Pocketmoney - come and tell me what you do with your kids.

[kimlouiseb]

Hi,
My DS1 has just turned 5 and currently does not get pocket money. A few of my friends have started giving their similar aged children pocket-money as a reward for good behaviour, doing jobs etc and I was wondering what your thoughts are on this?

I think it is important for them to learn the value of money but I still think 5 is a little young for this.
I am particularly wary of giving money as a reward for doing jobs because I don't want my kids to get into the mindset of 'I'll do that job but you have to pay me' when they get older. I would like them to do jobs without payment. DS already has a few little jobs to do - setting table, putting school uniform away etc.

I would be interested to know how old your kids were when they started getting pocket money, how much they get, how often etc?

Thanks

We give our kids (ds1 aged 8, ds2 aged 5) 20p per year of their age - from the age of 5.

No chores or behaviour linked to this, as strongly believe they should help out/be good regardless of whether they get paid or not.

Mostly I like it because I can head off toy and ds game nagging by saying "you could save up for that"

I agree absolutely about not rewarding for chores.I have never done that for exactly the reasons you give.
I also think 5 is a little young for pocket money.
I started mine with a very small amount when they were 8. They never had anything to spend it on so it just accumulated.
DS2 is now 11 and gets £5 a month which has to cover sweets but not entertainment.
DS1 nearly 14 gets £15 a month which has to cover mobile phone and entertainment. By entertainment I mean things like cinema or swimming.
I expect them both to do chores as asked. They usually clear the table, make beds, cut grass, bring in logs etc.

Interesting thought about whether 5 is too young.

Kids start learning about money in reception (what the coins are, basic maths using money etc) so actually I've found that it ties in with that quite well.

I've certainly heard from one of the kids' primary school teachers (can't remember which one now... think it was one of ds1's old ones) that there's a noticeable difference how quickly kids pick it up when they're actually getting pocket money themselves (i.e. handle real money regularly).

I think quite a good system is to have a few set chores which pocket money is not dependent on, and an adequate amount of pocket money which is not dependent on chores, but extra money available to be "earnt" by doing extra chores (if/when you can afford it obviously)

When children are very young it works better I think to ask them to choose between, say, sweets and a comic, rather than giving them the money to spend on anything they want.

Good point about helping them learn about handling money Rubberduck.

How often does your DS2 get his £1 - is it weekly? And what does he do with it - is he allowed to spend it exactly how he likes or do you give him any limitations?

Technically, I've always been against them buying sweets or food with their pocket money (I kind of think that's my remit to pay for that, plus I like to be able to limit how and when sugary stuff gets eaten) - however, I don't think I've ever stated this and it's never come up.

Generally, both dses (and bear in mind ds2 very much follows ds1's lead... if ds1 is spending, ds2 wants to) are pretty good and save up for something specific and don't buy little things. Ds1 is very keen on lego and DS games, and is usually saving up for something he wants from them - often an item around £15/£20! Ds2 tends to forget all about it (but loves looking at his money ) until we either take ds1 to a toy shop to get his reward or order something off Amazon (I pay the postage because it's simpler) that he's saved up for. Ds2 will then remember what pocket money is and pour through the lego catalogue until he finds something that he can pay for and asks for that .

One thing I'm really impressed with, was how quickly they realised that the .99 on everything was a con and really meant that the item was a pound more expensive than it first looked! Was a good lesson in how adverts try to con you

I do occasionally try to dissuade them from inappropriate toys (for example, when ds1 wanted an age 15 game, or ds2 wanted a lego set that was aimed at teenagers). I also point out that even if they ever managed to save £100+ for the Lego Death Star, there was no way we could store it . Otherwise, I try and stay out of what they want to spend their money on.