Let’s talk pocket money with Money Advice Service

[EllieMumsnet]

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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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[MichelleTwinMum]

My 15 year old receives £20 a month and my 11 year olds get £15 a month, paid into their bank accounts, they have cash/debit cards and have to manage how they spend it over the month. My 15 year old uses £10 to pay for his phone service a month and he works and earns £30 a week. He doesn’t earn any more from us, I expect him to be helpful and cook sometimes, do the recycling, set the table, tidy his room etc.

He is very good with money and regularly saves to buy new gaming equipment/ phone/ laptop etc.

One of my 11 year olds is very good and makes her money last the whole month, the other blows it all the first weekend and I don’t give her any more except for the essentials, as she needs to learn her spending has consequences.

She then can earn more money at 20p a job but I don’t pay for everything as all the kids need to learn that some jobs are just part of family life and we all have to muck in to make home life work.

[OnlyToWin]

£5 per week with extra bonuses for achievements or special days out. For example if dds were invited on a shopping day with friends I would not expect them to have to use their pocket money to buy lunch. We also pay for their phones and all clothes etc. This money is purely for extras like make up etc. We are thinking of moving to more of an allowance style system to include more cash and therefore more they have to buy themselves. We just need to work it out. Tbh I think they realise they might be worse off this way! Grandparents often give cash as a treat or for a holiday/fair/day out, so they do okay! Pocket money has also been banned for poor behaviour.

[MTBMummy]

DD (9) receives £5 a week, to get this she has a list of chores she has to do, otherwise she doesn't get it. She can extra pocket money by doing additional chores, or getting exceptionally good grades, or making a real effort at something she finds difficult.

We used to give her cash, and she'd spend it as soon as she had it. we've moved over to the nimbl system and it's so much better, she's been actively saving up for something, and has just this weekend, done so successfully.

While we don't force her not to buy tat, we do actively encourage her that by saving she can afford nicer things.

She's been getting pocket money for just over a year now, so I would say 8 is probably a good starting point

[lovemyflipflops]

My DC's get £5.00 per week each, and that is put into a savings account via direct debit into their bank accounts, they are able then to save up for what they want, and they have a bank card to withdraw money when I am with them.

[hiddenmichelle]

No set time or amount as everyones kids are different and everyone has different financial situations. However, for me, I would say 8 or 9 and £5 a week, if they do a small few chores (set table etc)

[BristolMum96]

My daughter is too young for this yet but I don't intend to bother in future. I'll just buy her what she wants within reason, no spoiling, and she'll have to be good and nice and helpful to get stuff.

[Thiswayorthatway]

50p a day (DC aged 7) which can be spent in school tuck shop or saved up for a book or toy shop visit. Extra can be earned by helping with special chores - washing the car, helping in the garden. Deductions applied for bad behaviour, which has produced much better results than the usual penalty of a reduction in screen time.