Pocket money and chores for a 5yo, any tips?

[Chocolateporridge]

My dd is five and loves being helpful around the house so I feel like now might be a good time to introduce pocket money for chores as I'm very keen to teach her about budgeting and saving.

As she's my eldest I don't have any experience in this so I was looking for some suggestions of age appropriate chores and thoughts on how much pocket money is a sensible amount. Any thoughts appreciated!

I give my 5 yr old £1 a week for 'being helpful' eg tidying up when asked, doing things such as getting dressed by herself. If she puts it into her money jar and saves it for something specific (last saving was for a specific MLP) I pay half. I'm hoping in that way she will learn that saving pays off!

OP I was thinking about the exact same thing with my nearly 6 year old DS. but unlike your DD he is not a bit helpful around the house and I think it is about time and only fair that he starts to do a few little things round the house instead of having everything done for him all the time and I like you would like him to understand about budgeting and saving. So thank you for putting up this post as I will be checking up to see what people suggest and taking on board the advice also.

I pay mine £1 per year of life. So eldest gets £5, youngest £4!

For this they have to be generally helpful daily like making sure they put own crap away like shoes/ coat/ school bag, do school homework without moaning, make their bed each day, help with dinner prep ( as much as they can for their age) etc.

I'm happy with the amount as stuff is expensive nowdays so it means they still need to save, but they don't get dishearten as stuff doesn't take all year to save!

Ds1 (5) is saving now for a particular book on space he wants. It's £45, so will still take him 9 weeks of pocket money to save which I think is good enough and long enough at his age. If he had to save £1 for 45 weeks I think he would give up.

Also I agree it's helps them get perspective. Ds received a new bike for Xmas and he was delighted. He did say a few days later that he was so lucky as that would have been years and years of pocket money! ( slight exaggeration on his side)

That's a great result artandco! I really want my dd to appreciate the value of money as soon as possible. I was thinking of things like making her bed each day, tidying toys away at night, getting dressed for school, but I also want her to do some "proper" jobs around the house too, she loves washing up, helping with meals etc but the truth is it really slows me down, so actual really helpful jobs!

Do you deduct money for chores not done?

In our house, basic chores should be done just to be civilised, eg filling/emptying dishwasher, putting clothes away, laying table etc, DSs get basic pocket money regardless, rather than monetarising every single job (£1 for 6yo £1.50 for 8yo), but this can be supplemented if they go above and beyond the call of duty with regard to chores and/or behaviour.

Chocolateporridge you could regard the extra time taken "helping with meals" as an investment ... for when she can cook for you in 5 years time or so!