AIBU to ask if you would give a 7 year old weekly pocket money and if so how much?

[akdmummy]

My nearly 7 yo DD has recently wanted to have some of her own money to spend as she wants. For example at the school fair she preferred me to give her a bit of money and then went off and made her own mind up as to what she spent it on. She understood that once it was all gone that was it.

She's gone to her Grandma's for a few days and without me knowing has taken a few pounds from her piggy bank with her to spend.

WIBU to give pocket money at this age and if so what would a reasonable amount be? Do people attach rules to receiving the pocket money (ie in exchange for doing little jobs) or do they just give it whatever?

7 year old £10 a week and another £5 from Grandma, thats more than most adults get, mindboggling, £60 a month

More than most adults get? For what? I don't know any adult who gets pocket money.

No he doesn't have to buy clothes off of it, he's not into clothes at all at the moment, when he starts becoming more interested in labels then yes he will save to buy them himself.

My 4 year old gets £2 a week which he saves in a pocket money jar we made together. He saves for the toys and games that he wants if it's not his birthday or Christmas. It stopped the constant "I want, I want". He spends his money all over the place and if he wants something that is cheapest on Amazon then he pays us the money and we get it for him.

DS is 7 and gets 50p a week. He likes to save up. He just bought a transformer for £11 and has at least £10 left in his piggy bank.

DS (7) gets £5 a week and can earn little bits more on top if he's extra helpful. He is pretty good at saving up if he really wants something - he makes up charts to put on his wall and crosses off each week till he gets the amount he needs. I would say having pocket money is really making him understand the value of money and having to save up for things.

DD 8 gets £1.50 every Saturday. We decided to start giving her money as she was looking at things like books, hair bobbles and key rings and it seemed a bit controling that she had to ask us if she could have them. It's not linked to chores as we live in a socialist household-each according to their needs.
It's been a positive thing for her maths and get confidence. Real life understanding of how many pic and mix type sweets she can get and going into the shop by herself to do it.

The three jars idea is a good one, that would save on lots of trips to the bank to withdraw 50p. I'm thinking £2.50 a week for a 7 year old, 50p in the charity pot and £1 each in saving and spending.

It seems both Nationwide and Santander have passbooks if you apply for the account in branch.

Two of mine are grown ups now, but generally I gave enough for a magazine a week and extra 20p's here and there for odd jobs done, so they were earning.
At 14 they had their cb and had to learn to manage it, I'd obviously buy clothes but anything more than basic/ designer they had to pay the additional.
it was interesting watching them wear Primark/ high street shops when their friends wore designer expensive stuff

I DO NOT HAVE KIDS.

Having got that disclaimer out of the way, I'd be heavily, heavily tempted to do something like:

£10 a week.
£2.50 comes out in tax and goes to pay towards family days out etc.
They can give me their money and it gets interest. I'd give them a nice generous 10% (taxed at 10%, money goes in the family day out pot).
They can go overdrawn, but that's 50p a week overdraft fee plus 50% APR.
If they get so that they can't even service the debt through their weekly pocket money, I start repossessing things 😈

My son will be seven this year & I started giving him £1 a week pocket money at the beginning of this year.
So far, he hasn't spent a single penny as he likes to save (not for anything in particular, he just likes having money)
I'm not sure whether he is going to grow up to be Scrooge McDuck or whether I'm very proud he is such a good saver.

He also gets a weekly comic & a monthly one both of which are subscriptions he gets as gifts from family at Christmas.

When we go away to visit family for a week or on holiday for a week later this year I also plan to give him an extra tenner for that week, but he has announced he won't be spending a penny of it because he wants to save it.

It is not linked to chores, those he is expected to do anyway.
He only gets extra money for losing his first tooth sort of things but every penny of that is still in his moneybox too.

I plan on doing something along these lines so bubba understands you earn money and can save it up and spend how they wish.

Snuggle, what magazines does your DS get? It's DD's birthday soon and she'd love a subscription.

I read that as "7 week old" and literally spat my tea out all over me. Cheers 😝

Addley - - I suspect that is a bit advanced for most 7 yr olds

More than most adults get? For what? I don't know any adult who gets pocket money

We do . I suspect many families on a budget do - most probably won't call it that, but nannybeach was clearly talking about 'money you get to spend on yourself, just for treats, not things you need', which, in essence, is what pocket money is.

I remember getting 50p a week when I was little, going up to £1 by the time I was 10. Usually got me some sweets and maybe a Beano comic, although I suspect nowadays it wouldn't even buy you a comic.

I plan on doing something along these lines so bubba understands you earn money and can save it up and spend how they wish

But you don't earn money for doing your own chores....

£1 a week if room is tidy, which used to mean never, but now it's enforced fortnightly, though up to 50p may be withheld if it doesn't happen (or given to helpful sibling if they do it instead).

I am amazed at the 8 and 5yo collaborating to buy remarkably good value bits of crap off the Internet or at CEX. Ds had £1.75 once and managed to buy 4 second-hand Skylanders.

Just being able to say "did you bring your money?" rather than 'no' when asked to buy something really improves the reaction.

@Believeitornot no but I earn money by working chores will be their job therefore can earn payment for.

My ds7, gets 7.50pw, he normally saves it, but it's to spend as he wishes.

no but I earn money by working chores will be their job therefore can earn payment for.

Google "dan pink motivation ted talk" to see why this really isn't a good idea.

@Mumtobe12

You aren't teaching them work hard for a living - you're teaching them that chores are only worth doing for money.

You can teach them to work hard by setting a good example of going to work. And by setting expectations in terms of schools work etc. Teaching them not to give stuff up.

But money for chores - not sure how that creates a decent work ethic.

DD (7) gets £2 a week but that's based on her doing all her chores.

• Making her bed every day
• Putting her dirty clothes in the wash basket every day
• Tidying her room twice a week (Friday and Sunday)
• Tidying the playroom once a week (Sunday)

I give my 7 year DD £5 per week. May be less if she hasn't helped in house, it can be maxed to £7 if she has helped a lot. In settimg the amount I thought it should at least be enough for a comic and sweets, or to save for a toy etc. I can remember getting £2 a week a very long time ago!

ArseyTussle - he gets The Phoenix as his weekly comic & his monthly one is Whizz Pop Bang (science based stuff)
I'd highly recommend both.

Thanks! DD likes science too, I'll have a look at those.

You're welcome.
It doesn't seem to say it on their site, but if you subscribe to Whizz Pop Bang, they send you an email about a week before the magazine arrives with a list of the items you would need for the little projects/experiments in each issue
Very handy :-)
.