10/ month my his Nana and £20 a month by me. Most of which goes on his phone with £20-25 to spare. It's all paid into his bank account. DD is 8 and puts her money into her savings account until she wants to buy something or use it to go somewhere. On top of that I reward effort in school, sport etc.
Chores are done for free in our house as were a family so we all contribute.
I do allow them to earn money from non chores such as gardening, cleaning the car, pressure washing the driveway etc, but that's usually if they are saving for something.
I think both of my dc are much better with money than I am.

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