To ask how much pocket money?

[User467]

So what's the going rate for pocket money for 5 and 7 year olds?

We've not done proper pocket money up until now, just bits and pieces as and when, but feel it's time they started learning a bit about money/saving etc. So we have drawn up a list of jobs for each and they'll get pocket money for doing them. We have however reached a disagreement about a fair wage 😂. So what do others give their kids of similar ages?

Nothing. Because...
I don't think they need anything,
I think they should do jobs/contribute to the household anyway without reward like parents,
I think there's plenty of time when they're older to learn about saving,
I can't be bothered.

Haha, fair enough. The can't be bothered bit is partly why we haven't done it up until now.

They are expected to do things round the house already but we've just made it a bit more structured. DS is getting very good at asking for things ALL THE TIME and it's driving me mad so hoping him having to save for stuff will help

I think you're right to start teaching them about money now, there are so many adults who get themselves in debt and are financially clueless, or overspend on credit as soon as they hit 18. I'm not sure about amounts though. Could you work out how much you usually spend on bits and pieces for them a week? Magazines/comics , treats, etc and split it between the chores and then they buy their own, with a bit extra 50p or so to save. My DN is nearly three and at that age is happier with a 2p than a £1 because it's bigger 😂.

My son (6) enjoys saving up, he gets £1 a week

Gave him an extra pound when he got star of the week at school.

He's expected to do a few household tasks that he would have to do any way, but he likes to call them his jobs. I believe he's saving up for a Lego superhero mini kit at the moment (£9)

I think my parents nailed it with pocket money at that age tbh.

We had a 'savings book' each (actually just a small diary). Each week on a Saturday my mum or dad would write "+ £1" on that day. If we asked for money out, they did "- £2" or whatever. Every so often, they'd tot it up and tell us our 'balance'.

They bought us one small bag of sweets each Wednesday, and one to share between friends, and a magazine subscription each too. They'd buy any books we wanted and occasional toys. We'd just take out a few pounds here and there for school trips, presents, holidays etc.

I was saving for a real car (there was a banger in a nearby garage for £128). I think I scared them a bit when I got to £111.

I don't think you can start learning about saving early enough, and not actually being given the £ and seeing the balance go up is basically how I manage money now!