pocket money - do you give it?

[aristocat]

ATM i dont give my DCs pocket money, but i have been deciding whether to start

they do tidy toys away and keep their rooms clean, if they want a magazine/match attax/stickers they usually get them from me.
would it be better to encourage them to have pocket money and save for these things?

DCs are almost 8 and 6 yo.

thanks

Almost 8yo is good age to start but 6yo probably won't understand the value of money At All. although, In interest of fairness you may have to give 6yo some anyway.

Our pocket money is not tied to chores, we tried that but it didn't work very well.

Basically I expect DC to buy almost anything they would like out of their pocket money, except birthday & Xmas prezs of course.

Mine are 9 and nearly 7, and we started pocket money around 6 months ago. DH manages it because I always forget.

We don't link it to chores, but I do give them an extra 20p each if they help with specific things - sorting out the recyling, or nipping to the corner shop (they do other chores without being paid eg tidying their rooms, laying the breakfast table).

It has started to work very well in terms of them saving for things - especially DS1.

not unless they have to
a) do something
b) will NOT be bought other stuff anyway
imo leave it till they are 11

my ds1 gets £4 a wekk but has things to do for it

Not thought about it yet as I like to treat DS to new things and surprise him.

I do want him to learn to budget though so the plan is to give him his CB once he gets to high school age and he can budget for going to the cinema, fashion clothes etc himself.

aristo I think it's down to the individuals. If you think they are mature enough to understand what money is and how it can be used, and also that they can understand the concept that they can only have things if they use their money, then go for it.

Otherwise, I'd give them a nominal sum each week and encourage them to save it but not make them do jobs to earn it (yet)

Not sure when we'll start although it'll be fairly young - just a really small amount increasing with every birthday. Encouraged to save, but if they wanted to buy sweets (which we never buy for them) fair enough.

I'm really not sure about linking it to chores. There's some things they should do automatically without the reward of money (room tidy, being generally helpful) - I don't want them to think you only help out if you get rewarded IYSWIM.

But maybe a bit of extra money for extra chores? Also, would we use it as a punishment - if they don't behave well in the week they don't get the money? So you have a standard amount but it can go up or down.

I do wish my parents had given me pocket money - it would've been better than one month of getting random gifts and having no money the next [repeat ad infinitum...].

I guess you'll figure out what's right for your family. I'll be watching this thread to pick up any tips!

oh no dont link to NORMAL stuff
this is hardcore

recycling.
dishwasher
and ds2 folds all teh socks and pants

Lol at "hardcore"

ds2 fold socks beautifully
tis vari sweet

I give it, and then I take it away again. 20p per misdemeanour is the rule, but they know I usually forget and are pretty well behaved on the whole. Oldest DS used to end up owing me money by the end of the week.

i tried paying per chore BUT it has to be a LOT to make it worth their while
dh has a rule that it has to cover a comic and some sweets with a bit left over

Mine don't get it but when they ask for something I always say "buy it with your pocket money" - and tehy seem quite happy with that!

15 year old £10
13 year old £9
11 year old £7
7 year old £5
2 year old £10-£20 in his bank (his dad pays child support,others dont get any from their dad)

eldest is coming up to 16 so have said she will then get her full child benefit

and they all work for it!!! the 2 year old makes his own bed every day....thewy all know i have standards,and they can do extra jobs to earn a little more. its all done online straight into accounts...eldest 3 have cash cards or debit cards so can check it easily.

and i dock it for bad behavior!

Mine (6 and 9) get £3 per week

DD age 7 gets GBP5
Must make bed
Pack school bag/swimbag
Pack homework
hang up clothes
Washing in laundry basket
can earn extra but rarely does
deductions for jobs not done ( but usually after a warning).

Trying to encourage an understanding of costs which is starting to work by giving her the chance to spend which recently has had reverse effect & seen her start saving.

5 pounds a week for a 7 yr old? Really? DD 8yo gets £1.50/week, and I thought that was plenty. What would you pay as pocket money if no chores done at all?

I have too bad a memory to dock for bad behaviour.

Denial of the Wii works best for that, I find

No and we don't intend to. My DB and I got pocket money, DH and his brothers had to ask if they needed money for something. Guess which siblings felt more motivated later on to get a job and earn their own money????? Ffs, my brother STILL gets handouts from my dad as he is self-employed.

Nothing wrong with pocket money, works for lots of families, but I think it worked the wrong way in my family so I don't want to repeat this with the DCs. We encourage them to value money by, for example, treating them to x amount of money if we go, say, to the zoo. So they can then buy something or save it and use it next time we go somewhere, iykwim.

Its just what works for us!!!!!

Jamie, we find denial of wii pretty effective, too.

I am beginning to hate the Wii. There are only so many conversations one can have with one's children about Mario Kart ... Am beginning to view it solely as a disciplinary tool

I think the idea of pocket money and chores should be completely separate.

I give my children pocket money because it is very difficult to function without a little money in your pocket.

I expect my children to do certain jobs because they are members of the family community and it won't function properly if everyone doesn't contribute to it.

I do pay them for extra "above and beyond" jobs, like cleaning the car, but not for every day things.

thanks ladies

mine do certain jobs now and i dont want to 'pay' them for doing them.

their birthdays are soon and will be 8 and 6, perhaps a good time to start.