Pocket Money

[Nutjob]

My ds is 5 and I was considering whether to start giving him pocket money as a way of getting him to understand the value of money and the notion of when it's gone it's gone, but is he too young?
So, oh wise women, when is a good time to start giving pocket money and also how much should you give? Any advice greatly received.

I remember at 14 being given an allowence which had to pay for all clothes bar uniforms etc and everything else. I think it was about £50 per month (which was a lot then) so I don't think £80 a month is huge, considering everything has to be bought from this. Clothes, outings, presents etc it really is only £20 per week. This way I didn't get any extra, but in our household we didn't get 100's of ££ spent at birthdays and christmas. My christmas presents used to be a winter coat and a pair of black boots!!

My kids are 3 and 1, but I think I might go the 50p or £1 per week start when they reach 5. This will probably save me loads as I usually buy a magazine every couple of weeks, and sweets when we go out at weekends.

It is difficult and i think it depends on what they are expected to spend the money on. For me the allowence was fair becasue I couldn't ask for a penny more. I did get myself a paper round too, so I earnt as well!