To pay the kids their pocket money in foreign currency?

[BatmansWilly]

My kids get pocket money for jobs that they do around the house. So for instance DS1 will get £2 for putting the wheelie bin out and bringing it back in. DS2 will get £2 for washing the pots and cleaning the work surfaces ... basically it tends to add up to about £10 a week each.

However we're going to America later this year and this kids are not saving at all. They're wasting their money on computer games whilst saying "I'll start saving next week, promise"

I think its because they know I'll buy them whatever they want over there anyway

So I'm thinking of paying their pocket money in Dollars from now until we get back off holiday. DS1 has managed to save $50 dollars and DS2 has only $20.

AIBU to stop the £s and start paying out $s?

No way, good idea, and if they have no idea about the exchange rate you could save yourself some money!

It is a really good idea .

No. Worth much more than paying in ££ and then changing to $$ I would think too.

How old are they ?

Sounds more like you just need to take a tough stance on what you buy them and what pocket money is for - make it clear that on holiday you will pay for theme park entry, lunch, and one drink (or whatever it is that you think is fair) and that they will be responsible for everything else

No YANBU, I think it is quite a good and original idea! I am sure they will have a lot of fun spending it during their holiday!

that is an amazing idea - well done! they'll thank you for it when they have some good spending money on holiday.

I think thats a fantastic idea. It will save you having to fork out extra money that they should have saved. Its never too early to learn to save money IMO. My DS1 is 5 and has been saving for our holiday since January by doing little things around the house. he has nearly £50 so far, bless his little soul.

aww 5inthebed

Thanks for the positive replies! phew ... I feel guilty when they say "Can I have Spider-man for Xbox 360? it's only £7 ... " and I say "no, we're saving for America" so they reply with "But I have £10 in bank, I'll just use that ... "

Then I hit them with "Actually, you have $15 ... and you can't spend dollars in Britain"

But I know they will be grateful for it when they get there.

It's a good idea if you have the currency already or can bulk-buy it now or you'll keep being stung on fees everytime you buy it.

Hey Batman - what a good idea, i think I will do the same.

We too are going to America later in the year and my boys have nothing saved.

Usually, I give them around $60 dollars each spends when we go and they always get stuff on top when we are there so they know they will not stick fast, but as they are getting older, I think it is time for them to take some responsibility

That's a brilliant idea! I think it should be tip of the week

The good thing as well is that these game will probably be even cheaper in America and he will get more for his money!They will be happy to do some shopping there and waiting a little bit longer will only make the pleasure better for them when they can start spending!

Nothing wrong with you doing it but I personally wouldn't.

I think saving money for things is something they should decide on their own rather than having it forced upon them.

I would continue to pay them as normal, but just make it crystal clear that there will be no extra pocket money in America, so if they think they might want to buy things they ought to save their money.

If they 'know' you'll buy them whatever they want over there anyway, then that's the problem. Forcing them to save by paying their pocket money in dollars isn't going to change the fact that they think you're a bit of a soft touch.

But you know yourself and if you think there's any chance you might do what they think you will do and buy them stuff anyway, then yes paying money in dollars seems a good option.