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Original poster

Pocket money

43 replies

Dee1975 · 17/07/2020 08:35

Hi. Just interested in the ‘going rates’ for pocket money for children and do you make them do chores for it? I have an 8 and a 6 yo.

OP posts:

sanityisamyth · 17/07/2020 13:37

[quote Tinyhumansurvivalist]@SuperPixie247 its £3.99 a month but I looked into the free options and gohenry is the safest and of they ever go belly up you are protected as the account is physically held by natwest.

There is a charge for some top ups so its worth putting enough in once a month to cover the max per week they could earn.[/quote]

I thought it was £2.99 and just checked :)

www.gohenry.com/uk/web/pricing/

Tinyhumansurvivalist · 17/07/2020 14:02

even better. I thought it was cheap at £3.99

Tinyhumansurvivalist · 17/07/2020 14:02

Its worth doing it through recommend a friend cos they give both kids a tenner for free

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6 year olds

Stompythedinosaur · 17/07/2020 14:39

My 7 and 9yos get £2 a week. We looked at a Go Henry card but I didn't fancy the monthly fee, so we set up a 'pot' in our Monzo account for each if them and the money is paid in automatically. Both do and I can see how much they have on our phones (for when they see something in a shop) and pay out of their pot.

BarbaraofSeville · 17/07/2020 15:03

I thought it was cheap at £3.99

I disagree, it's extortionate whether it's £3 or £4 a month. £150 a year to run a kid's bank account and put a few quid a month in it? Insane.

BarbaraofSeville · 17/07/2020 15:04

Obviously it's not £150 per year, but £3 a month for a gimmick is still madness.

Maverickallthetime · 17/07/2020 15:09

I also don't do GoHenry as I think it's extortionate too. Mine had cash until 11 and then they got their own debit card which is free from their bank. I can see why GoHenry works but I'd rather my child got the monthly fee! I'm surprised so many people use it at that price.

DadDadDad · 17/07/2020 15:30

I worked out a scale a few years ago for my children which is age-related and inflation-linked. So their rate increases each birthday and each January in line with the Consumer Prices Index. For an idea, 16 year-old is on £32.50 per month, 13 year-old on £23.56 per month.

That said, we don't expect them to pay for essentials like clothes or items for school.

(Yes, I work in Finance and it obviously spills over into my personal life ).

35andThriving · 17/07/2020 15:30

I have just started giving my 6 year old £10 a month.

I am anxious not to be tight over pocket money, like my own mum was, so it's interesting to see what others are giving.

LST · 17/07/2020 15:32

How much do you have to pay for a gohenry card?

sanityisamyth · 17/07/2020 18:52

@LST

How much do you have to pay for a gohenry card?

£2.99 a month, which is £36 a year. Not £150 ...

Sunnysidegold · 17/07/2020 19:58

I like the idea of a card with an app to help track spending and saving as that's how I managed to get a handle on my own money after a long time of living in my overdraft .

Tinyhumansurvivalist · 17/07/2020 20:06

£36 a year is not expensive and considering most bank accounts these days charge for a current account (barclays keep trying to charge me £8/month) it is becoming the norm for all banking sectors. I never have cash on me, I don't use it. £3/month for the convenience is great and still costs me less than having cash in my purse that I will end up frittering in the vending machine at work.

Dd likes to be able to pay for her own things, no where is accepting cash ergo a card is a perfect option.

Others are welcome to do as they please, this works best for us.

Tinyhumansurvivalist · 17/07/2020 20:09

@BarbaraofSeville

Obviously it's not £150 per year, but £3 a month for a gimmick is still madness.

It is not a gimmick. It is an excellent tool for teaching my dd about money and budgeting as well as being responsible.

BarbaraofSeville · 17/07/2020 20:25

I've never paid a penny to have a current account. The one I have now earns me about £3 a month.

I'd be more interested in teaching a child not to throw their money away on pointless things that serve no purpose except make someone else rich.

Original poster

Dee1975 · 17/07/2020 21:04

Thanks all. Some great tips! Going to start at £2 a week if they tidy their rooms once a week and empty the dishwasher on the weekends. They can earn more with more chores.
Did think about a go Henry card, but would rather they had the extra £3 to spend! Also I think handing over ‘money’ helps them to understand the value better. I.e. They can physically see ‘that was 4 weeks worth of money’ etc ....

OP posts:

35andThriving · 18/07/2020 17:58

One thing I decided to do today was to use play money to represent my dc's pocket money.

DH managed to buy some quite realistic toy money. Then when ds wants to buy something he'll take the correct money away from his toy money, and I'll pay using my card.

I'd prefer him to hand over actual money for similar reason to you, op, but this gets round the fact that some places aren't taking cash, and helps him to visualise it.

Suechildmind · 21/02/2021 15:29

Hi all! My 14 yo son is looking for a bit of extra money from doing jobs around the house is there any chores you would recommend me paying him for?

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