What age to start pocket money at

[Systemofadown]

My DS is 4 and I want to try and teach him the value of money in an age appropriate way and wonder whether pocket money is the way to go.

What age did your DC start pocket money? Are there any other ways you have taught them!

Good question! My PFB is also 4 and this is something I've been wondering about too.

Hope someone wise comes along soon

I don't claim to be wise, but we have just started DS2 on pocket money - he starts school in September. DS1 has just had a rise - starting KS2 in Sept.

I started pocket money for mine age 3. They had started asking for eg a magazine when we went shopping. So I deliberately gave them an amount that would just be enough to buy cheapest mag but they would have to save for two or three weeks if wanted the expensive ones with toys attached. So they started learning concept of choosing to spend or save for something better. Has worked for us. They get an increase each birthday so gradually get to take responsibility for a bit more each year. In time both have saved for more expensive things such as a game console and kindle. But still sometimes choose go buy plastic tat instead!

How much do you think is a good amount ? My 2 older dd get the same amount and dd3 just gets a magazine or little toy every month.

We are just starting with DD 5.5. She will get £2 after school on a Friday.

I will expect her to put 10-20p in her savings jar but otherwise she can do what she likes with it.

I was thinking £2 a week, he likes the lego minifigures which are generally £2.50 so would have to save to get one and thought it would be quite exiting for him to count up and buy it himself and not expect it every shop visit like similar post in forum!

mine have no pocket money yet (older DD is 6) but she gets a little money for chores (e.g. emptying dishwasher). She hasn't asked for more yet, but I will probably start on more soon. When I was 7 I got 20p a week which was enough to buy a mars bar, so I reckon £1 per week is about right now, will still buy a mars bar!

We give 50p per year of age. Talking to friends we are probably mid range although some give same amount to every child regardless of age. I expect we will move to some different formula once they are in secondary or at least once teenagers.

DS1 gets £1.50 and DS2 gets £1. I'm sure there will be negotiations in the future, and like AliMonkey there's likely to be a different system come secondary school.

we started pocket money on and off over the years.
DS's are now nearly 8 & 10
and we use an online vitrual banking system called roosterbank
We give them a pound per year of age each month, paid weekly.
out of that comes things from shops that are total extra's "can I buy some lego, can I have this magazine" etc. I just look at my phone and see what their running total is and if they have enough they can have it and if they don't they can't.
It works for us as we forget to give them cash and this way we don't have to.

Mine started when they were 7 and could have their building society accounts under their own control, and I set up monthly standing orders into their accounts.

DO started getting pocket money when she started reception and she got 50p each week. Then in Y1 she got £1, Y2 she got £2 and each year her pocket money goes up by a pound a week so it corresponds with the school year she is in.
(DO is quite excited by the idea of getting £13 each week when she is in Y13.)

We started giving them pocket money when they were 7. 10p per year of age per week. So the 10 year olds now get £1 a week. When they start secondary school, this increases to £1 per year of age per month. So the 12 year old gets £12 per month and the 14 year old gets £14 per month. This has ended up being about the right amount.

I think children need the maths skills to understand and calculate money befor they are ready really. Most reception and pre schoolers don't have these skills.

DS is 10 this September and gets £10 a month. We used to do it a pound for each year but now he's older we are sticking to £10. DD gets £10 as well as she is responsible. DS doesn't seem to mind his little sister getting the same amount! DTs won't start getting pocket money until they are 6 as my older two began at that age.