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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

OP posts:
ataraxia · 05/05/2013 14:04

The layout of the Index and Roosterbank service look good - a child-friendly version of the graphs, charts and savings goals approach that many banks are taking for adults to help manage money! However, like some other MNers, I agree that it would seem to make sense to be linked with a bank/building society account for the child rather than being a standalone service.

To a certain extent, the index seems a bit of style over substance - not sure how useful these averages are for parents' in benchmarking (who really gives 72p for cleaning a bedroom). For children, it could lead to a sense of entitlement - what if academic achievement isn't usually rewarded with money; will DD/DS now expect £8.24 because that's 'the norm'? R

asuwere · 07/05/2013 11:00

None of my kids get pocket money but they do get magazines/toys sometimes when we're out. They do also get money sometimes from relatives and money on their birthdays so they do deal with money.

They each have a piggy bank at home where they put their money and if they choose to buy something, they have to make sure they have the right amount. They sometimes buy stuff as soon as they have money but the eldest have also saved to get something that they really wanted.

I also have a bank account set up for each child - I opened each account within about a month of them being born. Any money which they were given as a present as baby (up to about 2yrs when they are more aware) was put in their own account and we occasionally add money to them too. They will have access to these when they are older.

I have looked at the site and I'm not sure I see any real benefits to children over piggy banks/bank accounts/notepads. I think seeing figures on a computer screen makes it less real and is harder to understand fully than seeing cash and handing over cash in a shop. Learning the value of money is so important but can be difficult especially as cash is not used as often now with cards/online payments.

I agree with many other posters about paying for chores - think this isn't right. Children should do chores because they are part of the family, not to earn money.

taddyd · 07/05/2013 14:04

I have tried giving my eldest daughter pocket money based on doing certain jobs throughout the week but she has not been interested enough so has hardly earnt anything. (She is 12). My youngest (5) has a much keener enthusiasm for earning money, even in pennies.

OldBagWantsNewBag · 07/05/2013 15:23

This reply has been deleted

Message withdrawn at poster's request.

Jux · 07/05/2013 17:34

DD is 13 and she gets a fiver a week. It went up from 4 quid a week on her birthday. I see we are below the Index. The poor deprived child was on 4 quid a week for a few years, and we probably won't increase it again for a cople of years.

She does not have to do chores for it.

I pay for all her clothes, shoes, books, etc. so it really is just fun money for her.

marmiteandhoney · 07/05/2013 21:52

I think this looks great. Pocket money for xmas and birthdays so often ends up stuffed into daddy's jeans pockets, and then we lose track of who has what. This way, we can stuff it into daddy's jeans pockets, but will know how much each child has to spend (or save, I suppose! if they don't take after us anyway).

goldenretriever · 08/05/2013 09:26

Great site. My 4 yo gets a pound a week, but doesn't really understand the concept of money. This website may help

Luckystar96 · 08/05/2013 13:54

I give my two their age in pocket money per month (ie, 8yr old gets £8and 13yr old gets £13 and this will obviously increase every birthday). I got the idea from someone on mumsnet actually. It now doesn't seem very much having seen what other people are giving their kids! I don't pay them for doing chores- I would hope they will do them if asked anyway! I do buy them all their clothes unless its something I don't think they need and they put their own money towards it. Also I have promised my 13yr old a laptop if he gets his expected levels at school. Sometimes a bit of an incentive works wonders! They both saved up all their Xmas money and pocket money to buy iPods, I think they have a pretty good idea of the value of money and I think having actual cash has helped ( and with their maths) :)

PuddingsAndPies · 08/05/2013 14:15

I like the PMI - it is a good comparison, & the whole site looks very useful, although DS is only 4 so probably wouldn't 'get' it yet. I would use it in the future, though.

DS is expected to complete standard chores without reward, but he earns pocket money doing extra bits. For example at the weekend, he was given a small bucket, and was given £1 for filling it with weeds. He is still below the index though, with an average of £1 per week at 4 years old.

GetKnitted · 08/05/2013 22:28

oops our ds (5) doesn't get any regular pocket money.... so 100% less than average

TheBiskyBat · 12/05/2013 18:05

Oh dear, poor dcs. dd is 8, and gets half what the index suggests she should be. ds1 is just 6, and has just started getting £1. ds2 is 4. He gets nothing.

It goes straight into their own accounts, which I can access through my online banking if they want to buy anything. They don't have specific chores linked to pocket money but they do have their own list of jobs to do and they know that pocket money is part of the "family contract" - I have used that phrase before - they help out, and in return they get money.

Wuldric · 12/05/2013 19:11

I'm surprised at you MN, I am really

What is this site? Why is it needed? How does it help?

FWIW both DCs had online accounts for spends from 13. DS (13) gets £50 a month and his phone contract. DD (15) gets £75 a month and her phone contract.

We manage their savings. Gawd knows what would happen if we didn't.

Pocket money is not linked to chores. They are expected to do chores and muck in because they live here.

