Pocket money

[Nimme]

I have promised DD1 pocket money (after a long discussion). She is nearly 6 (only) and I don't know how much or little? And what chores do you make them do?

My 5 year old ds gets £2 a week, I try and get him to clear his toys away but that's about as far as it goes, when he gets older I'll start introdcing more chores.

None of mine get pocket moeny until they are 7. Then they get £1 per week. At 11 they get £2 per week.

We're just about to start this for ds (just 7). I'm thinking £1 a week with no strings attached and then using the famous pasta jar to enable him to earn more (or lose some of course).

My 6 yr old gets £2 a week

I should be giving dsnearly 10, 1 pound a week but never seem to get into the habit. Must do so.

I was thinking along the lines of 50p a week and definitely with a chore attached.

Am I really mean and strict??

I don't know when we will start to 'do' pocket money. I can't see myself being that financially organised somehow.

Have done some thinking on this already though and I intend to give the children an amount they can actually do something with as a reward for helping out/chores.

What I mean is, it won't be 20p or something as to be able to afford to buy a treat for themselves they would have to save forever at that rate!

On that basis I kind of feel we should wait a lot longer before we start pocket money and do it when they can learn about managing finances and then i would give them a fiver to clean the car or £20 a week in exchange for their help around the house (doing their laundry, keeping their rooms tidy) on a daily basis. Something like that anyway.

Still not really sure though...

If you are starting now I think £1 a week would be better than 50p but definitely no more than that. One idea I had for starting at a young age was to give enough money that they could treat themselves occasionally as well as buy the presents for their friend's parties. This would be a good way of teaching about financial responsibility early.

My mum and Dad made me earn virtually every penny as a child and rarely gave me more than 20p for a task like car cleaning. I had a paper round at 14 and helped a friend with theirs from age about 11. I had a huge pot of 20 pences with the odd pound coin that was stuck into Birthday cards from my slightly stingy Gran. I used to hoard and hoard that money. Never spent it, really, REALLY valued its worth and now as an Adult I feel so deprived of frivolity that I have a hard time controlling myself when I have money to spend.

My parents still don't treat themselves and my Dad will cut off the mould from Bread and still eat it. This I find utterly strange (but he was a war time baby!) and has definitely NOT helped me truly learn the value of money or how to spend wisely.

Sorry if I am going off topic with an account of my freaky family - thought it might be a warning to anyboy that thinks stingyness is good!!!

Thanks all,

Have decided upon £1/week with no chores attached but must buy own treats now or save up for something special.

Hopefully it'll work......

We always said pm was not to be spent on sweets -they get a sweet on Saturday. Means it is not wasted. £1 up to age 9, then £1.50. £2 age 10. £15 per month at 11. £20 a month a 12 - not got beyond that. Elder two have to withdraw from the cashpoint which curbs spending. Don't personally like earning / deducting money as it seems so mercenary.