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Talk to Roosterbank.com about pocket money - great prizes to be won

213 replies

TheOtherHelenMumsnet · 26/04/2013 09:48

The online pocket money site Roosterbank.com just released their first Pocket Money Index and they want to know what you think about all things pocket money.

Here's what they say about it: "The PMI is a fun glimpse into the habits of young pocket money earners on Roosterbank.com with some surprising results. Families give pocket money differently and ultimately it's up to you as to how you approach it. Roosterbank.com can help provide some structure along the way."

Please do take a look at the index and post what you think about it on this thread. If you give pocket money on a regular basis, Roosterbank.com would also like to know:

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?

~ Are your DCs on par with the Index, above or below?

Every Mumsnetter who posts on this thread will be entered into a prize draw to win a first prize of a £150 Amazon Voucher and four runners up will win £20 vouchers each.

Roosterbank.com also have an exclusive offer for Mumsnetters - please do take a look at how it works and sign up here.

Thanks and good luck with the prize draw!
MNHQ

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janekirk · 02/05/2013 16:16

My 7 year old gets pocket money but it can be reduced for repeated bad behaviour.

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TheOtherHelenMumsnet · 02/05/2013 16:36

Thanks for keeping the comments coming. Roosterbank.com have asked if they can respond to a few more of your comments - see their responses below...

@MrsCornish

Am I the only person who thinks the emphasis on "what can I buy" and product promotions is hideous? The practical side of the site is fine, we do the same thing using a notebook, but it strikes me as an entirely hideous commercially motivated sales engine.


"Thanks for your post and you have made a very important point.

On top of the practical pocket money management tools, Roosterbank is designed to help teach children to save and spend responsibly and we wanted to make that experience fun and rewarding. A child's pocket money is split into their 'Safe' and 'Wallet'. We place the emphasis on saving - encouraging children to add money to their 'Safe' for long term goals by giving them interest in the form of 'Roosties' and trophies the more and longer they save. The PMI reveals how popular this can be.

If children do decide to use some of their money to save for something in the Rooster Shop, such as a book, a toy or a charity donation, then they are encouraged to scrutinise the items and pick something they really want rather than making 'spur of the moment' purchases. All products have been selected based on age appropriateness and many are recommended by children themselves and checked by the Roosterbank team. Ultimately the parent approves everything and can reinforce the lessons Roosterbank helps provide by talking through whether they really need to use their pocket money buying another Lego set - or whatever it is.

Hope this helps."
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TheOtherHelenMumsnet · 02/05/2013 16:40

@Patchouli

Just had a quick look and my first thought was 'I can't show DD that'!
(The PMI) but it's not on the children's area of the website then?



Thanks for the post. The Pocket Money Index is designed purely as an indicative guide for parents. It is not displayed in the children's area of the site.

You shouldn't worry if you are under the index. We have parents giving 20p a week to their children - how much you give is down to you and ultimately comes down to what you are comfortable with and what you expect them to cover with it. However small the amount, in our experience children get a huge amount of satisfaction in taking responsibility for their pocket money. You can read more on pocket money averages and our feedback here.
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THERhubarb · 02/05/2013 16:46

I think encouraging them to donate to charity is a wonderful idea! Smile

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Patchouli · 02/05/2013 17:07

Thanks, I think DD does okay looking at the index - just in different areas. Gets less toothfairy money and so far sees helping in the garden as a pleasure.

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insanityscratching · 02/05/2013 17:25

~ Are your DCs on par with the Index, above or below?
It seems I am far too generous. Dd gets more than average pocket money, the tooth fairy pays £2 per tooth, rewards for academic achievement is around double that on the PMI.
~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
Dd has to do chores but they aren't linked to pocket money she gets that regardless although she can earn extra for doing a specific extra chore like pairing socks or washing the car. We don't link them to pocket money because we think that everybody should contribute to the housework because that's where they live and they should pull their weight.

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majjsu · 02/05/2013 17:41

The site looks cool and fun. My DD gets 10 pounds a week, all from relatives and is the only grandchild. It goes in her piggy bank unless she sees a toy she would like.

