Pocket money and spending for your DCs? What do you do?

[sparklins]

DS is 8 and we are starting to discuss pocket money and spending.
Currently also looking into a child account/card with parental controls as currently DS seems to think the money on the screen is a magical entity that is always there 😂


Me and DP would like a bit of advice from the wise collective of mumsnet to figure out how we are going to work it so would love to ask a few questions and get some insight if that's ok?

• how much pocket money do your DC/s get or got at different ages
• what are the general rules about spending their own money
• what are the rules about any monetary gifts £10 and over from family members (DCs have a couple of DGMs who like to gift 10-20 each from time to time)

[reluctantbrit]

We started at 4 with £1/week and increased it at every birthday. I found it vital to have DD learn how to pay with physical money as bank accounts are nice but don’t really give you a learning experience.

It was mainly for things like gift shops, holiday ice cream or a toy she desperately wanted and she learned to save quite well.

We moved to a Nationwide account when she was 11 and got £20/months and it increased now to £50/months, she is 15.

We pay for all normal toiletries, necessary clothing, phone, hobbies and equipment for these. Her money is for coffee shops, presents for friends, cinema, clothings she desperate want but not needs etc.

it’s only know that she gets money for birthdays and that’s hers to spend.

[Survey99]

At 8 we didn't, we gave him money as and when he needed it, within reason. He played out with friends from that age at weekends and I didnt want him to be the only one who couldnt afford a drink or snack from the local shop when they had been out playing for hours, or to go to Mcds/cinema/swimming etc. He didnt really spend money on anything else, playing out mainly revolved around footie which was free so there didn't seem much point making it pocket money at that age.

He never got an allowance until first year of secondary, age 11. His friends were around the same age when their parents did the same. He got his own bank and savings account with debit card and Apple Pay set up on his phone. The card was also setup on his PS4. Any birthday/Christmas money would go into the savings account and he could transfer between accounts.

We transfered money every month to cover basic school lunch cost and personal spends. We also transfered to his account his bills such as giff gaff phone, netflix, spotify, gym membership. We went over in excel with him his budget and a couple of scenarios such as how much spending just £1 more daily at school lunch would cost over a month. Talked about how he could save to get the new fifa game in September instead of waiting until Christmas. His card was linked to the parent pay account at school which he then managed keeping it topped up from his allowance.

Netflix and Spotify were quickly cancelled, and he started drinking out his water bottle at school lunch and giff gaff goody bag size was reduced when he realised he could spend the money better elsewhere 🤣. We never linked money to contributing to house chores and never used withholding allowance as a punishment.

It was all low risk as the debit card wouldnt let him overspend or he would get email if parent pay went into debt. There was a couple of painful "learning opportunities" 🤦🏻‍♀️ along the way, which was ok as I think they learn better from actual mistakes. He is 18 and now at uni, working PT, he has just booked his first holiday abroad and has worked out all the costs and had a plan how to pay, and he is very good managing his money.

All that was basically to say, imo, I wouldnt bother with pocket money or kids money cards at just 8, they are more hassle than they are worth.

[Toadymalone]

I ended up going with GoHenry for my now 9 year old,and have been very pleased with the service and the modules that they provide.I like the controls but also the freedom that it gives to them.

[Squeezylemonsqueezy]

My 13 year old has recently had her pocket money increased to £10 a week.

[Blancettyblanc]

We have just decided to increase pocket money,as everything is getting so much more expensive,and the pocket money,like everyone else's money isn't stretching like it was.

[Workawayxx]

My 10 yo gets £3 per week on a goHenry card. Not ideal as it costs 2.99 a month but works well so I’ve kept with it for now. Plus money for Christmas/birthdays. I let him spend it how he wants as he’s quite careful and already gets into knots about whether to buy something or not.

[Milkyworm]

@Dragnet14

I am thinking that,with all the increases in the cost of living,to put pocket money up a bit from the start of next year.

Yes,I was thinking the same.I think it is time to turn £5 a week into £7.50 or so,seeing how little you can get for the money these days 😭

[Dragnet14]

I am thinking that,with all the increases in the cost of living,to put pocket money up a bit from the start of next year.

[Dragnet14]

Yh, maybe it will turn out to be a good life lesson!

[limitededitionbarbie]

@Georgeandzippyzoo when he runs out of funds he might get it!

[Georgeandzippyzoo]

We got ours (13) the go Henry card. Worst decision! He has no concept at all of how much he is spending and I stupidly put his saved pocket money on. He uses it for school dinners and he literally has no concept of what he has spent. We have gone over it several times with him but not taking anything in! He spends, during the week, all of his dinner money and his pocket money basically on fizzy drinks and food for lunch. His saved pocket money is quickly being eaten away ! I've decided to leave him to it cos at some point he will run out if money!