Roseland · 12/05/2013 19:16

I like the website. We haven't started pocket money yet as DC1 is only 3 and really doesn't understand the concept of money. We will rethink when he is 4.

It won't be linked to chores as I think that is something that should happen anyway (and is already encouraged) as he is a member of the household. We will probably start him on £2 so he will be over the index.

Bakingtins · 12/05/2013 19:24

My DS1 is 6 and he gets £1 a week - we have been using Roosterbank or we'd tend to forget to give it to him and we'd lose track. We don't link pocket money to chores, though he is expected to help round the house a bit. We started pocket money when he started school. We like Roosterbank because it has given him the idea of saving for something, or only being able to have it if he has enough in his pot.
It seems we're a bit mean as the average for his age is £3, which presumably means some 6 yr olds get a lot more than that Confused.
We buy him 100g of pick and mix sweets on a Saturday in addition to his pocket money, which I guess bumps it up to £1.80!

soundstrue · 12/05/2013 20:05

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

They get money to put in their 'piggy bank'. No, they don't have to do anything. They're still young, 6,5&3

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

Below the index. Only £1. I think that's plenty at this age.

is1 · 12/05/2013 21:00

Website looks good but I am trying to limit the amount of time the DCs spend on the Internet so it wouldn't really help with that!

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

Chores, keeping room tidy

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

Below

yawningbear · 12/05/2013 21:06

I hadn't really given pocket money much thought yet as DC's are only 2&4 but I do like the look of the site and would maybe use it with them in the future. It has made me think about when we will start giving pocket money, maybe at 5, and probably only a £1 to start with. So we would be under the index. it would be good for DD to start to understand the value of certain things as she has no clue.

I am also not sure about it being linked to chores. They don't have any set chores at the moment although they can be helpful but they often will make more mess in the process of being 'helpful'. I think I will introduce the concept of set chores but not link to payment or pocket money.

arcticwaffle · 12/05/2013 21:20

My 13yo and 11yo are about average on that index. For that they have to do a daily chore (emptying the dishwasher, hanging up washing, hoovering).

9yo is on a lot less than the average 9yo but she can't bear to save, money burns a hole in her pocket so she has to spend it as soon as she gets it, on any old rubbish. If she had a bit more restraint I might give her more. She's supposed to do a daily chore too, like the others.

dc do get given quite a lot of money at birthdays and christmas by relatives. And they can do more chores if they want more money but the older two are quite good at saving money and they don't run out.

Hopezibah · 12/05/2013 21:30

My poor boys hardly get any pocket money compared to the index. I offer them 50p a week but they must be good to earn it. They tend to earn actual treats instead eg a magazine each month (but that still works out less than the average in the index).

I do give them the odd chance to earn more with certain chores if they need doing.

Reward chart usually equates to time on the computer rather than money.

If they are good for their music lessons then they get to choose a toy up to the value of around 5 or 10 pounds once every term. But again I hold onto the money and then buy the prize for them.

Tistheseasontobedramatic · 13/05/2013 00:37

Dd is 10 and earns £5.00 pw. All money earned is chore related- feed cat, tidy room, help with general housework and get homework done without a fuss. If she slacks the amount given is reduced. We've been doing this for about 2yrs and its working really well.. She spends her earned money very wisely and has turned into a regular little saver Grin

bellabelly · 13/05/2013 00:53

~ 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. Their pocket money is from their grandparents. We do not make them do anything to "earn" it.

~ Are your DCs on par with the Index, above or below?
They get £2 per week each, so below the average.

ArtsMumma · 13/05/2013 02:12

My son is only 3 so has no real concept of pocket money. we do feel it is really important he has some idea of the value of money, especially as he likes to ask for so much when we are shopping. sometimes if we go shopping I give him a pound coin and let him buy anything he can afford. if he chooses too much he has to make s tough choice. not only has it taught him to make the best choices, it also gives him a sense of independence and responsibility. he did buy a pastry brush once which was quite odd... Grin

samuelwhiskers · 13/05/2013 08:16

The index is pretty accurate except my DCs have their pocket money monthly (like in the working world) and have to budget weekly to make it last. They buy sweets out of it and save for electronic games, songs on itunes etc. Part of their monthly pocket money they save but so far have never dipped into their savings to buy anything (they are 13 and 10). They do chores for extra pocket money but not that frequently so maybe we give too much - £2 above index for age.

prakattack · 13/05/2013 10:31

Looks like a great site! I'll definitely be exploring it more when the time comes to start pocket money with my two.
Haven't decided when to start with my eldest. He'll be 4 in a couple of months. My head says 5 would be a good age to start but then, he starts school in September and it might be nice to start then... decisions, decisions!

Stressedtothehilt · 15/05/2013 13:21

My dd1 is 9 and doesn't get a set amount a week but gets 50p or a pound for helping with jobs and gets money for doing well at football and her other sports. We buy all her clothes etc. however we are going to start a regular amount this year