what, if any, pocket money do you give to your children

[whowouldknow]

I have two dsd and one ds (baby). The question really relates to the 2 girls. The oldest one (14) is very responsible with money (and in general) - she has a current account and a debit card and she manages it all fine. The younger one (10) is a nightmare. As soon as she gets money in her hand she wants to spend it. I think it would be a good idea to start training her now eg give her money every month and once it is spend thats it - until the next month. What do you think? Is it too young to expect her to be responsible - am i just blinkered because her older sister is so good with money.

I think i am extra aware of this because I know she isnt getting any guidance from her mum about wise money management - so I feel we need to get this sorted otherwise there could be problems in the future.

PS her favourite statement when i suggest she save some money for ......whatever is "it is ok - dad will just give me more - hes rich"!!!!

My DD1 is younger than yours (7) but we have started giving her pocket money. There was another thread recently that had this idea - give so much a week as a flat rate (in DDs case £1, but more as they get older) then she "earns" 10p a chore extra - things like tidying her bedroom, putting dishes in dishwasher, putting clothes away, being particularly well behaved. This way she gets up to 70p a week more, and I like it because she knows that money needs to be earned, and the value of a good work ethic.

Just an idea, but works really well for us :)

My 10 yr old gets £10 a month and can earn more by doing jobs on top of the couple of jobs she has to do to get her pocket money (put away stuff and keep room clean!)

8 year old gets £5 BUT he has to:

1. empty the dishwasher every night
2. Put out the rubbish & sort the recycling every day.

There are things he is expected to do and will not get paid for, make his bed, keep his room tidy & fetch down his laundry. He tidies up after himself too.

The key is to have something to aim for.
SO those damned adverts for expensive toys on telly & Argos catalogue...if he says he wants some thing we make him save up for it. He has bought himslef several things that way.
We stick a picture of the item on the fridge for him and get him to count it regularly and work out how much he needs. Helps with his maths and to handle cash.
Works for us.

Mine (8 and 10) get a flat £5 a month - but I pay for things like presents for birthday parties, clothes etc.

They're both savers, and they frequently offer to pay for things themselves, for instance sweets at school discos, the parking when we go to the panto every year, but they definitely don't blow their dosh as soon as they get it.

I've told them that when they're 12 and 10 they will get a bank account with a monthly allowance, and from that they will have to pay all their expenses except school stuff.

By the time they're 18 they will be millionaire hermits.

Ds1 (15) gets £5 a week. He does nothing to help in the house and needs prompting to do homework/music practice. Ds2 (14) gets £10 a week. He does homework/music practice without me having to remind him. He also walks the dog and does (supervised) babysitting. Ds3 (5) doesn't get pocket money yet but gets what he wants the odd thing when we are out.

Dd1 13 gets £20 a month, but I always end up giving her a quid or two extra at various points in the month. Usually if she's going to a carboot sale. I don't pay her for specific jobs, but she's generally very helpful with her baby brother and other bits & bobs. She's always trying to give her pocket money back cos she knows we're broke!