Pocket Money for Primary Aged DC - how much would you give?

[JustSaying101]

Thinking about starting to give some pocket money to my DC but not sure what the 'going rate' is these days! When I was younger, I got about 50p - £1.00 a week (which was generally spent on lots of penny sweets, much to the dismay of the shopkeeper that had to count them out every week!)

So, do you give your children pocket money and if so, what amount do you give or think is a good amount to give to teach the value of money?

GoHenry seems like a really popular choice on here, I can't believe I had never even heard of it until today! I like the sound of the charity feature and that you can keep an eye on how you are saving, so will definitely look into that, alongside Monzo and Rooster. From what everyone's said so far, we're thinking of probably starting with around £3.50 p/w (although this may fluctuate with Christmas coming up!) DH has also suggested to perhaps add a little extra for chores. Saying that, I wouldn't receive any extra money for chores when I was younger but DH did, so we agree to disagree on that one, although I may come around to that idea...!

@JustSaying101 if you decide to go for GoHenry I have a referral code that gives you £10 and the first month free (it also gives me £10 for referring you).

My 7 and 5 year old get £2 a week on gohenry

Thanks @RaggieDolls, that sounds like a good deal. I will send you a message if we decide to sign up.

Just started reception aged child on 50p a week if he does a small household task. (Polish, brush etc) I expect it to get spent on sweets and I'm happy with that. (Don't think you can get much for 50p these days!!)

What's monzo?

I tried Rooster but couldn't get the app to work. It's cheaper than Go Henry.

I was thinking £15 per month would be a reasonable amount but I keep telling him to get his room tidy and until I can hoover it he's getting nothing.

12yo DD1 gets £25 per month on her Osper card. She doesn't spend a huge amount, especially at the moment. She used to go into town with friends after school sometimes but they don't do that at the moment. Every so often she'll see something on Amazon she wants and I've now set her up with her own Amazon account so she doesn't have to ask me to order things. She's very sensible though.

8yo DD2 gets £8 per month and will buy a magazine or some such when we're at the supermarket but she's a bit of a saver too.

Neither of them are allowed to spend it on sweets etc. They are not deprived of them at home and so no need to buy more.

DD (5) gets £5 a week. It'll go up when I think she needs more (starts going to the sweet shop with friends or whatever..)

Right now it's spent on a weekly magazine or some sweets, so she doesn't really need any more.

@Bikingbear Monzo is a free bank account that you can get online. I haven't had a chance to investigate it further yet, but I think @Stompythedinosaur mentioned earlier in the thread that you can create a separate area for pocket money, etc, which sounds interesting.

My two have had £5 a week each since they were about 4 & 6, but it gets topped up now with £1 a point for excellence points/house points at school (12 year old got £9 over the last week or so) and they sometimes wash the car for a bit extra.

Then if he goes to the park I'll occasionally give him £2 for a drink and a sausage roll.

It's so tricky but I don't. They don't ask for anything.

Instead I put roughly 30 a month away for each of them. The idea being when they start to go out or want more things they have someone money to do it.

Dd wants robux at the moment so we buy the cheapest ones now and then.

Always, what do they spend it on?

I used to foster and there is a national rate card for how much pocket money kids in care should get.
It might be helpful?

Don't other cards do what go Henry does but for free!

@Rockbird Never heard of Osper Card either! Think I'm a bit behind with the times 😂 Guessing Osper is similar to a GoHenry?

Yes @AutumnleavesturntoGold but I don't think there are any banks that's offer accounts to under 11's.

Autumnleaves I believe their is a free card coming out soon for kids but don't know when. It popped up on an ad and I signed up to be alerted when it becomes available but so far nothing.

My 7 and 5 year old get £1 a week. My 5 yr old just bought his first saved up for item - a £9 lego kit - and was thrilled that he had got it for himself. HIs sister tends to save up until she has a fair amount, e.g. £20 and then we go to our totally non glamorous suburban shopping centre and she spends it, which is beyond exciting to her. She started getting it when she was 6, my DS a bit younger as he understandably asked why his sister was getting it and not him! We prompt them to consider saving for items that they mention wanting but which they don't need and Christmas or bdays are a way off.

bikingbear monzo is an online bank. We use it as our main bank account, but you can use it in addition to another account if you want.

I liked to idea of the dc's pocket money transferring and being easily able to check if they cam afford things, but i didn't fancy paying the price of Go Henry which I think is exorbitant, particularly for multiple dc.

Monzo allows you to create "pots" within the account and to move money easily between them, so we have a pot for each dc than gets £2 added on a Friday and we can see on our phones how much the dc has. We can pay for items from the pot.

The downside is that thr dc don't get their own snazzy card, but i can live with that to save £72 a year!

Does Monzo allow accounts for under 11's?

I got a message today from the company I signed up to HyperJar they are getting ready to launch a free kids card.