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)

[Blancettyblanc]

I like the easiness of Gohenry just transferring the pocket money on a Sunday.It saves keeping small change on me and scrabbling around for the cash each week.

[TheTurn0fTheScrew]

Within your budget give enough for them to have accessible choices. IMO 50p per week is going to make eg saving for a Barbie seem so unachievable as to be not worth doing. But not so much that they don't have to make choices. At 8 a couple of quid is good if you can do that - some for sweets, some to save.

If we're out shopping my 11yo will still sometimes ask "would this be coming out of my money or your money?" which shows they value things differently when they have to shell out themselves. Cash is more meaningful for the younger ones, until they have phones with apps where you can check transactions and balances as you go along.

[Squeezylemonsqueezy]

I don't mind the monthly fee,as I think you get a lot for your money,especially for younger kids learning about money.

[Squeezylemonsqueezy]

My 13 year old gets £10 a week,and still uses Gohenry.I think there is around £40 in there at the minute,and I like the fact that I can see where she uses the card and what is goes on.

[Rentaroom33]

I don’t give mine pocket money at all, they are 7 and 9. They don’t ask and I don’t offer really. They get money the odd time if they have done something amazing or did really well at school etc.
they will usually get money for birthdays/Christmas from various relatives and do they use that. They mostly save it though.My dd 9 always seems to have approx €200 in her purse 🤣

[Milkyworm]

My 9 year old has been getting £5 a week for comics,sweets etc.This has been as cash,but maybe it is time to get a bank/prepaid card set up.

[Lilyofthewally]

I generally give £5 a week,but I am going to add on chores to earn extra and see how we get on.

[Lilyofthewally]

@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 used your code to set up an account for my 10 year old and the £20 is already in there,thankyou.

[Jugsymalone12]

I give £5 a week,plus there is the option to earn an extra £2 through doing chores.

[gogohmm]

Mine had their own bank accounts from 11 with a card that they controlled. I put £20 a month in at first (raised it once they got older) I left them to decide because they need to be able to make mistakes and learn - in fact they were always good, saved up and both now grown are very good with money

[TheSoapyFrog]

My son is 8 and has a Go Henry account. He gets £4 a week and £2 goes into savings.
He sometimes uses his money for extra treats when we're out and about, like a lemonade or chocolate bar. The savings can be for anything he wants, like a toy or a game for his Switch. Last year he saved up for extra spends on holiday.
He does have the option to do chores for extra money on the Go Henry, but these are often left undone.
Money he gets from family goes into his wallet to spend on toys etc. He loves "cash money".

[Jugsymalone12]

I signed up to Gohenry after using a link that I got from here.I have been very impressed with it tbh and with the money missions,parental controls,instant updates and easy ways to transfer money etc.I think it is really well worth the £2.99 monthly fee.

[Purplehonesty2]

Mine are 10 and 13 and have Go Henry accounts too.

They both get £5 a week - the 13yo doesn't use it much and saves up for bigger things and the 10yo uses her much more often.

They both usually have around £50 in there. People can pay in with a link too for birthdays which is really handy.

[JockTamsonsBairns]

It's been a while since I've had an 8yo, so I can't quite remember the details, but I don't think mine got a weekly amount at that age? I think I just gave them some money as and when they needed it.

They were 10 & 11 when I set them up with a GoHenry account, and it worked well for us. They got £5 paid into their accounts on a Saturday morning, and could earn an extra £1 for doing extra chores.
The £5 weekly was dependent upon them doing basic stuff like keeping their rooms tidy, emptying the dishwasher, organising school stuff the night before etc.
The £1 extra would be for hoovering the front room and stairs, cleaning down the garden furniture, cleaning their bathrooms/shower screens - basically anything over and above what I would normally expect them to contribute towards the daily running of the household.

They are 13 & 14 now, and have both upgraded to a youth current account. I deposit £30 a month for pocket money. I pay for essential clothes, toiletries, phone contracts - they pay for socialising with friends, and any clothes they want over and above the necessary sort of stuff.

[Peabody25]

Just turned 9yo DS gets £5 a week in cash. It's not associated with chores, he has those anyway.

This is for him to buy anything he likes, with some guidance if we think he'll regret it, and all birthday and Christmas money is his to do as he likes.

[Harridan1981]

At 8 they just got a pound a week for sweets tbh. We had a go Henry card for them for some birthday money etc.

At 12 and 10 we have just started an allowance. £20 p/m for the older and £10 (plus sweet money) for the younger. Older child now has a current account with a debit card and app, younger still has go henry.

[Snowwhiteandthesevendwarfs]

How old were children when this was started? I have a 6 and 7 year old and don't know what they would be spending it on? And the post saying £1 per week is too little for an 8 year old why I thought we were a few years away from regular pocket money, I sometimes give them some change if they have been helpful but didn't realise it was much of a thing as a regular amount yet.

[JessicaBrassica]

Ours get half their age a week, so 10yo gets £5 a week but only if they do their jobs (10yo hoovers stairs landing and cleans & tidies play room, 13yo does front room and hall) .

We use rooster (NatWest) which was cheaper than gohenry and gave more control over different 'pots' of money than hyperjar. money goes in to the main account and then you can move it in to different pots for saving such as sweets, computers, trainers etc.
Any spend on their accounts comes through to us so we know what they've spent. If we send DD to the shop for milk, we know exactly what she spent and then reimburse her.

[Michiru]

Surely it's about the physical aspect when using cash. There is a huge difference between spending money and it physically disappearing, or seeing it build up in a piggy bank, and just some digital number you have to manually check. Children, who are used to instant gratification, will learn faster with the former. It also helps with general Maths skills when a child has to add up their coins, rather than just having a sum given to them. So I'd encourage cash every time.

[Hankunamatata]

We use rooster cards. Cheaper than go henry

[Ecclescaker]

Plus,the Gohenry card is a cashpoint card as well as a debit card,so if they want to use cash,they can withdraw it themselves from the cashpoint.So much better and easier for us.

[Ecclescaker]

I love the cashless aspect.No scrabbling around for change,remembering to go to the cashpoint etc.So easy to transfer money from your parent account to the child's account,or to/from their savings pot etc.So much less hassle,pocket money paid automatically on a Sunday morning.

[JulesCobb]

@JazbayGrapes

Cash only. On principle. They do have bank accounts, but its not the same as counting/saving/spending physical money.

I cannot remember the last time i paid for anything in cash. Not sure what this approach teaches or achieves since our society is heading towards cashless. Is it your principle that society shouldnt be cashless?

[Ecclescaker]

I think that anything that teaches kids about saving,how to be responsible with money,to save for things you want instead of instantly getting etc.is a good thing,whichever way/bank you choose to go with.

[Sallyingon]

Mine is 15 and gets £20 per week and I pay his phone bill. Before that it was ad-hoc, which was fine when he was little, but as his social life got going I was ending up transferring him loads of cash. He is set up with a HSBC account now and has the app so he can control his own spending.