How do i introduce pocket money?

[Cantdoright1]

My 6 year old needs to learn the value of money and that it needs to be earned. She has done a bit about money at school as she has just finished year 1.

Im not a fan of paying her to do things like clean up etc as I think she should do it anyway (she doesn't). I don't want to bribe her to help out. Most of my friends pay their children to tidy up toys, etc.

My goal is to introduce po key money so that when we go to a shop she can buy stuff if she has enough money and not nag at me for something if she doesn't. How do I go about it? Is it really 20p for tidying your toys away, 20p for getting dressed, for doing teeth etc?

She has a 2 year old brother too

I gave my children an allowance, but it was not based on doing chores. My feeling is that you shouldn't be paid for doing what needs to be done in the home because it's everyone's responsibility to pitch in. I suggest you start your daughter doing she appropriate tasks right away. Teaching children life skills is vitally important and she is well old enough to help out.

I make her tidy up, get her own breakfast, get dressed, feed the cat, ect.

Then £1 a week pocket money if she is polite/no tantrums/goes to bed on time.

I haven't had to part with much cash as she can't go 24 hours without doing at least one naughty thing.

At least I will be rich I suppose

We haven't got to this stage yet but no one gets money for nothing so my plan is that they will have an allowance (essentially pocket money) but they only receive it if they do jobs specific to them or the family (ie keep room tidy - within reason! Make bed, washing up etc). They can earn extra for jobs like mowing the lawn, window cleaning etc. I need to put more thought into it, esp definitions and age applicablity. Interested to know how others do it!

It depends on what you want to teach her. If it’s managing money (and to encouraging saving) then a small weekly ‘when it’s gone it’s gone’ allowance that you wouldn’t miss if she frittered it away a few times would be better. You could then introduce the concept that if she saved (ie teach her delayed gratification) for a month or a year or two years she could buy something huge (DN7 has saved nearly £300 doing this from what is essentially a £1 a week allowance plus birthday money - she’s saving to pay for a holiday :o).

If, however, you want to teach her that money needs to be earned (and you need to work hard for it) then the only way that can be done is by linking it to chores or those parts of her studies she finds difficult reviewed monthly. The chores / studies need to be difficult enough to make her spend effort but also obtainable for her to learn the lesson - no point linking it to behaviour, for example, if you know she’s going to be naughty regularly as that would demotivate. As she gets older you could, just like in a workplace, reduce a fraction of the money earned from poor behaviour but you need to track and monitor this.

I give my 6 year old £2 a week and my 4 year old £1 a week. Not linked to anything but I do expect quite a lot generally in terms of chores and would do regardless

I personally wanted to teach DN how to manage money over earning it. So I got her a lockable box with a key and I made her responsible for counting the money, checking it regularly, and logging the amounts in her ledger and together we set up a schedule for her to do this.

My friends prefer the concept of earning money and link allowances to non-routine chores. Eg the kids won’t earn anything for cleaning or tidying their rooms but will for loading the dishwasher or cutting veg or washing the car.

We started off with money in a purse when we went to the zoo or whatever, and told ds that he could choose whether to buy an icecream/slushie, to have a go on the ride on things, or what he chose in the shop - but that was all the money there was. He needed to get the hang of relative costs before an appreciation of what it meant

With our dds they get an allowance of £4 a week. £2 for spending or saving, £1 for savings that get paid into bank on their birthday, 50p for holiday saving and 50p for charity (they decide when they reach £10 where it will be donated)

Elder dd now 12 also gets her phone paid so knows that is included and gets additional £20 a month for going out with pals - they usually do 2 meet ups and another activity day like cinema or roller skating. She gets £5 a month now to buy her deodarant and sanitary towels. Any she doesn't spend goes into a jar for other bigger things like a new lip gloss etc.

We also have made them put away some of birthday / Xmas money. Eldest dd was really proud to use some of that as deposit for school ski trip. She has an additional amount to make so is busy sewing scrunchies to sell, selling relatives donated clothes on Depop, washing cars and has sold off vouchers she won at a raffle.

She is very aware of how much things cost.

Mine have never had money for jobs - they should do them / contribute at an age appropriate level anyway.
They had a fixed amount according to age (ours were 10p per year of age, per week - so 60p at age 6..... however my dc are a lot older now so you might want to go for a bit more).

We do $1/yr of age a week. It’s a decent sum but in the long run it’s saved me money as we buy them much less than before. Then it’s a decent amount so they can save up for bigger things, save a little for family birthday and Xmas gifts, and shout an ice cream now and then. DS2 was very happy he could buy his nana a fan the other week to keep her cool, and she was chuffed.

We dont link to chores as they should do those anyway as part of being in a household

I keep chores etc separate. Helping a bit round the house is baseline expectation. (though I will pay piecework rates for weeding and ironing now they are older)

My elder 2 have had pocket money since they were old enough to have a bank account/card, I pay it monthly by standing order. The smallest one gets holiday pocket money and money for days out with family/friends.

I gave my daughter a weekly allowance from 6 years old - first year around 50p, second £1, rising sightly every year. I switched to monthly when she was 10.
This wasn't and isn't linked to any chores.

My 6 yo twins get £2 a week from mil. They have done for ages. They have to save it to buy something they want. We are cheapskates and they get £1 a week if they put their washing away and help with the dishwasher.