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Let’s talk pocket money with Money Advice Service

357 replies

EllieMumsnet · 12/11/2018 10:07

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Navigating the world of pocket money can be a little tricky, especially since the rules are always changing. However it can also be for many children their first introduction to the concept of money and how to deal with it. That’s why in aid of ‘Talk Money Week’, Money Advice Service would love to hear all your thoughts, experiences and tips when it comes to pocket money.

Here’s what Money Advice Service has to say: “Children learn about money earlier than you’d think: by the age of 7 children have begun to form money habits. That’s why it’s never too early to start teaching them where money comes from and how to handle it. Giving pocket money – no matter how little – is one way to help children's’ money skills."

How much pocket money do you give your child/children? Do you set up a system where they can earn more if they do chores or do well in school? What about what they can spend it on? Are there any limitations or do you try encourage them to save it for something big? How much pocket money did you get when you were a child? And what age do you think it’s appropriate to start giving them pocket money?

Tell us everything about pocket money on the thread below to be entered into a prize draw where one MNer will win a £300 voucher of their choice (from a list).

Thanks and good luck with the prize draw
MNHQ

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Let’s talk pocket money with Money Advice Service
OP posts:
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vickyors · 10/08/2019 09:25

We don't have a system of chores for pocket money, but may do when the kids are older. We give them pocket money on Sundays, but it is relatively sporadic.. I have to admit. But we talk about saving, and that each month we put money away for their futures.. they both have a piggy bank which they put money into..

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HannahLI · 06/06/2019 14:38

I am a bit haphazard with pocket money and need to be more organised, but I tend to give them more gearing up to when we are away on holiday or off from school as thats when They tend to spend it. I find they like to earn it by being well behaved and doing jobs around the house for me.

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Chocolate50 · 29/05/2019 20:00

We set up an account for each of our children & put money in every month. They also got weekly pocket money to go towards general 'treat' spending.
My youngest is now doing A levels & she gets a financial boost if she gets an A. I want to replicate rewards as you would like to think happens in the workplace.

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PorridgeAgainAbney · 24/05/2019 20:47

We set up a bank account a year ago and we have a star chart to earn money. It changes as the priorities change, eg, when he started school one of the tasks was to get dressed in the morning with no faffing, now it’s to read for 5 mins while breakfast is being made.

If he gets given money for birthday or Christmas then half has to go in the bank so it’s seen as a way of saving for the medium/long term for something big, rather than spendin small amounts of money every week and ending up with nothing.

I’m happy to say no to something if we can’t afford it and to explain why, but that if we save up it might be possible later.

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ButterflyOfFreedom · 24/04/2019 06:27

My DC are still young (5 &7) but they can earn £1 a week for doing 'jobs' - basically putting their washing in.the basket, shoes on the shoe rack, tidying their toys etc.
They each have a money box they put it in and they can do what they want with it - spend it / save it. Neither never want to spend it!
We've started teaching them about the value of money which will obviously become more important as they get older.

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Sugarhouse · 23/04/2019 20:01

My son is too young for pocket money yet but I think il give him small jobs to do to earn it when the time comes

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UCOforAC12 · 23/04/2019 17:01

We're about to start pocket money with DD6 and 3. Money is earnt by doing good things around the house without being asked. DD3 is super helpful and clears plates away, helps cut up food (supervised!) and is generally thoughtful about doing jobs. DD6 has her head in the clouds and needs more cajoling but when she sees her little sister getting more money than her the game will be on! Usually it's 10/20/50p depending on how big the chore is.

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Eisley · 23/04/2019 09:15

My step daughter gets £3.50 a week but she has to keep her room tidy. As she gets older more chores will be added

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SageYourResoluteOracle · 23/04/2019 03:56

DD is 7 and receives £3 per week. £1 for her to do as she wishes, £1 to save and £1 for charity. The charity money is taken to a charity of choice every few months.

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TimandGinger · 01/04/2019 08:48

My DS doesn't get pocket money but he understands money quite well - they have done it at school. We do try to explain why we can't always buy things - for example taking our own snacks to the cinema. He is 7. I would probably start giving it when he's 9. Not sure how much I used to get - too long ago to remember....

