Pocket money for 5 year old

[CasanovaFrankenstein]

What's the going rate please? Things are a bit different since I got pocket money!

I'm only expecting my 1st so I don't know 100% but when I was a teenager, so about 10 years ago I was given between £10 and £20 a week. So for a 5 year old maybe £5? What are they buying with it? Are you saving for them yourself?

We live overseas in a country that is inexpensive to live in. Dd2 aged 5 gets the equivalent of 50 p a week.

It is for her to spend or save as she likes.

Spending money for a 5 year old? My eldest is 11 and has just started getting a fiver a week if she's done her chores!

For a 5 year old I would say 0 is the norm.

We give our 5yr old about £3 per week during the holidays. It's just for ice creams and treats when we're out, and magazines or little toys to keep him occupied. Mostly we do it so that we don't get endless requests for treats and he has a bit of money to spend in the gift shop if we go somewhere special.

He doesn't get anything during term time as less opportunities to spend it.

My DD (almost 6) gets 2.50 per week and for that she has to help clear the dishes after dinner & keep her gerbils clean each week (with help obviously), she also has to help out with other household chores but certainly nothing major, anything 'big' she does extra earns extra pocket money (think 20p or 50p depending on the task), she is very good actually at stashing her cash and saving up for her sylvanian families stuff she wants - she currently has about £27 towards the bakery!

My five year old gets £5 a month as we’re keen to teach him about money. He died of course get much more spent on him on days out etc but he went through a phase of constantly asking for things so his £5 I’d basically for kinder eggs and slime It has helped him understand that money isn’t always just there.

God my spelling!

We give our 5 year old £1 a week. It’s mainly so he can start to understand spending vs saving up for things and so he can start to make those sorts of little decisions. He does get bought things sometimes as well by us/grandparents.

A 5 yr old doesn’t need spending money.
Buy them a treat or whatever if you must but they don’t need to be given money on a weekly basis
What would you be expecting them to buy with it anyway?!

Well no they don’t need it but Ds lives putting his coins in his Mr Man Wallet and working out what’s left after he’s bought something. He enjoys it and it’s teaching him something so why not?

So give him a few coins to play with then?!

We give Dd (7) £2 every Sunday. She asks for things as usual but then I can say 'you can buy it and we will take the money out of your piggy bank when we get home' and more often than not, she won't buy the toy. It is definitely helping her understand the value of money. She was horrified the other day when I told her a new pair of heeleys would use all the money in her piggy bank.

We have given 50p per year per week since age 3 so £2.50 at age 5.

For those saying no need, do you buy your kids the occasional sweets or comic or "penny toy"? If so, much better to give pocket money to DC then they choose to eg buy a £1 toy or save for a £5 toy. They start to learn about saving and value of money.

I give my 6yo £1 per week. It's for sweets / toys and to teach her the value of her things.

He doesn’t want to play with coins he isn’t a toddler! He likes choosing what to spend them on or saving them for some rubbish he’s seen in the shop. I’m genuinely struggling to understand why it’s an issue?

MammaH

What age would you say is acceptable to start to teach a child the value of money? As others have said DS is a lot more careful with his own money than he would be with ours. It make him stop and think if he'd really like that toy or whether it's better to save his money for something else. And the bonus is that he learns some basic maths and he enjoys it.

Flipping heck!!

I wasn’t meaning anything negative so get off my case!

Give the kid some coins, let him buy odds and ends from the shop - same as every parents does with their kids.

I just don’t think that at 5 there needs to be a defined amount, given each and every week.

That’s all.

We give the equivalent of a pound per year a month, so at 5 our dd is getting £1.25 each Saturday. We started giving a weekly amount at 4yrs because she had started asking for toys and magazines a lot. Now she has pocket money she can either spend it each week or save up to get a magazine or bigger toy. It stops the whining for stuff. We'll always buy a book but other stuff has to be saved for.
It's teaching her the value of money and giving her an ability to wait for things.

Ds (8) gets £3 a week. He spends £1 on pic and mix from the local shop on a Friday and puts the rest in his money bank. Today he bought a £5 rabbit teddy from Asda because he wants a real rabbit but isn’t allowed one!

He died of course

Well that escalated...

My almost 4 and almost 5 year olds get £5 a week which we give to them before we do the weekly shop and they normally get something like a small bag of sweets/small toy/magazine or pay to go on those little rides outside, they almost always come back with change to put in their piggy bank and save with as well.
I cant think of any negatives to doing this, its helping them with numbers and they are learning about the value of money, the get some responsability and independance to decide what they want to do with their money and also unless its really busy we will let them pay behind us so they are learning how to do that interaction.

But Mamma, you are being negative. Lots of people talking about why they do it, why it works for them and what the kids spend their money on. But clearly we're all doing it wrong and should just let them play with coins.

Goodness 5 year olds with pocket money?!

Mine have received £2 since about 6. They don't need anymore, as they tend to let it pile up, but it does stop the pester power, they hardly ever ask for anything now as the answer is always the same... "you've got money". Nothing is worth spending of their own money it seems tightwads