Is 5 too young to get POCKET MONEY?

[noonar]

dd1 has just had her 5th birhday and experienced the joys of spending power, when she was given a £10 in a card.

she's now started pestering us about getting pocket money. is she too young, do you think? if not, do you think £2 p w would be ok? she was given a piggy bank for her b day and i think the whole saving up and having to wait for something process, might be helpful to her?

how old were your dc when you started giving pocket money? and how much?

I'd give her £1 a week - I started giving my DD that amount at that age

We have a 3 strikes rule too - warning if naughty. If continues - 1 strke against pocket money. 3 strikes in a week - no pocket money

works a dream

at first she would rush to shop and buy ANYTHING but now happily saves for stuff

my DS (aged 6) loves getting pocket money He keeps it for a day then gives it back!

my reasoning behind giving £2, is that a month is a long time for her to save only to find she cant get anything in the local toy shop for £4 (supposing i gave only £1 pw).

thanks for posts x

I think its a good idea to get kids used to handling money, saving up for something special etc as they begin to get an idea of how much things cost and why its not always possible for you to buy them a comic every time they pass a shop or go on one of those rip off tweenie rides outside asda. My kids are both under 4 but by the time they are both at all day school I will give them asmall amount , maybe 50p or a pound which they can choose to spend or save.

pocket money = chores

as money in life doesn't come for free - one has to work for it.

hhmm..very interesting. am a bit nervous about money for chores concept. wont she start to want paying for helping me set table etc?? think this could be problematic.

atm, she's v willing to help me at home, making beds etc. dont think i would to 'cloud the issue' by bringing money into it.

we started at 5. 50p for the 5 yr old, 60p for the 6 yr old. Mainly, they save it for school holidays - at holiday time, whatever they have saved, we count and then we give them the same again and then they go off and spend it.

I've just started giving my 3yo £1pw as he is showing interest in money and spiderman figures. I give him £1 coins so he can count how many he has (as has trouble grasping that different coins are worth different amounts). Its going to take a long time to get the next spiderman baddie though!

50p = 10p for each year. Then it goes up simply each birthday. Money can be spent on silly pocketmoney toys at the toy shop or saved to buy silly more expensive pocket money toys from the shop!

Dd1 gets £1 a week. In return she clears her breakfast things each morning. Works well, though she does like to spend it!
The money she's had from the tooth fairy, however, she saves.

I don';t do money for chores, money for good behaviour, yes

dd (4.5) gets pocket money £1 per week for setting the table every night. Mind you we've been doing it 8 weeks and she has £8 sitting on the mentelpiece, she's not really interested in spending it!

ok, there are alot of different approaches out there.

yes, £1 SHOULD be plenty, i can see that. trouble is, our local shops offer 2 options, either party shop full of tat, or exp childrens boutique/toy shop. i guess we need to venture into town.

mamaG, thanks for your post but i think i have even more of a problem with money for good behaviour, than i do with money for chores

why? Surely its a good thing to reward good behaviour? Did you read my 3 strikes bit?

aah, makes more sense now. didnt make the connection. but i'd think of it more that pocket money is withdrawn as a sanction for 'bad behaviour'.

i thought for a minute that you meant you'd give extra pocket money if they were especially good ie PAY them for being good, as some kind of straight forward transaction!

yes, good to reward good behaviour, but not with money, imo.

so you do sort of agree-ish with me

ummm, i agree with the sanction idea, but not the buying good beahaviour terminology/ philosophy, iyswim

I'm going to take that as you agree with how I do it

We started recently with DS at 5, with 50p a week.

We also told DS that as he is getting bigger - and is big enough to get pocket money, which his 3 year old sister doesn't - then we also expect him to do some chores. So there is some linkage, but he does not have a rates table grading each piece of assistance given.

My mum said the other day that if there was one thing she wished she had done differently with us when children it would have been being stricter about teaching us the value of money from a young age.

I asked my Dad, if he wanted to give DS money in the time-honoured indulgent grandfather way, not to make it a silly sum - a fiver for example represented 10 weeks pocket money and slightly devalued it. He offered DS a £1 and DS was overwhelmingly excited. Although, bless him, he did initially say to my father "No thanks, I have everything I could ever need"

regards the chores confusion

there are set chores ( these can be changed and rotaated - jobs which are the childs.

other jobs it is understood we all pitch in

the childs bedroom for instance is the childs domain - their mess they should tidy. as i wouldnt ask themt o tidy my bedroom.

My three year old has £1 pocket money a week. 50p, that she can spend immediately (chocolate, ride etc) and 50p to save for something bigger. Every 10 weeks, she gets to go shopping and buy a £5 toy of her choosing. If she doesn't spend the whole of her 50p one week, then it gets put in her savings jar. She seems to have grasped the concept quite well, and it currently saving for a new Dora doll. HTH

DS2 age 6 gets £5.00 a week

He's job is to feed the cats.

In my opinion yes 5 is way too young.