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Aero · 02/05/2013 18:11

My older two get pocket money paid monthly into their own bank accounts and they can withdraw cash as they need it (or 'til they run out). They get twice their age until they reach 15 (I figure I can't afford to raise it after that). Ds2 is only 9 and doesn't get pocket money as such, but does get money on an ad hoc basis as he needs it or we feel it's appropriate. All the children are expected to help around the house and keep their rooms tidy and we haven't related pocket money to this. they have been threatened with reductions though for behaviour related issues although in reality, they've been able to modify their actions before 'payday'! We wouldn't use the rooster site.

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MonsterBookOfTysons · 02/05/2013 18:22

I have a 2 and 4 nearly 5 year old.
2 year old gets a magazine a week or a car etc.
4 year old gets £2.50 a week and £5 once a month off grandparents.

nice site.

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Curioustiger · 02/05/2013 20:04

My dd is too young for this site (2.5) and for pocket money, but I'll bookmark it for the future. I think we'll start giving her pocket money when she's four. Quite interested to see the attitudes of other posters towards paying for chores... I have never considered it before!

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Tortoise · 02/05/2013 22:12

I like the website.
DS1 16 gets £5 a week, meant to be upping it to £7.50 but not got around to changing it at the bank.
DS2 13 gets £5.
DD1 9and DD2 8 get £1.50 each.

I can't afford to give them more than that but they seem happy with it so far! They have chores to do which I tell them earns pocket money but actually don't take any away if they don't get a job done one day!

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daisybrown · 02/05/2013 23:15

Our 6 year old gets £2.50 a week to spend as he likes, as long as it is suitable for a six year old.
Gets extra for helping with large tasks/jobs.

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bigTillyMint · 03/05/2013 07:53

Well we are officially stingy!
I like the website - will show it to DS, but I htink DD is a bit old for it.

~ Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
No chores to earn pocket money - we expect them to keep their rooms relatively clean and tidy and to pitch-in to help with whatever chores need doing if we ask. DD sometimes earns babysitting money and DS has earned petsitting money!

~ Are your DCs on par with the Index, above or below?
DS - 12 - £3 a week - well below par! But I pay £10 a month for his mobile
DD - 13 - £20 a month - below, but I pay £10 a month for her mobile

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Trinski · 03/05/2013 11:39

I've just had a look at the index and I'm shocked to see how much children get these days. I remember when I got 25p a week, going up to £1 when I was a teenager. And this was really not very long ago.

Also, I'd like advice please on pocket money for my husband's children (14 and 8). We have them one night every week, plus every other weekend. I'd like them to start helping with chores, and get rewarded for it, but have no idea what would be fair recompense given how little we see them. Ideas please!

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poppy1973 · 03/05/2013 11:52

My oldest is 8 and only gets £1.50 a week - so below average. He only gets this if he has a good week at school and receives this on a Friday or Saturday (depending if I have any change).

An interesting site - my child is below pocket money !!!

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CMOTDibbler · 03/05/2013 12:27

My ds is 6, and doesn't get regular pocket money, but will start getting a regular amount when he's 7 - we intend to give him £1 in his hand per week and £5 per month into his own bank account (separate from formal savings)

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Spirael · 03/05/2013 12:55

DD (2) is still too little to be getting regular pocket money, but I did find the PMI very interesting and may well be back to reference it when she reaches an age where pocket money becomes relevant. :)

She's not completely broke, however. DH and I put a regular amount into her savings account every month and any money she gets for Birthdays/Christmases goes in there too.

Currently she has more savings than we do... Confused

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WowOoo · 03/05/2013 12:55

Ds1 who is 6 gets a £1 a week. Housework and chores are separate.

I've sometimes said I'd give him a bit extra if he does something mega helpful. He did some shifting a wheelbarrow last week and worked so hard.
He was thrilled to get another £1 for his piggy bank.

My other ds is nearly 4 and gets 50p a week.
He doesn't understand a thing about money, but he really enjoys putting it in (and taking it out and putting it back in, again and again.)

So they are under the average. They both save it.

It's an interesting website. Mine too get their money on a Saturday, the most popular day it seems.

