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)

[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.

[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.

[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".

[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

[Jugsymalone12]

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

[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.

[Lilyofthewally]

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

[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.

[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 🤣

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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.

[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!

[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!

[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 😆

[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.

[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.

[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.

[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?!

[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.