To ask about pocket money

[ScatsThat]

DS is 6 and has recently become a bit obsessed by money. Some of his friends are getting pocket money now, but I don't know how much or if money is related to chores or given without condition.

Can I ask, what age did you start/will you start giving pocket money and how much did/will you give? What did your children use it for? Eg. A weekly chocolate bar or saving up for bigger items? Could they spend it on anything or did you set limits?

Also, how did you approach things with siblings? For example, my other DS is 3 which I feel is too young for pocket money, but he will want it if he sees his brother getting something. If I don't give the younger one pocket money I guess I'll still end up spending the same as I'll have to buy the younger one the equivalent of whatever the older one has!

Sorry for rambling, but keen to know how others approached this. 🙏

I would not give pocket money at that age tbh

If the child wants something in particular I’d be encouraging to wait until birthday or Xmas

or

if it was something relatively small I’d offer cash in return for chores - at that age maybe tidy the toys etc or similar relatively easy tasks/ help dad in the garden etc

Something that costs £5-£10 I should say

Yes, that's what I currently do, say put it on your Christmas list/birthday list, but he has become very money focussed recently since discovering his friends get pocket money.

He says he wants to save up for a Lego set (we have Lego coming out of our ears and he will probably get more for his birthday anyway)

I got mine a go Henry, it taught them all about money and saving and choosing what to spend on. At that age I didn't give any, a bit older started with £10 a month and let them choose what they do with it. I wouldn't give to younger, 6 is already quite young.

but he will want it if he sees his brother getting something. If I don't give the younger one pocket money I guess I'll still end up spending the same as I'll have to buy the younger one the equivalent of whatever the older one has!

No! Don't fall into this trap. Are you planning never to let the oldest do something age appropriate because the youngest is too young?
It's perfectly ok to say to DC2 he will get pocket money when he is 6, but pocket money is for big children and he's not old enough. Let your DC1 feel some responsibility too - you think he's old enough to be trusted with it.

We go by age, so each month you get your age in pocket money. No limit on what you spend it on but once gone is gone. We started around 6 years old. Works well and really helps them think about what they want. They can earn extra for chores but making bed and keeping room tidy are non negotiable and not paid for; eg if that isn't done, no other chore will earn you money.

My dc are 7 (year 3-almost 8)and 9 so a bit older than your ds. They both get £4 a week and it isn't dependent on doing chores as such, they have to do jobs anyway. They save some of it to take on holiday or if there's something in particular they want, often lego.

My DC is 7 and I have started to give her pocket money. I do have a GoHenry card for her, mainly because it’s easier for when she receives birthday/Christmas money from family. £2 a week but she does have chores to do. She uses it to buy the odd magazine, toy, little things from places like Claire’s Accessories. If it’s something bigger like a switch game (usually £20-25) I will put in towards it if it’s outside birthday/Christmas etc.

Forgot to add- I will put across an extra 50p/£1 for helping me with ‘big chores’ like weeding or cleaning out the car. But this isn’t more than once a month or so

If he is interested in money and savings I think it's fine. You can either do it weekly (with some basic and age appropriate chores linked?) or give him money based on jobs he does.

4 kids here. We start at age 6, they get a piggy bank of some sort for their birthday and get half their age in pocket money per month so age 6=£3, age 7=£3.50, age 8=£4. They don’t earn it but they can lose it as a consequence of poor behaviour. I think it helps them to see money in concrete rather than abstract terms at this age which is why we give coins rather than use an online bank. Once they get older & have understood how money works we will switch to proper banking.

The children are expected to do chores unrelated to their pocket money but can earn additional money for additional chores if they want to.

In terms of what they spend it on, I’m actually quite relaxed as I see it as part of the learning process. They need to learn that if they spend it all on chocolate or Pokémon cards then they don’t have any left! Good life lesson! They are getting quite good at understanding if they spend it all on X then later they don’t have enough money to buy Y.

I never linked money to chores because chores are an inevitable part of life and they have to do their bit.

I did start pocket money at 6 - I figured about once a month I’d buy them something that cost about £8 so instead I’d give them that money and they could decide whether to spend or save.

Not linked to chores here either, that's expected as part of life. You don't get paid for it.

At 7 they got £2 from their Nan, t no. Chi
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Cu ymtc.

That went well!

Now at 11 Dts get £20 a month it doesn't really go far though if they go into town with their mates on a couple of Saturdays. We end up topping up if they're going out for something specific.