Pocket money is a feature of many families, and Nationwide would love to find out if you encourage your DCs to earn theirs, and if so, how? NOW CLOSED

[EmmaMumsnet]

They would love to hear which chores your DCs can do in return for cash, and tips on how a pocket money reward system works. They’d also love to hear any other ways you encourage your family to appreciate the value of money.

So, do you believe encouraging your kids to earn their cash will help them in future? Do your DCs get pocket money for keeping their rooms clean and tidy, or do they have to go above and beyond? If so, which jobs come with a cash reward? How do you decide the ‘going rate’?

Whatever you do, Nationwide would love to know how you help your DCs to get a better understanding of earning money from a young age.

Take a look at the first episode of Nationwide’s ‘Tenner Challenge’ YouTube series for inspiration on how to encourage your DCs to start being resourceful with their money. In each instalment, Nationwide enlist a YouTuber to earn as much money as they can in a couple of hours from a single £10 note.

Everyone who posts on this thread will be entered into a prize draw, and one MNer will win a £300 Love2Shop voucher.

Thanks,

MNHQ

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Having an account from an early age for birthday/Christmas money encourages children to save. Seeing the balance increase. plus interest is a good motivator. I think giving them the opportunity to earn some extra money by helping with some chores also helps them learn about life.

Mine get pocket money because access to cash and learning to budget are entirely separate to helping around the house.

The little ones get £10 a month and I don't buy comics or game figures for Disney Infinity or Lego Dimensions etc.

Ds 18 works and saves half and spends half.
Ds 14 saves his and buys £90 trainers every so often.

We get them to wash up to earn money that can go towards saving up for new games and toys

My DD is only 2 but she's already in the habit of putting any loose change she finds around the house (& raiding daddy's pockets) in her piggy bank as she's tells us she's "saving up to buy some shoes". It getting quite heavy now so she may get a few pairs!

Doing jobs without having to ask is a big one and being kind.

My son is very helpful around the house, he puts groceries away, washes up, tidies up, keeps things 'relatively' clean so he gets rewarded for this behaviour.

My son is 4 years old and just starting to learn about saving money. He has a big bottle which he collects penny's and 5p in. He can earn these for helping with extra jobs, over and above things liked tidying his toys which I'd expect him to do as part of daily routine.

DD's and DS earn between 50p to £1 for every chore they do I always work it out so the youngest end up earning £5 per week and the oldest earns £10 per week and they get a little extra if they have done well in school to encourage them to work hard in school and at home and you get rewarded.

Chores around the house does the trick

My LO turns 4 next week - we just started giving pocket money (£1.50 per week) as we want him to pay more attention to how much things costs, spending within a budget & how you can get something better if you save. I realise I am expecting a lot at this stage - but this is a longer-term plan :) In the short-term - it's to give LO his 'own' money - he has a little purse for this & can spend it as he chooses.
When he gets a little older - I will introduce doing chores for extra money or for specific achievements. My parents did this with me & it gave me a really strong work ethic - I've always worked & any job I have had, even the little weekend ones when I was younger, have been a really important part of who I am.
OH & I both work - LO attends nursery - he asks about our jobs & talks about what he wants to do when he's older.
I think the idea of kids doing extra jobs/working harder for a financial incentive is a good one & I'll check back on this thread with interest to see how others manage this. :)

I give my daughter weekly pocket money for cleaning up all of her toys and making her bed. She's only 7 but she understands money doesn't grow on trees and doesn't ask for stuff constantly if we are out shopping

My daughter is too young to do much but gets 50p a week and tidies away her toys for mummy and says her pleases and thank yous

DS gets pocket money (£5/week - age 9) but doesn't need to do chores for it. It's more about him having some money of his own to begin to learn about saving, budgeting etc.

He does do chores though - I expect him to do those as part of the family - not because there is a financial reward.

Mine earn pocket money or treats when they've collected a number of pom poms which they get for being kind

Dd is 4 and encouraged to help with things just now. Within the year we intend to make this an earning activity and reward her with pocket money, although a very small amount!

We have 3 sons aged 5,12 and 17 and our older 2 sons have had to grow up quicker and help out more. Our youngest son has non verbal autism and a chronic rare spinal condition, he had major emergency spinal surgery at 2 1/2. Our elder 2 boys get pocket money weekly but go above and beyond with helping out and so not have to be asked.
They help with caring for there brother and have made him come on leaps and bounds. They get there own time out doing the things they love but it makes me feel proud when i see my 12 year old go get the vacuum and take pride in keeping things clean and tidy.

Emily loves to help, so earning some pocket money for it is a onus for her. She puts hert oys away, takes plates etc to the kitchen and helps with her baby brother. She is encouraged by verbal praise and understanding how much we value and appreciate her help.

My eldest 2 boys are 7 and nearly 6, and we have just introduced them to saving up for things. They both have picked something they want (collecting figures), and they have a pot on the kitchen side. Every time they do a job they earn 50p for their pot. Nothing major, just sometimes I will ask them to do something like taking the washing upstairs or feeding the cat. They aren't that bothered at the moment so we are taking it slowly, but they are starting to ask if they can do a job to earn 50p if they haven't been given one for a few days, so it is sinking in with them.

Mine don't earn their pocket money. My reasoning is: no one will pay them to clean their rooms and clear the table and sort their washing when they're older, so they're just expected to do that as part of mucking in with family life.
The pocket money they get is because I want them to learn how to manage money. I tell them they work hard at school (which they do) like they'll have to work hard as adults, and they'll get paid for that.

Sometimes they ask if they can earn some money doing extra jobs. Usually I turf them out to find a paper round or look after pets while people are on holiday. If there are no odd jobs around locally, I pay them to do techy stuff I can't do. But housework is just done as a matter of course.

Mine earn money by hoovering, emptying bins, sweeping up etc. If they are going somewhere with friends e.g. Cinema, I usually give them money, don't make them pay.

Trying to make the activities fun....like baking and then decorating the cakes.

My children are now in their early 20's and although they were both treated the same as children with regards to pocket money, one is a spendthrift and one is good with money. I don't know why this is.

DS8 and DD6 earn £5 per week by keeping their rooms tidy. They help me with the polishing (give them a duster each) and helping me put the shopping away, which they love to do.

My daughter is 6 now and we ask her to do just a little task a day such as setting the table, bringing dishes in from the dining room, putting her clothes away etc. She gets pocket money on Saturday and chooses to save or spend it. Amazing what they can buy in a £ shop!!