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Tell RoosterMoney your thoughts about pocket money - £250 voucher to be won! NOW CLOSED

304 replies

JustineBMumsnet · 27/09/2016 10:08

Following the release of their latest Pocket Money Index, RoosterMoney would like to know your thoughts surrounding pocket money. RoosterMoney is a pocket money app that’s designed to help parents take kids from their first steps in understanding the value of money to their first bank account.

Here’s what RoosterMoney have to say: “The Pocket Money Index is a fun glimpse into the habits of young pocket money earners in the UK. Every Family gives pocket money differently and ultimately it's up to you as to how you approach it. As the world of money becomes more digital it can be harder to teach kids about money, so RoosterMoney aims to provide some structure along the way."

So, take a look at the Pocket Money Index and post your thoughts on it below. Also, if you’re a regular pocket money giver, RoosterMoney would like to know if your children are on par with the index, and what your children do to earn their pocket money – do they complete chores, have a reward chart, or maybe they get it on a regular basis without strings attached?

All those who post below on the thread will be entered into a prize draw where one MNer will win a £250 Amazon voucher.

Thanks, and good luck with the prize draw!

MNHQ

Tell RoosterMoney your thoughts about pocket money - £250 voucher to be won! NOW CLOSED
OP posts:
phillie1 · 14/10/2016 09:17

Certain things they need to do every day like make bed, empty lunchboxes and get them out of schoolbags, homework etc, for which they got 10p per day per task - record kept on tick sheet on fridge

otter099008 · 14/10/2016 09:52

I think pocket money is a good thing. My 7yo gets £2 a week providing he has kept his room (relatively) tidy. He can do as he pleases with it, but I do try to teach him the value of saving for things that he likes rather than spending the money as soon as he gets it.

rocketriffs · 14/10/2016 13:05

My 6yr now realises that if he saves his pocket money over a period of time he can get enough to buy a favourite toy. I actually reward him with a few extra pounds when he saves towards something he really wants. He is learning about choices and how to budget his money which makes me proud of him.

buckley1983 · 14/10/2016 23:11

My 3 year old is just getting used to the value of money & how we spend this. We have a little Orchard Toys game, 'Pop to the Shops' in which each players gets an amount of money & has to go to the shops to buy different items of varying prices & pay for this with their coins. He really enjoys it & it's a good way of gently introducing basic maths & being able to afford, or not afford, certain items. We occasionally give £1 pocket money - but this isn't often & I'm liking some of the ideas I'm seeing on her. We may start with regular pocket money when he hits 4 or 5, but for now he's happy enough.

user1476542217 · 15/10/2016 15:43

I am not at the stage of giving my little one pocket money yet, as he is only 4. However, I think pocket money is a great idea and it is something I will be doing soon now he is at school. I think it helps them to learn the value of money, which is always a helpful trait to have when entering into adulthood! I think I will start at £2 and increase up to £5 by the time he is 10 or so (of course this may go up depending on the value of £5 in 6 years time!). He is however expecting £2 when the tooth fairy makes her first visit.

mishknight · 15/10/2016 16:02

Just devised a list with my 7 year old with chores, mainly things she should do anyway but she seems happy with it. She's to make her bed everyday, tidy up her toys before going to bed, sweep the floor once a week and make sure her homework is done and she get 50p once she has completed a week

imustbemadme · 15/10/2016 17:09

We've never given our kids regular pocket money but give them money whenever they want to go out or need clothes. I've never asked them to do jobs for money either. As a child I was never given money even if I asked for it and I never had fashionable clothes like my friends so I've always encouraged my girls to ask whenever they need something.

toodles60 · 15/10/2016 18:28

I give my children pocket money and the amount is £5 per week. They do have a couple of chores and that is making their own bed and ensuring their room is relatively tidy.

selloveday · 15/10/2016 22:35

We think its important the kids help out around the house so that they can feel they are earning their money rather than just being given it for nothing. We think it will help develop a good work ethic.

tubbyj · 16/10/2016 00:47

I love the idea of pocket money, though it' so hard to stop it being a itme that needs spending immediatley vs. saving till they have enough for something that they value more

MillyVanilli222 · 16/10/2016 00:49

I think pocket money as children get a little older is a great way to teach them about the value of money! Mine is a little young for it but will definitely be teaching him to be money-smart!

mclarkie · 16/10/2016 10:07

Pocket money teaches children that the folks are a soft touch, that will come back to haunt you when they want money for their first car ect :)

cookie09 · 16/10/2016 13:06

I have twin boys and have to say they don't always get pocket money. I am happy to give them pocket money if they do participate in chores around the home, just simple things like cleaning their rooms etc.. (hard for them obviously). But feel when they really want to buy something they do push for jobs to earn. I do give them both a £7 a month phone contract and provide them with all the necessities they do need. I have one who still has birthday money from 2 years ago, doesn't like spending and the other money just burns holes in his pockets!

clarkster · 16/10/2016 13:35

I give my kids pocket money but they do jobs to earn it. I think it teaches them responsibility and I encourage them to save half their pocket money and they can spend the rest

bc1616 · 16/10/2016 22:00

I think that children should have a small amount of pocket money, a few pounds, so that they can learn the value of money

kirstycooper01 · 16/10/2016 22:55

I think pocket money is a great idea as it teaches children financial control , and about saving. If they want a more expensive item they will have to put some of their pocket money away until they can afford it.

jocstoke · 17/10/2016 07:15

My son is 4 and we've just started giving him pocket money. He seems very into saving it up to buy a bigger toy at the moment. Not sure how long it'll last!

angiehoggett · 17/10/2016 09:50

not yet I think it's best to start when they get a bit older as I remember when I was child I started getting pocket money once I was around 10. It actually helped me to realise the value of money and helped me to realise that in order to get things you want you needed to save up. I also think once I actually bought something with my own money I would really look after it so it helps in all areas.

kel1981 · 17/10/2016 10:09

My DD is 12 and gets £5 a week for doing chores. She has to load and unload the dishwasher, put clean pants and socks away and make drinks at tea time, and keep her room tidy. My DS is 7 and gets £2 a week for keeping his room tidy and setting the table for tea every night. I think its good to get a work ethic instilled in them and I don't think I'm being too mean...??!!

goose1964 · 17/10/2016 10:18

we used to give ours regular pocket money in order to help them understand the value of money. it failed dismally

spanglisher · 17/10/2016 12:45

My son doesn't get pocket money automatically but earns it for doing chores so it's basically up to him how much he earns; the more often he empties the dishwasher the more often he'll get paid and the easier the workload each time, for example. For big jobs like his bombsite of a bedroom we'll negotiate a price. He tends to save up for a particular toy or dvd. If he doesn't have a target he tends not to be interested in earning. We also give him little pocket money toys for doing well in school tests.

sjl19 · 17/10/2016 15:55

I like the idea of giving my children pocket money but we haven't started to yet - i think they are a bit young. It's interesting reading through what other people do and how much they give.

Jocelynne123 · 17/10/2016 16:21

Pocket money is great. It teaches children to be responsible with money. They learn that if they waste the money then it's all gone and if they want something that they have to save for it. I think it makes them appreciate something more than just asking for it xx

Bechoole · 17/10/2016 16:34

Happy to pay but I make his responsibility to ask for it! If he snoozes, he loses! BUT, he is expected to do stuff for it!

ptak5566 · 17/10/2016 17:06

I think it is important to teach children about money, so I give mine a little each week and they can learn to save for something they really want. They feel so chuffed when they have bought it themselves.