Pocket money

[FedupofTurkey]

Do you give your kids an allowance? (We don't have much spare)

If so how much? Is it age relevant? Is it linked to kins? Do you give all kids an amount or start it at a certain age, ie, high school?

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Dd1 7 years gets £1 a week an extra 50p for chores like sweeping dusting etc etc.
Dd2 4 years £1 as well and sometimes extra depending on chores like tidying her toys away and not leaving dirty underwear under everywhere etc etc
A week I don't see it fair to give a child less because of their age
As they get older their keep getting this but money in top to for what they need clothes bus fair etc.

Meant to say £1

My kids don't get pocket money
As you said money isn't always available to give them
Pocket money isn't obligatory
I expect my dc to do very minor age related chores for "treats"
Eg go and tidy your rooms and then we will go to the park

Mine have never had it either

No pocket money as such but they do get some money every now and again if we have it, for being extra good or helpful around the house like doing extra chores.

Mine do starting aged 6
At the moment it's twice age plus 10p
So ds aged 9 gets £1.90

Except its all ious at the moment as dh has just been made redundant again
Does mean they'll buy something sensible with it when they do get it as it'll be a bulk amount

Oh and they do lose it for shitty behaviour or not helping when expected

It is difficult buying gifts for young teenagers so for Christmas and birthdays my DCs tend to get money or vouchers from us and relatives.It adds up to about £250 each pa. That is their 'pocket money'. It averages out at £5 a week.

The older 2 earn their pocket money, if they get all their spellings right for example they get a smiley face at home. Then when it's a holiday I add up the smiley faces, each one is worth 50p and I give them the cash. I did try a conventional method (£1 per week) before but found that I never had the right change and constantly forgot.

If they wanted to earn more then they could do a chore or two (or get their spellings right more often). They usually get between £5 -7 each half term which feels like a decent amount to buy something other than sweets. Mostly they don't seem to want to spend it and tend to save it.

I think it's really important to give kids pocket money, they need to learn to make choices, to save, and what happens if you spend all your money and have none left.

Our five get pocket money of twice their age, once a month, when they start asking for it. So £24 for 12yo, £22 for 11yo, £16 for 8yo etc. It's very expensive, and they don't get it every month if we are struggling. Last year it was just once your age. We don't buy them any treats, they have to pay for everything apart from clothes or school essentials themselves, and they don't ask for anything from us when we go shopping.

We have tried various incentive / performance related pay / weekly sticker chart thingies. iMO they are too darned complicated and I couldn't keep on top of them. So now it's just payday once a month, with a £5 recorded immediate deduction for any physical violence.

Expensive, but simple, and they are learning to save up which is really important for their futures.

For my oldest three (all at secondary school) I have a list of chores I want done e.g.mop the floor, clean the bathroom, weed the garden and pay them £2.50 per hour. They only get paid for a good job done and it is their choice how much or little they do. It operates on a first come first served basis, so if they want to take their pick of that weeks jobs, they need to get a move on with doing them. They all have set chores which they are expected to do unpaid, as part of living in this household e.g.put their washing away, hoover their room, set the table.

When they were little I gave them a weekly amount to buy sweets or little toys from the local shops (about £1). I think they need to practice working out how much they have and what they can afford, to learn moneys value. I used to literally give them their money and just wait by the door. They had to work out if they had enough for what they wanted. I started this when they started school at 4.

My children under school age just have their sticker charts on their bedroom door and this has always been reward enough. Special stickers are in the nappy bag for emergency bribes when out/special reward for wonderful behaviour.

My oldest has a pktmny account with a debit card and has £5 a week. She is ten. On top of that she performs in a local variety show where she is paid £3 per performance.

She is expected to save some. And does. She also isnt allowed to spend it on sweets.

My younger children have never asked, but do occasionally have the odd £ for doing chores/ good behaviour etc.

I agree with LongStory I think it's important to tach children the value of money and how to budget. My DS1 is 5 and gets £2.50 a week providing he has a good attitude (doesn't get cheeky!) and takes his and his baby brother's clothes through to the wash cupboard at the end of each day, sets the table for tea and does his spellings for school. Twin DDs age 3 also get £2.50 a week but I don't give them the cash as I think they are too young but I let them spend up to that amount on 'treats' such as stickers, magazine etc, and explain how much they have left to spend or save for next week. They have to also behave nicely and take their own clothes through to the wash cupboard and also pack their toys away at the end of the day. DS2 is 14 months and obviously too young for pocket money but I will do the same for him when he's older. I think it's important for children to help around the house and realise a household (particularly one with 4 under 5's! doesn't run itself).

They earn it! I grew up in vet privileged lifestyle with essentially stuff on trap and never needing to save up. It did not do me any favours!

Hi Mums,

My husband and I were having a discussion the other day. We have a 7 year old son and we're trying to introduce him to money. How much should we be giving him and should we get him a bank account?

Any help appreciated

Thanks!! :-)

Wendy

mine get pcket money but if was something i couldnt really afford i wouldnt bother,its not a neccesity!

mine get none until they are ten, then £1.00/week

they are not allowed to spend it on sweets and stuff. I am mean like that

DS2 is ten this week, he is very excited!