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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[LeeR1985]

I give my daughter 50p when she does well in school and 50p when she helps out with chores around the house. I also try to teach her the value of money

[pfcpompeysarah]

My son gets his pocket money from my parents as I am single mum with more than enough to pay for as it is, it is given on the understanding that he use it to pay for his xbox games and any other things he wants.

[feeona123]

Mine are only 4 and 2 so I haven’t started yet. I think around 7 should be a good time to start.

[Rachdayan]

I believe pocket money plays an important role in teaching child to understand, value and respect money. It is not about whether you can afford to give you children more or less, but about them understanding early on the importance of good money management ready for all the rubbish life throws at you as an adult.

[jacknjessica]

Great idea, encourages a good work ethic.

[giddyypixie]

My DS (13) gets £2.50 a week but for that he needs to clean his room every Sunday. That's just money for treats, he still gets all his clothes and necessities bought for him.

[IonaAilidh11]

£5 each a week and have to save up for expensive items

[glennamy]

It is earned not expected, they can save or spend it, one saves the other spends but both know the good practise of saving accounts!

[jandoc]

I would start them off on a little bit and make sure they realise that they have to earn the money

[towser44]

Our 7 year old DC does get pocket money of about a tenner a week from us and grandparents combined, but we are quite strict on what it can be spent on and don't allow purchases just for the sake for it. Our DC is actually quite good at saving it now and putting it towards a bigger purchase down the line.

[phillie1]

Mine had to do chores to earn their pocket money - 20p per thing they did.

[juju3]

It should be a modest amount - designed for small treats to show them the value of money and saving

[maryandbuzz1]

We started pocket money early as we thought it important to teach my son the importance of it. He did some simple jobs around the house and we were strict about giving it and no more. If he saw something he wanted he couldn’t have it in advance and had to save for it.

[disdream84]

Pocket money has to be earned, whether it be by helping out with chores or doing well in well at school/dance class etc. I think it's beneficial for children to learn about the value of money from an early age and they can also learn how to budget their money if they're after something that's quite expensive x

[emmamcmahon]

My two (14 and 8) have never had pocket money, preferring to have the odd treat now and then. However, now and then is starting to become requests every few days, so I’m seriously thinking of changing to pocket money so they learn more about budgeting.

[RACHELSMITH45]

We put £10 a month into each of their bank accounts and give then a couple of £ to buy a little toy or magazine on a weekend.. if they've been good. Sometimes they choose to save it .

[lolamia91]

They can earn pocket money by doing chores x

[Nikita90]

My daughter will have to earn her pocket money as she needs to understand the value of money! I will encourage her to spend it wisely but ultimately it's up to her what she spends it on.

[meepmoop79]

We believe that pocket money needs to be earned. if our children can keep their bedrooms tidied for a week, or help out with chores around the house, then they can have pocket money. If they don't, then no pocket money.
Generally, they don't have any pocket money. Its only when they really want something, and the chores get done, that they get their pocket money.

[sarah861421]

make it like life, They get a basic and then earn bonuses through chores etc but also reward good behaviour and good deeds

[Ikea1234]

My son has limited understanding of money, although in his teens, as he is ASD, and so it doesn't always figure in his world. We do ask him to help with simple jobs round the house and garden, like setting the table, raking leaves up, tidy his room, put plates etc in the dishwasher, and we transfer money into his bank account every month (£200) for his future savings. If he happens to be meeting friends, like a trip to the cinema, which is at the bottom of our road, we will give him money for that in addition. He knows he has savings, and he knows it is for his future, but he does not know the true value of it. That's work in progress!

[gd2011]

Make them work for it

[sophiefx]

I never got pocket money growing up, If I ever wanted anything, my mum would always get it for us. I am going to do the same with my little girl!

[Blainalass]

We had a list of jobs with how much would be paid for each.

[sallyhartley]

Give them tasks to complete. Giving your child a job to complete means they can learn the importance of earning your money instead of just being handed it.