Pocket Money

WonderWoman30 · 2023-05-12T19:18:49+00:00

My son is 11 going High School in September, when do I start giving pocket money? And how much and how often? Any advice would be appreciated.

Are your children’s vaccines up to date?

Set a reminder

iloveautumn3 · 12/05/2023 20:22

I have just started giving my 9 year old pocket money. We have just applied for the NatWest Rooster card.

Original poster

WonderWoman30 · 12/05/2023 20:39

How much and when?

OP posts:

Flockameanie · 12/05/2023 20:41

this is a thing for which there is no right or wrong answer. We give our 10 & 8 yr old £2 a week (when we remember). Others with kids the same age give anything between nothing and a lot more than that.

Original poster

WonderWoman30 · 12/05/2023 21:14

What do they spend it on?

OP posts:

Blanketpolicy · 12/05/2023 21:17

Everyones circumstances, child and finances are different so do what suits you best.

When ds started secondary we went with him to nationwide and got him a proper "grown up" bank account for a monthly allowance and a savings account (for Christmas/birthday money). The bank account had a debit card and he could see his balance and do transfers between the accounts in an app. He also could pay for things using the wallet/contactless on his mobile. If he wanted cash he could got to atm or transfer electronically to me and id give him cash I had.

We handed over responsibility for topping up his own parent pay for school lunches from his account, changed his mobile phone payment (no contract just giff gaff) to his account and he put his own bank details on his PS4 etc. We wanted to let him start making decisions on what he spent money on but it was safe because the only money he would lose would be his own and the card didnt allow him to go into debt.

We stayed hands off as much as possible, he did make mistakes, but he learnt quickly, we explained things like if he didnt spend £1.50/day on a drink/sweet every lunch he could save £30/month to spend on something better.

If they are up for it and capable I would give them as much responsibility as soon as you think they are ready, you only have a few short years to teach them budgeting, using banking etc and the sooner you start the more competent they will be when it matters.

iloveautumn3 · 13/05/2023 07:03

Blanketpolicy · 12/05/2023 21:17

Everyones circumstances, child and finances are different so do what suits you best.

When ds started secondary we went with him to nationwide and got him a proper "grown up" bank account for a monthly allowance and a savings account (for Christmas/birthday money). The bank account had a debit card and he could see his balance and do transfers between the accounts in an app. He also could pay for things using the wallet/contactless on his mobile. If he wanted cash he could got to atm or transfer electronically to me and id give him cash I had.

We handed over responsibility for topping up his own parent pay for school lunches from his account, changed his mobile phone payment (no contract just giff gaff) to his account and he put his own bank details on his PS4 etc. We wanted to let him start making decisions on what he spent money on but it was safe because the only money he would lose would be his own and the card didnt allow him to go into debt.

We stayed hands off as much as possible, he did make mistakes, but he learnt quickly, we explained things like if he didnt spend £1.50/day on a drink/sweet every lunch he could save £30/month to spend on something better.

If they are up for it and capable I would give them as much responsibility as soon as you think they are ready, you only have a few short years to teach them budgeting, using banking etc and the sooner you start the more competent they will be when it matters.

I agree I am trying to teach my daughter how to budget. Also our local leisure does not take cash and often my daughter wants to buy a drink and cannot do it without me.

00100001 · 13/05/2023 07:35

My lad used to spend his on food, sweets, chocolate, fizz, utter fucking crap, small toys/gadget's etc

He would get around £5 a week.

00100001 · 13/05/2023 07:38

You need to decide an amount based on what you can afford, what you think is reasonable and what you expect him to use it for.

So if you're only expecting him to buy sweets and chocolates then £3 a week is plenty. But if you want him to pay for things like... birthday presents, bus fares, extra clothes etc then consider giving him more.

So you could work it out as £2 for sweets, £8 for the bus fare and £5 for presented. And give him £15pw.

Again all based on what you can afford though! If you can only afford £5pm then that's what he gets.

timetochangethename · 13/05/2023 07:44

Like a pp we gave them a monthly amount once they went to secondary school. They have debit cards and a current account and a savings account. We pay for lunches but they have to pay for any snacks etc that they want. One takes the bus so they get that money too. The other walks (different school) any b'day/Christmas money gets put in there too. It's up to them how they spend it, but they do both have money in the savings (that they have put in). One has a Saturday job now so is building up a good amount.

I do wonder when parents won't let their teenagers have debit cards (I know a few) as they say they'll just spend it all, ever expect them to learn.

DidyouNO · 13/05/2023 07:53

I highly recommend Rooster money. We set it up for our 10yr old. He gets £2 a week after I confirm he's completed chores set, I don't need to remember (because I'm really bad for that!) as it's all electronic. He has a cash point card with a PIN.
You can do one off payments too if they get holiday or birthday money etc.

Interested in this thread?