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likesnowflakesinanocean · 03/05/2013 13:15

£3 here and couples with the star chart. sometimes i give them the £3 sometimes i buy them something that i think they will enjoy like a small dvd. this week the boys have got a ninja turtle toy, sd some new crafts. I think that the what can i buy element is what works especially with mine, they know that i wont buy expensive stuff aside from birthdays or christmas so they want to save to get to their goal and thats all i ask. I veto them spending all of it on plastic crap though. I have a star chart where the dc earn stars for doing jobs or achievements, they trade the stars for different things depending on how many stars so i suppose that in turn means they are saving them or spending. obviously saving means a better thing at the end not always to buy sometimes its an activity, friend sleeping over. This works better for us as ours can be very careless with money.

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Kveta · 03/05/2013 15:04

my DC are too young for pocket money yet, and we plan to hold off on giving them pocket money for as long as possible! DS gets a £1 occasionally and is let loose in the 99p shop, but that's not a regular occurrence.

the PMI is interesting to read though!

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VerySmallSqueak · 03/05/2013 16:35

Mine get above average,but they have to do chores for it and there is an expectation that they have to fund certain things themselves (eg saving for holiday spending money).

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TheOtherHelenMumsnet · 03/05/2013 17:28

Roosterbank have asked us to post another response - they love all your feedback and are very very grateful - please keep it coming!

@Trinski

I've just had a look at the index and I'm shocked to see how much children get these days. I remember when I got 25p a week, going up to £1 when I was a teenager. And this was really not very long ago.

Also, I'd like advice please on pocket money for my husband's children (14 and 8). We have them one night every week, plus every other weekend. I'd like them to start helping with chores, and get rewarded for it, but have no idea what would be fair recompense given how little we see them. Ideas please!


"You can check out the pay for specific jobs in the PMI which might help as a guide, but it does depend on the age of the child and the size of the job! Bear in mind it doesn't need to be a lot of money to get them going.

An alternative approach that many parents on Roosterbank use is to stipulate a number of chores or jobs their children must do in order to get a flat rate of pocket money each week. This avoids having to put a price tag on specific chores and encourages them to contribute. There are more tips on our 'How to give pocket money' page, which have been collated from the feedback we have received from parents.

If you do start paying for jobs or chores, one thing lots of parents reiterate to us is that you need to make it clear to them what jobs and chores you think they should be doing anyway and additional jobs you are prepared to pay for. This is often defined by the size of the job e.g. making your bed versus mowing the lawn, for example.

Hope that Helps."
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serendipity1980 · 03/05/2013 19:39

We have only just started giving our son pocket money - he has just turned five. So, this whole subject is very new to us. We give him £1 a week on a Saturday but he can earn extra through extra special behaviour or doing jobs etc. He earns 10p extra a time. He can also be deducted for behaviour in ways we don't like! He is below the average rate but I think it's enough. I just feel slightly guilty our 3 yr DD isn't getting any, but she's only got 18mth to wait.

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Rosehassometoes · 04/05/2013 10:53

I'd thought my 3 year old was too young for pocket money but I'm going to mull this over.
I might start to introduce him to 1, 2, 5, 10 and 20ps to introduce the concept of money. However, at this age we'll just use his money box.

Might link to a chore but not sure if want to replace praise/stickers with a monetry reward... Hmmm

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angell74 · 05/05/2013 01:10

Do your DCs have to do anything to earn their pocket money? e.g. chores, completing a reward chart etc. If not, why not?
Our kids get pocket money to give them some independence and to help them to learn good saving/spending habits. If they want sweets, comics etc they are expected to buy them with their own money. It didn't take long for them to get bored of this and they mostly save their money up for Xbox games and Lego. (This has turned into a great way to stop them eating sweets.)

The kids are expected to do chores around the house because they live in it and are expected to do their bit. However, I do occasionally take money away if they don't cooperate/do their school homework.

Are your DCs on par with the Index, above or below?
Both kids get the same amount of pocket money (£2) despite the 5 year age gap. One of them is on par with the Index and the other is £2 under it but this does not take into account the money they get from grandparents (although this is sporadic). Since we spend quite a lot of money on clubs, sports activities etc I don't have any concerns about this.

My eldest is already talking about finding a part time job when he is old enough so I think he is developing a good work ethic and understands the value of money.

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