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)

[popandchoc]

My 7 year old gets £2.50 a week and 11 year old £4.50 a week (goes up 50p on their birthday).
11 year old has a bank account so i just transfer it straight there.
It is up to them what they spend it on, they learn that they need to save for something more expensive. If they are given money they also can do what they want with this.
Myself and their dad save money for them in savings accounts for when they are older.

[Nap1983]

My DD is a bit older 14. She gets 20 a week but has to do some chores for it. She uses it for going for lunch with her friends and friends birthdays. She is good at not spending on rubbish. I pay her phone bill. At 8 she would have got a 5er a week

[DSGR]

£5 a week each for all my kids, aged 11 and under. And spend it on what they want but not sweets. Any birthday money is for them to spend as they see fit.
they have chores to do and I do deduct pocket money for bad behaviour/if they don’t do their simple chores

[Flumpywoo]

Meant to add that she already has a Hyperjar account where her birthday and christmas money go into (i sneak a bit i to her savings though!), and odd £1s that she is given from family. She loves it and likes to check her balance regularly.

[Flumpywoo]

Thanks for this thread, I have wanted to start pocket money for my 8 year old and wasn't sure how much.
Reading this and another similar thread I think I will do £1 a week but she can earn another £1 a week if she does her homework and reading with minimal moaning and procrastinating.
It's low but will only be for things like a pack of hairbands/clips she likes in primark, or if she wants a pot of slime etc from Amazon. We wouldn't expect her to buy sweets with it etc. if we are out an about, just extra treats so that we don't feel like we are spoiling her. She has grandparents who do that way too much lol

[Ecclescaker]

I think that around £3-5 a week is a good amount for an 8 year old to receive as pocket money.My 11 year old gets £5 a week plus extras for chores if completed and ticked off on their jobs lists.

[JazbayGrapes]

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

[mummyof2boys30]

Mine have a hype jar account which is great as gives the parent a notification when they buy anything. They get £5 added every Friday. Any birthday/Christmas money they save half in normal savings account and then half to hypejar for spending on what they want

[Flangelasashes]

@APurpleSquirrel

We've just started giving DD (8) pocket money - £1 a week. She is free to spend it or save it on whatever she wants (nothing illegal obviously).
Previously we've always put any birthday or Christmas money into her bank account (we have access to it, she does not).
Her birthday was earlier this month, & atm she has kept all the money in her purse.
She has talked about buying herself a new backpack which I'm happy for her to use her birthday money on. The rest of it, I will probably have a conversation with her about possibly putting some of it away in her account especially as Christmas is coming up.

£1 is very low for an 8 year old! Do you have to be happy with what she decides to buy or can she choose? What would an 8 year old buy that was illegal???

[elizaregina]

I've got the hyper jar app.

I don't entirely trust it, nothing I've experienced but I believe larger sums have gone missing being transferred andnit was only because they had taken screen shots that they acted.

However...it's extremely easy to set up.
It tells me what she has spent and where. She adores her card and has set up some savings jar's already.
One is a saving jar.

I'm trying to get her to save and spend!

Older I try and give at least 10 per month, sometimes 30.
However I had already set up savings for her before she got her card so she has a few hundred already so the pocket money tops that' up.
Older is very good with £.

[TravellingSpoon]

And for her £30 she has to do chores - she cooks once a week, empties the dishwasher before school and feeds the cat.

[TravellingSpoon]

My DD is 13 and gets £50 a month, plus I pay her £8 phone bill a month. She has her own accout with Natwest.

Within that £50 a month is £30 for pocket money, and £20 for the school bus. We have an understanding that she can either get the bus in the mornings (I pick her up) or she can walk the 1.5 ish miles home. Sometimes she saves the money and walks, but some times she cant be bothered. If she walks she gets to keep the money. It works well and I think its taught her to make financial choices.

I think her Dad might give her a tenner or so, when he sees her.

[JulesCobb]

My dc have gohenry cards. I set chores / actions for them that are age appropriate, and include bedtime routine, reading and homework. I pay them £1 for each completed finance mission. Their grandparents periodically put money on there, too.

when they were young, birthday money from grandparents went into their savings.

[Ecclescaker]

My 11 year old has a Gohenry card which has been great.I automatically transfer £5 to her account every Sunday,plus she has a chores list which she can tick off eg tidy room,clean out hamster,for which she can earn an extra 20p,50p.I like the way that it encourages the idea of working for money and responsibilities as well as all the advantages of a debit card with adult controls.

[cheshiremom]

My son gets half his age weekly and this has worked well so far and feels age appropriate at the moment (he is 6)

[MonkeyPuddle]

DC is 5yo.
he gets £1 a week on the proviso he makes his bed and tucks his school shirts in with minimal winging every day.
He gets 20p per every good behaviour point at school, usually 60p.
He gets 20p for each exceptional behaviour he demonstrates. This week he earned 40p because he sat through his eye test like a Big Boy. 20p per eye.
I look after his pocket money, he can choose to spent it on sweets or save it, he choice is one and not the other. Currently he is saving his money, he is up to
£6.ish.

[ellieboolou]

10yo gets £3 per week as I tend to buy quite a few treats, when she starts secondary she'll get £20-25 per month plus I'll pay her lunches for school.

7yo doesn't get pocket money as such, I'll say I'll give you £1 for tidying up but she's not fussed.

We have a coin pot so any change goes in there and they'll share it for a monthly treat, usually around £10-15 a month between them.

[ChocolateCakeYum]

DS is 8 and gets £10 a month.

[Kittycorn]

We do £10 every half term. We tried doing weekly but never had any change! No caveats from us... they can spend it how they like.

DD8 tends to buy 'bigger' items that she really wants.
DS5 tends to buy lots of smaller things as he is keen to spend a little bit and to always have some left!

[Mumspair1]

My 6yo gets 20 a month, but there's deductions for bad behavior which works quite well.

[Squashedmoomy]

You can adjust how much pocket money they get instantly,eg earn 50p for tidying room,cleaning the car etc etc.It is a really good app/card to learn basic money skills.

[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.

[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.

[DisneyMillie]

My 12 year old DD gets £3 a week pocket money on her Go Henry card but can earn more through chores - £0.50 for emptying recycling / emptying dishwasher etc. She doesn’t do much though so it’s rarely over £5 a week.

She can spend on whatever she wants - mostly seems to be face masks and Superdrug stuff!

We buy anything necessary but no longer will buy magazines / phone data etc - she has to fund that.

[Mumofsend]

My 6 and 8 year olds get £3 base a week, which is split 50:50 into saving and spends. They can earn an extra 20p a day for helping me with a job each. I use rooster.