[Lollybolly]

I was giving my 11 year old £20 a month until very recently.This has gone up to £30 a month lately as everything has gone so much more expensive on all fronts.

[Darbs76]

We used Go Henry when they were younger. This worked nicely, then they got current accounts at the bank. This is separate to their savings accounts which are with a building society (no access until 18, though our rule not the BC). DS got £25 a month until he went to Uni this month and now he gets £100 a month (we have also paid his accommodation). DD age 14 is just starting to get pocket money next month as she’s been a fan of Uber eats and Shein, so I didn’t give her pocket money as she cost me a fortune in them. However she’s getting £25 a month now as only fair, I guess that should rise to £30 with inflation!

DS saved a lot in his current account which is very handy now he’s at Uni

[limitededitionbarbie]

We have an Osper card. She spends and saves. It's set so she saves £2 a week. The rest she spends usually on roblox which I hate but it's taught her about saving and budgeting as when it's gone it's gone.

[berksandbeyond]

@PaddleBoardingMomma

We have go Henry, 6 year old gets £15 a week and chooses to spend or save depending on what it is she has her eye on or where she wants to go.

Your 6 year old gets £60 a month to spend?!

[Opinionvalid]

Our DD gets £8 a week,increasing to £10 with couple of optional additional chores.She is 12 and gets the money weekly loaded on to her Go henry card.She takes her card with her when she goes out with friends and seems to keep a general amount of around £30 in there.

[Anniebanany]

My 13 year old gets £10 a week,no extra money for doing homework,keeping room tidy etc.She generally spends £20 a month,and saves £20 to spend either on more expensive items or to have as extra holiday spends/going out money with friends.

[Milkyworm]

@Squashedmoomy

I have been very impressed with Gohenry,as it shows you exactly how much money was spent and where,almost immediately.There are lots of money missions to help children learn all about different aspects of money.You can set spending limits,set savings goals,limit weekly spending.etc.It really is a good product,and a lot more than just a prepaid debit card.
If anyone wants to give it a try,we both get £20 into our childs' accounts as a bonus,if you join with the following link.
www.gohenry.com/uk/referrals/?ght=RAF&utm_campaign=refer_a_friend_A&utm_source=activityMA#ref_act_goWW1839_Yk
I joined up through someone else's link on here,and my son has kept using the card,and had his pocket money automatically transferred from my parent account each Sunday.

I joined with your link,thanks for the £20 to get started.

[Blancettyblanc]

@Toadymalone

Yh,I think the concept of paying for treats out of their own money suddenly leads to less impulsive spending and more awareness of what they really want and less wastefulness!

Yes,surprisingly when it is coming out of their own pockets,they suddenly become a bit more controlled with their spending 😆

[Toadymalone]

Yh,I think the concept of paying for treats out of their own money suddenly leads to less impulsive spending and more awareness of what they really want and less wastefulness!

[FlakeBreak]

On the face of it my 12yo gets £12 a week, which I know sounds a lot but like someone else upthread said, I wanted it to be enough that they felt like they were doing some budgeting & could see how both spending & saving mounts up.

We use Hyperjar and of that £12, £2 goes into their PAYG phone credit 'jar' & is restricted to paying only that company, £2 to "new phone fund" savings jar, £1 to xmas&bday gift buying jar. They also have to pay for any breaktime snacks/drinks bought at school (funny enough this has reduced from a daily purchase when I was paying to a once a week treat now they are!). They dont tend to spend the remainder weeky but save it up to spend during the next school holiday, which suprised me!

[Dragnet14]

My 12 year old gets £5 a week transferred to his Gohenry account,and can earn more through cleaning his room,helping with chores etc.I have found it works well and by using his own money for sweets,comics etc,the whole concept of wanting v needing and spending his own money has been a valuable lesson.

[MinnieMountain]

Our 8yo gets £10 a month. We also save half of his birthday/Christmas money.
He can spend it on whatever he wants. He’s currently saving up for a Playmobil toy.

[Toadymalone]

Thanks for thread,it's giving me food for thought regarding pocket money and my son to be 8 year old.Most of her friends have a Gohenry card,so I am leaning towards doing the same.

[notsallyrooney]

My 13 and 11 yo get £20 a month into their Natwest current accounts. They can do what they like with that, and they pay in any cheques/birthday money there too which they can also spend as they like. If they lose stuff, I will ask them to pay to replace. I like the idea that an earlier poster had about them paying for the bus themselves -- my kids don't get a bus but they spend loads of money in the canteen on waffles !! Maybe I should give them a set amount per month and they can pay that into their school dinner account or their own account, that might break the waffle habit...

I pay for their mobile phones separately (£8 pm each).

My 8yo doesn't get pocket money per se but seems to get by on birthday money etc and grandparents giving her jobs to do around the place!! Will get her a Natwest account when she is 11 and will set up the direct debit then.