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MNHQ

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:
emms88 · 10/10/2016 13:00

I think pocket money is a great way to teach children the value of money and budgeting.

feefeegabor · 10/10/2016 13:03

I have a 13 year old and she is supposed to do chores to earn pocket money. One of her chores is to keep her room tidy - she hasn't had any pocket money since the summer holidays. No tidy-tidy, no money!

becky004 · 10/10/2016 13:09

My DS is terrible with money, he does not get physical money as it would immediately be spent on sweets. We have a chart and when he does chores an amount is added to the chart, and when he has enough we then go and buy whatever it was he wanted.

sarah861421 · 10/10/2016 13:28

my children get a small amount of pocket money, purely for their own use. I dont agree with paying them to do chores as they should do those anyway

Marg2k8 · 10/10/2016 13:33

I think pocket money gives a good basis for understanding what it means to budget.

jonday81 · 10/10/2016 13:34

I think it helps children be responsible and budget. It also allows them to earn money which makes them feel more independent.

kpdchudleigh · 10/10/2016 13:47

I don't think you can start too young to teach children about the value of money. When mine were toddlers I began starting each day with twenty pennies in a purse which could be added or subtracted from for chores done or bad behaviour. They loved spending it at the end of a week or saving for something bigger.

My eldest is now 20 and still has a healthy attitude toward money being more sensible than many university students.

glennamy · 10/10/2016 13:48

I gave first daughter the choice as she grew up that she either receives pocket money or I get her the video games which she loved on a regular basis. She either had to save the pocket money herself to buy the games & she would not get both. :) She never went without on days out, but she wasn't into sweets etc which was a bonus, but she preferred getting the games.

mamof3boys · 10/10/2016 13:57

My children are 10, 9 and 6 and I've always struggled with pocket money as I never know how much to give and sometimes it feels like I'm bribing them to behave well. I do need to start being more consistent with it, especially as my oldest DS will be starting high school next year. An app sounds like a great idea to them them (and me) on track. I'll have to take a look.

kamaxtra · 10/10/2016 13:57

I think it's important to help children learn how to manage money and the value of money. It can help teach them how to save, spend wisely and how to budget.

gmaisey · 10/10/2016 14:03

My little lad is only 6 months old, but as he gets older he will be encouraged to earn pocket money, in the same way I was and my husband was growing up.

yourgrace · 10/10/2016 14:22

Teaches them the value of money ,my youngest now sits back & thinks do i want this or is it just a fad.He has just passed his driving test & is searching for a car.He is exploring all angles buying new ,2nd hand or leasing.This is 1 cookie boy the dealers won,t have over.

libra101 · 10/10/2016 15:00

Although our children are no longer very young, we have always given them pocket money to spend and save as they like.

I think it gives them a sense of responsibility and helps them to learn the true value of things.

Hoping that it teaches them not to rely on cards as they get older.

chrissiecurtis · 10/10/2016 15:31

Pocket money is a good idea to teach children a basic how to manage money but Pocket money should be earnt through some chores so they can see that if you would like something / money you have to do something for it. It questions how much they "need" an item if they have to use their own money!

amyhalliday1 · 10/10/2016 15:32

In exchange for chores it's fine

mooota1514 · 10/10/2016 16:04

Have never given regular pocket money as tend to give when needed (within reason lol!) this is a nice idea, knowing how much to give is always a problem as all families are different so having an app to go to and use is fab...

My dd (14 ) has started a paper round so I tend to top that up now so she has money when she goes out with her friends. My ds (11) has more money than all the family put together as never spends birthday and xmas monies...

The app as looks like a fun to use money management tool that is bright and cheery and easy to use!

ricola1 · 10/10/2016 16:50

I havent started pocket money yet cause normal everyday bills are too much and school trips and dinners

grumpymummy3 · 10/10/2016 17:08

I think its really important for children to understand the value of money and to decide how to spend it. We don't but sweets , magazines etc they use their money for this and its interesting to see what decisions they make. They have had pocket money from an early age,

angiemary · 10/10/2016 17:10

I think pocket money is a good idea , as long as they earn it , just a few chores a week .

littleme96 · 10/10/2016 17:14

Our children get £1 per week regardless of how helpful they have been and is not related to behaviour.

In addition to this if they have been particularly lovely or helpful, they occasionally get given a reward card which entitles them to a physical reward or activity (ie. to all play a board game of their choice, a magazine from the shop or a midnight feast).

I personally feel that children should be encouraged to help out with chores etc, not because of monetary reward, but because they are part of the family and we are all responsible for keeping the house clean and tidy.

cazzzie987 · 10/10/2016 17:23

I think it is an excellent idea as long as they have chores to work for it, so they learn what it takes to earn money and be responsible.

Vegangelist · 10/10/2016 17:51

DH and I keep meaning to give DS(6) pocket money, but forget. We still can't decide on him earning it somehow, or just getting some just because. I didn't get money as a child (there was none to spare), but I am still able to "understand the value of it", and once I was earning as an adult, I was good at budgeting/saving. Same can not be said for my siblings who had the same upbringing. I think I'd like to give DS some money so he has a sense of control and independence, but we'll still buy him treats as and when.

kittykomp · 10/10/2016 17:51

it should be worked for

hiddenmichelle · 10/10/2016 17:54

Mine are 10 and 12 and they still do not get pocket money - but I regularly treat them!

rachelmi · 10/10/2016 17:59

A really important way to learn the value of money especially if they have to earn it!!