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Let’s talk pocket money with Money Advice Service

357 replies

EllieMumsnet · 12/11/2018 10:07

This activity is now closed

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:
glenka · 10/12/2018 07:21

They get some pocket money if they help around the house, like keep their rooms tidy. We don't have a set amount of money to give them each week, it all depends on how good they are.

ChocolateCake1 · 10/12/2018 07:29

I think it’s important for children to earn pocket money as it teaches the worth of money and gives them a sense of achievement.

Bellroyd · 10/12/2018 07:31

I have so many fond memories of my days as a child, getting a shiny half-crown from Dad that would last me all week. As far as I remember, I didn't have to do chores for it. It was all mine, to spend as I wanted.

Now it seems normal to see even quite small children with seemingly a decent disposable income and this concerns me, especially if they do not earn it. However, as well as teaching the value of money and work, it's nice just to give out a small sum from time to time rather than put a price on every task.

TracyKNixon · 10/12/2018 07:36

If you choose to pay pocket money for chores, explain chores clearly so there’s no confusion or bargaining about what needs to be done and when. For a young child, chores could include putting their dirty clothes in the washing basket or tidying up their toys, and for older children, chores could include helping to set the table or washing the car once a week.

rhinosuze · 10/12/2018 07:47

I never got pocket money growing up. Don't give to mine yet though I know granny saves a pound a week. At some point I will and it will be based on helping out and I will make sure it's saved for a period like 3 months before being spent

TiggersAngel7774 · 10/12/2018 08:04

My son has Aspergers and doesnt understand true value of money so atm he doesnt have any we treat him when he deserves it

finleypop · 10/12/2018 08:11

We started pocket money very early, combined with a bank account. Our son was getting £3 a week aged 4 -10 which was paid into his bank so that he could save it up for bigger treats.
This increased to £5 per week until he was 14 & then £25 per month, still paid into the bank.

devito92 · 10/12/2018 08:21

Pocket money should be a small amount and only given when its earned. I mean around the house for good behaviour and helping out

Elizasmum02 · 10/12/2018 08:35

my daughter doesnt get pocket money. she gets a treat when sshe gets good grades in school and at then end of the month if shes been good ill give her some money which i expect her to be reasonable with, shes really good and doesnt waste it, i buy what she needs but would prefer she learns to save money

AR2012 · 10/12/2018 08:52

50p for weekdays 75p per weekend with extra if they help with the household chores. Also encouraged to save their pocket money up.

Ganne1 · 10/12/2018 09:09

We never gave much pocket money. If they needed something we bought it for them. But then Christmas becomes oh, such a wonderful time when they can have what they've only dreamt of.

shellywkd · 10/12/2018 09:15

My daughter gets £5 a week and she is 14. She uses it to top up her phone and buy make up and treats. She saves it up if she wants something more expensive it helps her learn money management

prwilson · 10/12/2018 09:33

I think having pocket money as a child help me learn about money, the value of money and how to save.

footdust · 10/12/2018 10:16

My daughter get £50 a month by bank transfer (teenager) plus a clothing allowance of around £200 every 3-4 months depending on what needs replacing.. I buy all school uniform and sports kit and any ''special occasion'' clothing. in addition. If she wants more money she needs to workfor it. - not normal jobs like the dishwasher and cleaning her own room as that is
expected as part of getting an allowance in the first place. )

SSCRASE123 · 10/12/2018 10:24

Not really found the right balance yet. We don't just give money for nothing but he isn't really that bothered for doing some chores/helping out for a few extra pounds either.

holey · 10/12/2018 10:42

We've never really done regular pocket money but make sure they always have money when they're going out or want/need something specific. When they were younger, they were not interested in money and when we tried regular pocket money, we'd just find it left lying around, not used or even put away. As we are self employed we don't have budgetable income. Some weeks we're flush, others we're skint so we found on the skint weeks, pocket money was hard for us to find- especially when they didn't seem to need or want it.
We make sure they are involved in family finances though- they can see how we budget, what we get, how we spend and what we save so they are learning through that about how finances work. It works okay for us- it may not be the best way to teach them but it's evolved that way!

Sparklepants3 · 10/12/2018 10:47

We have chore rotas and everytime they do one it's 50p added to the total.
There are 20 chores for the two of them to do between them. Things like washing up, hoovering etc

KiteMarked · 10/12/2018 10:48

My lot get £2/week, which is admittedly not a lot, but I buy them everything they need and give them money here and there to go out with friends, so they really don't need a lot anyway. We use GoHenry so they have the experience of using a bank card (admittedly, this service is expensive and I need to look into changing it).

Not sure how best to handle pocket money when they are older, seems a bit infantile at age 16+....

mo3733 · 10/12/2018 10:49

pocket money should be earned for it to be appreciated

bubbleybooboo · 10/12/2018 10:50

My children dont get pocket money as such but they do get rewarded money for things they do. Its not regular though. If they do something such as take the bins out for the week the at the weekend we will give them some money for helping.

My eldest has just started college and she babysits for us so we are able to go out and do things like christmas shopping for example. We make sure shes given some money as areward for her help. THis isnt every week like as above.

They all have a bank account and a saving pig and its up to them what they do. My youngest saves hers in her pig then when shes got to £5 she likes to take it to the bank. They tend to save money from birthdays and christmas for purchases but money they are rewarded for helping as and when, particularly the elder two, they use for going out with friends and things

AuFinch · 10/12/2018 11:12

i like pocket money as it gives our son the experience of spending and being without money! just like life. I wont say what he is getting as it is probably a lot less than most kids, but I can tell you that over the years he has become responsible with money, and we feel now that we would not have any worries about him as an adult, as he seems to understand how loans work too and how much more money you need to pay when you have interest on top. I think the aim should always be that when you give the pocket money its a way of learning to handle money - so talk about the times when it goes wrong and when it goes right!

jazzitup · 10/12/2018 11:14

My little one only gets £2.00 a week but is very sensible with it, some spen, some saved.

emmmaaa26 · 10/12/2018 11:44

We tend to give £10 a month but it may be less according to behaviour. Im trying to teach them to be responsible and be kind to others in order to be able to gain something extra in return.

DenCop1 · 10/12/2018 11:52

I think it's important for kids to be given pocket money so they learn how to budget in later life.
I keep it to a sensible level and raise it with age and responsibility. My 13 year old gets £10 a week but understands this is to cover any trips to the cinema etc, make up and also for saving towards holidays etc.
Whereas my 6 year old gets £4 a week and saves £2 of this towards holidays and days with friends and can spend the remainder on whatever they choose.

janeyf1 · 10/12/2018 12:37

I have been increasing the amount a little each year, and it is currently £5 but I am encouraging on how to look after the money and not to throw it away on sweets