Pocket Money

[deflatedbirthday]

Looking to get some ideas around pocket money.

DSD is 11 and DSS in 7. I'd like to start giving me weekly pocket money. I already pay for each of their hobbies and I'm a volunteer at DSSs which I love, it's our time together.

How much pocket money do you give your DC and is this linked to age? If more than one DC, do they get the same?

Do you link it to chores? Behaviour?

We already have clear expectations and consequences for bad behaviour or rudeness (removal of technology, screen time etc) and this generally works well.

They most definitely aren't spoilt at our house but I like to treat them to small things and nice days out.

I'd like to give them something each week to teach them how to save so that when we do go out places they can spend their own money or save up for something they'd really like.

And before anyone comments, the money will come jointly from me and DH. He is a very involved dad and spends a lot of time playing with them.

Mine are 9 and 6 and we pay £10 a month into each of their bank accounts. It's largely stopped the pestering for magazines and stickers and bits when we're out as I remind them it will come out of their own money. They might spend £5-10 on a souvenir if we're away or something but they save the majority for bigger things they want.

In the next couple of years when the eldest starts going out with friends I'd imagine we will increase the amount so it covers the odd cinema trip or McDonalds etc.

I think pocket money at any age is a good idea if you can afford it, as it gets kids used to budgeting and understanding costs, just a simple as understanding something is a whole month of pocket money can encourage them to think about value.

I’d give different amounts to those ages - £5 & £7 a week, and expect them to save to buy presents but nothing else.

I’ve never linked it to chores - you live here, you clear up! You don’t get paid for it.

What is their father’s opinion on it?

Another consideration is their mother. In my case I spoke to my ex because I didn’t want him undermining my financial lesson by throwing money at the kids.

My daughter is 12 and in secondary school so she has a Go Henry Card which I pay £20 a week into and her dad gives her £40 a week and also pays for her Oyster card as we live in London and she travels to and from school on the underground with her travel group.
It all changes when they start secondary school 😬

My DD is only 6 and gets £2 a week. She can spend it on anything but food.

Not linked to behaviour or chores because she need to help out and be part of the family even she has been given money for her birthday l.

My dd is 10 and gets £20 per mo th but is expected to save half of that for holidays or bigger things. Expectations are that she keeps her bedroom tidy and clears up after herself and other little bits here and there.
If she wants to earn more, she can by emptying the dishwasher and hanging washing out and bringing it back in.
When she is 11 l will open her a bank account and just transfer it rather than giving her cash.

I remember those days well, my DD used to have a money box for all her coins now she tells me not to give her pound coins as they weigh her purse down and everybody pays with cards.🫣

How times have changed .

Dd is 9 and has a go Henry. We give her 3 a week and she gets more by doing jobs and being good at school. It usually adds up to about £7.50

Thanks all

Good point about contributing to home life and this being expected. To be fair to them they are very good at clearing up after themselves.

To answer a few questions, DH has no clue where to begin. Neither he nor I got pocket money regularly as children so it's a discussion we've been having.

With regards to their DM, I'm not sure if they get pocket money or not. We don't really get involved in what goes on there and she doesn't involve herself in our home life. It's a mutual respect. We communicate about important things like school and appointments.

DD1 who is 11 gets £4.50 a week. dd2 who is 7 gets £2.50 a week. It goes up 50p each year they get older.
Not linked to chores or behaviour.

I would highly recommend the Go Henry card especially when they start secondary school and become more independent as you get immediate notification of what they have spent and where they have spent it, so it’s like a tracker as well as the parent who sets up the account gets all the info on the App and if there is ever a emergency and they run out of money then you can top it up and the money is available straight away .

And i don’t work for Go Henry Lol .

Mine are in their 20s now, and inflation has moved on, but they used to get 10p per year of age, per week when in Primary school and £1 per year of age when in secondary school.
So the 6 yr old would get 60p a week and the 11 yr old get £1.10 a week in Yr6 and £11 a month in Yr7.

As I say, things cost a bit more now, but I think the point is when they are 6 or 7 they don't actually go anywhere much that they can spend it. It is more about learning the concept of "If I spend X I will have Y left, and if I save "Y each week then in 3 weeks I will be able to buy Z" type thinking. But by secondary school they are likely to go more places without you, and also have the 'maths' to work with more options.

It wasn't related to doing jobs around the house or behaviour - they were expected as being part of the family.

Can I just say you sound like such an amazing SM ❤️

@avamiah we have Kite card for them linked to my Starling account. Similar to GoHenry. They can have the app themselves which we haven't set up for them yet but I'm going to. DSD is going on her first residential trip in a week and some places will be cashless. I've been getting her used to using a card for the past year or so, but she still loves to count actual coins. We put all their Christmas and birthday (oh and tooth fairy!) money on the cards. It's so much more convenient for me as I hardly ever have cash!

@MissStarry that's very kind of you to say. I see myself as an added person in their lives who loves them very much. By nature I'm a worrier so I swing between hoping I'm not doing too little and not over stepping the mark! I'll do anything I can to encourage their interests and I have no problem paying (within reason!) for them to peruse their hobbies. DSS hobby has opened up wonderful opportunities for me too so it's win win.

@deflatedbirthday
Yes definitely set it up but have a look at the GoHenry as you can personalise their card as well.
I’m sure she will have a amazing time on her trip.
They grow up too fast don’t they.
xx

@avamiah don't they just! Both moving up to new schools in September. I'm a mixture of excited and absolutely terrified for both of them. They've missed so much of primary education with Covid and what not. Hopefully my awful home schooling will hold up 😂 xx

@deflatedbirthday
I’m sure they will be fine and love their new schools, my DD will be in year 8 secondary in September and is 13 early next year and all she can talk about is having a big party and inviting all her friends 😮😶
You have all this to look forward to.lol
xx