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Danascully2 · 30/03/2019 07:05

I think I need to start soon with my 5 year old but it won't be much. Maybe 50p a week.

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Bumblebeans · 07/03/2019 10:21

DD is 4 and gets £1.50 in pocket money occasionally.
This allows her to choose a small toy /treat. And hopefully helps her to eventually understand that money has a value

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HotChocolateLover · 07/03/2019 08:51

Our kids get a fiver a week. The step kids have it paid directly into their accounts. My son has a gym membership paid for in lieu of pocket money but he also gets money from his grandma. We don’t really expect chores but if DS is especially naughty or cheeky we will suspend the gym membership for a month!

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kb1823 · 12/02/2019 22:53

£2 a week if the chores are done... properly!

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CopperPan · 31/12/2018 23:47

It depends on their ages - e.g DS2 who is 11 gets £5 a week direct into his bank account, which increases for the older dc.

They can earn more for doing chores, but they also have some basic chores expected of them as well. I don't really have any rules on what they spend it on - I tend to tut when I see them coming home with sweets or spending it all on virtual things in online games, but I see it as their money to fritter as they want. I didn't get pocket money at all as a child, which I found frustrating as it meant I never had control over buying what I wanted, so I've introduced pocket money from age 5 for my dc.

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Byrdie · 29/12/2018 16:51

We have two who get it. It's on an app rather than physical. We tried physical as I know how important it is to see the money and handle it but it just caused so much anguish as it kept getting lost or mislaid or forgotten so we switched. No more arguments as it's all tracked - what has been spent, what they have left, who gave them cash gifts and also pocket money goes in automatically so no more arguments about have i given it to them yet. 11 year old gets £3.50 a week, 8 year old gets £2.50 and 4 year old nothing but I buy her treats now and again. The cash doubles if they spend it on clothes or books. We also give them a favourable exchange rate when we're on holiday! They can also choose to (if it's a great deal) buy things for the treat box (used as prizes for great acheivements or for birthdays) and then save up to buy it back or 'win' it by doing somethjng worthy. I.e a certificate from school for something substantial or a great result in a hard exam or sporting event (usually I try and only do that if it's something they've worked really hard at or found really difficult.

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tubbyj · 29/12/2018 00:34

Find cash difficult as he would rather spend on small tat, rather than save for something a bit bigger that would get used more than a couple of times

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MrsMaker88 · 28/12/2018 19:59

Mine are 4 and 3. I give them a few pound to spend at school fairs and they understand that when it runs out that’s that so they have to decide how best to spend it.

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EllieMumsnet · 28/12/2018 13:23

Congratulations to alwaysinleggings for winning the £300 voucher Smile

OP posts:
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44PumpLane · 25/12/2018 13:08

Nothing yet as kids are too young but from about the age of 5 I will be giving a token amount per week but will allow them to "earn" more by helping with chores....20p for helping to unload dishwasher for example.

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Blondie1982 · 14/12/2018 23:11

I think it should be earnt by doing little jobs, I think it teaches children how to value money and to be responsible when choosing how to spend it i.e saving it or spending immediately

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emilygal · 14/12/2018 23:09

My 5yo gets £1 from her grandparents a week and £1 from me per. For special things like if she got an award at school or something we may give her more. She’s better at saving than me!

Having her collecting pocket money can come in really handy when she’s begging for something overpriced that you know she doesn’t really want at the shop: “I can’t afford to buy it for you but if you really really want it, you could spend your pocket money on it...”

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AvocadosBeforeMortgages · 14/12/2018 22:23

I was always given modest sums of pocket money growing up, and expected to buy the 'extras' with it e.g. sweets, CDs, and usually toys outside of Christmas and birthday.

I credit having the chance to learn about saving and budgeting from when I was very young (pre-school) as being a big part of why I'm good at saving and budgeting now.

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Mariobug25 · 14/12/2018 22:20

We give our son pocket money in exchange for him completing little chores. It teaches him the concept of earning money which I think will serve him well later in life. I also believe that when he spends his pocket money he feels a real sense of achievement, having earned it himself :)

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molly57 · 14/12/2018 16:49

Pocket money should be "easily earned".

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