Pocket money. When and how much?

[DianaPrincessOfThemyscira]

I never got pocket money as a kid, we were more treated to bits and bobs as and when.

I'd like to do pocket money for my boys now, twins age 10 and a 7 year old. I'd like your opinions on my idea please! I've been an avid reader of MN for a while so this encompasses some of the things I've read on here.

• start off with £5 each, all in 20p pieces. Monthly, I can't really afford much more than that.
• set expectations - good behaviour at bedtime, keeping their room tidy, maybe setting the table, empty the dishwasher, bringing the laundry down
• take away 20p at a time for not doing the above
• extra money - maybe 50p-£1 a go for bigger jobs - washing the car, clearing the weeds out of the yard

How does this sound? I'm sure I'm missing something really key!

My 9 year old gets £20 a month on the first Saturday of the month. The aim of giving it this way was to help him learn budgeting and saving and a year in he seems to have finally gotten it. He bought himself a sealed tin money box and put all his last few months pocket money in it he's planning on keeping a quarter out next month and saving 3/4's. It has to be opened with a tin opener so the money is safe for now! If he wants a magazine or toy or sweets (outside of family treats) he has to use his pocket money. Amazingly those rags with free toys are not so appealing when using your own money for them.

My boy is expected to always muck in with chores for his money. Empty the dishwasher, put away laundry, walk the dog, set the table, etc. This doesn't leave much scope for earning extra money but that's the deal.

I don't link pocket money to chores as such. I expect my two not to make a mess and to help out but I don't deduct money if they don't. They get to suffer my lectures instead.

My 12 year old gets £50 a month which sounds like a lot but he is expected to cover his lunch at school out of that. He also uses it to get the odd hair cut on the way home from school but that's his choice. He manages to save a lot and makes far better choices at lunch time as a result. For example he will take his own water bottle instead of buying a drink at school.

My 10 year old gets £5 a week which he normally swaps for vbucks on fortnite. They both get £2.50 a week from their grandparents. He isn't as sensible as his brother so I probably won't give him the same deal as his brother as he would probably spend it all in the first week.

My eldest two kids all got about £3 per week when they were at primary (year 5/6), it was just a token gesture, would save for magazines etc. If they saved a considerable amount of a toy, I would pay the rest.

Youngest is 12 and got £3.50, I adjusted for inflation

I think you are WAY over complicating it.

My dc were expected to muck in with age appropriate jobs around the house, because the live here - they can't 'get out of it' because they aren't motivated by money.

They had pocket money to give them some autonomy over their spending or saving. Really, really early 'budgeting' if you like, in so much as they 'get' that they can choose to spend it or hang on until it grows into something more.

At that age I would give it them weekly, not monthly though.

I would also give the 10 yr olds say £1 a week, and the 7 yr old 70p a week, until he has another birthday then another, etc, or it is a bit unfair that he will have had a lot more than them over the years.

I waited until DD was old enough to get a bank account (11yrs) then transfer £20pm. She loves her app and watches it rise every month and counts down til payday like we do. It's teaching her to budget and save which I like.

Ds is 7 and has had £5 a month for the last 18 months ish. If he’s trying really hard to save for something more expensive I’ll top it up or my dad will give him a couple of pounds to help. Mostly it gets spent on tat at the corner shop though He completely gets that it’s monthly and when it’s gone he has to wait. He can earn the odd pound here and there for things like helping weeding and dusting but I don’t link the set £5 to jobs. I guess I was never expected to do chores at that age so don’t feel like I want to make Ds do them so young, although he is a naturally helpful kid.

My 11yo and 9yo have £3 a week each. They have gohenry cards, which are like cash cards for kids. It’s great as before I would always forget/never have the cash and then my 11yo would suddenly remember and say “you owe us £12 each!”. This way it’s set up so they get it every week and they can save or spend it. It adds up pretty quickly so if there is a particular toy they want they usually have enough on their card to get it.

My 8yo gets £1 a week if she's tidied her bedroom on a Sunday. She can top it up by doing the washing up for 10p, stripping a bed for 25p or hoovering a room for another 10p. She seems to like it and saves well. At her age, she often misplaces the money in her bedroom so I'm loathe to give her more until she is older. That's enough to buy a Lego kit once a month and for her to learn about helping round the house.

I do £2 per week for 9yo. She spends it on crap so I wouldn't want her to have any more than that.

This is all great thanks.

@BackforGood that's the reason I thought it better to give them the money and deduct if they misbehave or don't do their jobs - they do muck in, but one (in particular) has a tendency to slope off and leave it to his brothers. In general they are very untidy as well and share a room so it's unfair to leave it all to the non-lazy ones. Although, I'm now thinking maybe if he refuses to do it I'll just swap him into the other room which is much smaller. It is entirely possible and likely I'm overthinking though

I agree with the smaller amounts for the younger one, no doubt the older twin will say he wants more too!

We started with £1 a week when DD was 4 years old and increased every birthday, and now at 12 she gets £15 a week.
We never link pocket money to jobs.
DD is expected to help/ behave etc.
We have never had a reason to withhold pocket money.

DS gets £10 a week (but he is 15)He also earns £10 a week at his Sunday job and he's not much of a spender- I've just gone in to collect his laundry and he's got £40 in notes lying idly on his desk (his allowance goes direct to his bank account)

I have insisted that any tips he gets go into a sealed pot- there was a lot of mutinous muttering initially but he's realised how they're building up. We also encourage a portion of gift money to be put into his savings- that's his savings for stuff he wants rather than savings for boring grown up stuff like houses