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

88 replies

sparklins · 15/09/2022 18:13

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)
OP posts:
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Am I being unreasonable?

14 votes. Final results.

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You are NOT being unreasonable
79%
Darbs76 · 11/10/2022 18:41

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

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Lollybolly · 11/10/2022 20:41

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.

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Georgeandzippyzoo · 11/10/2022 20:50

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!

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limitededitionbarbie · 11/10/2022 21:18

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

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Dragnet14 · 11/10/2022 21:21

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

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Dragnet14 · 13/10/2022 09:10

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.

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Milkyworm · 13/10/2022 09:17

Dragnet14 · 13/10/2022 09:10

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 😭

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Workawayxx · 13/10/2022 09:26

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.

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Blancettyblanc · 19/10/2022 15:58

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.

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Squeezylemonsqueezy · 21/10/2022 21:35

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

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Toadymalone · 20/11/2022 11:05

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.

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Survey99 · 20/11/2022 11:58

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.

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reluctantbrit · 20/11/2022 12:14

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.

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