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Original poster

Pocket money: How much and any app recommendations?

13 replies

Chocolateporridge · 27/12/2019 23:38

We have 2 dc, one is 9 and one is 5 and we've never really had a set pocket money system for them, which I realise isn't teaching them anything about saving, spending and earning money, so I want to start the new year off with a clear system in place.
What is the going rate for pocket money at their age, and would anyone rate any of the pocket money apps you can get? I've seen some that set savings goals and even have debit cards for older children but don't want to start things off using an app that ends up being no good!

OP posts:
BackforGood · 28/12/2019 00:12

We started giving ours pocket money when they turned 7, as it is around about the age when they can do 'the maths' of "If I spend X I will have y left" or "I want to buy F and, if I save G per week, I will have enough in 4 weeks" etc. They are a bit little for that, at 5.

We always gave a little increment each birthday too, as the older you are the more likely it is you have more expensive things to buy.

The 'how much' is a 'how long is a piece of string' question on MN - amounts vary hugely.
What you have to think about is what you expect them to buy with it.... sweets ? Are they used to having a comic or magazine? Are they used to going to the cinema? Are they used to you just buying them a drink or some other treat when you are out and about? Woul you encourage them to buy birthday / Christmas presents for their siblings and parents ?

Our literally used to have 10p per week, per year of life - so at 9, they got 90p per week. I expect inflation would account for a bit more than that, but, it depends what you are thinking they need to buy.

Original poster
Chocolateporridge · 29/12/2019 11:58

Thanks @Backforgood and sorry for the slow reply, we've got visitors staying and Norovirus has hit Sad
My youngest is actually more savvy about figures and how much things cost than my oldest so for lots of reasons I want to start now.
I think 10p per year is a bit too low though, and I want to give them the option of doing extra chores for more pocket money.
Has anyone tried any of the pocket money apps?

OP posts:
LER83 · 29/12/2019 13:12

My eldest 2 are 9 & 7. They both have Go Henry cards. Personally I think they are brilliant. They set themselves savings goals and it tells them how long it will take to save etc. You can also set 'chores' so they can earn some extra money. My 9 year olds gets £2.50 a week, and saves £1.25 every week, my 7 year old gets £1.75 and she saves £1 a week. They have about 5 jobs that they can also do, and they get 50p for everyone they do. My eldest managed to save £100 to give to santa towards the expensive present he wanted!

yellowsun · 29/12/2019 14:05

DS is 10 and has a Go Henry account. It’s been great as he no longer asks for tat when we are out (he would have to pay for it himself). He can earn more for jobs.

We give him £2.50 a week. You top up the account and it pays it to his account weekly. I stick some on when I’ve been paid and it’s much easier that remembering to have cash etc and less tempting for him to spend it! He’s saved for lots of things and relatives can put money in for him for birthdays and Christmas.

The only downside is that you have to pay a monthly fee.

yellowsun · 29/12/2019 14:07

Oh and you can use it to buy online from places too which is good when they have saved up for something.

RainbowCake · 29/12/2019 14:21

We also have a Go Henry account for DS (14) he gets £5 a week for doing set chores. He also has the option of doing extras that we can tick off, he can get up to £12 a week but he's a bit of a lazy arse at times so that doesn't happen oftenGrin.
I like that I also get a notification of what he has spent (Usually Gregg's on the way home from school!)
He has had it for a few years and is pretty good at not spending too much randomly, except Gregg's. He'll also give me cash from birthdays or christmas to load on to it.

TSSDNCOP · 29/12/2019 14:25

Go Henry is working out great for DS12.ive not found a teen destination yet that doesn’t accept it.My only moan is that its a bit of a faff to switch money back to the parent account - you have to contact them. Their CS is very good on the phone.

TSSDNCOP · 29/12/2019 14:26

I like the spend notification too. I know when I see Costa pop up that he’s en route for the station.

reefedsail · 29/12/2019 14:27

DS (9yo) has goHenry and gets £30pcm put on on payday.

reefedsail · 29/12/2019 14:28

DS has his goHenry hooked up to his PS4 account so I don’t get badgered to give money for pixels.

TiffanyTrot · 29/12/2019 15:25

Lol at 90p a week.

Go

TiffanyTrot · 29/12/2019 15:26

Go Henry is great for my 13 year old. Yes you're paying for an app but it's super easy and good to keep a close eye at this age

Original poster
Chocolateporridge · 29/12/2019 16:11

Wow, thanks so much for all the responses! Sounds like GoHenry is the way forward.
The other app I saw was Rooster, has anyone tried that?

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