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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:
CGORST · 10/12/2018 12:42

The important thing for my kids to learn is about earning money. In order to get their pocket money they have to do jobs around the house - nothing spectacular and it doesn't even matter that I might have to do it again once they've gone to school but they don't get money for doing nothing. If they do loads of work, say doing their grandma's garden, they'd get a bonus.

Once they have their pocket money it's theirs to spend as they like, even if I don't really like what they are buying. If they spend it all on sweets and then want something else but they don't have the money - tough. That's how you learn to budget and manage your money.

grantd1 · 10/12/2018 12:54

it's good to give

twinklenicci · 10/12/2018 12:59

My children have always done jobs which are age appropriate to earn pocket money. My 5 year old brings down the dirty washing, helps feed the dogs, tidies her toys which she earns a magazine and sweets for. My older children are now 18 and 19 and have their own income but even when thew were at college and getting pocket money they had to complete jobs in order to earn it

BL0SS0M · 10/12/2018 13:04

I’m struggling to come up with a pocket money solution! It’s great to teach kids the idea of saving and making decisions about what to spend it on but I hate the idea of linking it to chores! I think that it should be a given...everyone should help around the house l

sm2012 · 10/12/2018 13:17

I give my two eldest pocket money on the first Saturday of each month. My 11 year old gets £6 and my 9 year old gets £4, it goes up a £1 each birthday. When they get to 13 I'm planning to open a current account for them and pay a bit more into it each month and show them how to check their spending online and encourage them to save some each month too.

lnesbitt81 · 10/12/2018 13:27

I think pocket money can be a good idea to give them a little experience in handling money, but only a little and it has to be 'earned' through chores and behaviour. That might sound harsh, but it's only guidance and isn't used as punishment!

KJB1978 · 10/12/2018 13:43

My daughter has a list of jobs to do for different money. If she wants to do it she can and if not she doesn't earn anything.

sallyhartley · 10/12/2018 14:15

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.

Blainalass · 10/12/2018 14:30

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

sophiefx · 10/12/2018 15:23

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!

gd2011 · 10/12/2018 15:26

Make them work for it

Ikea1234 · 10/12/2018 16:19

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!

sarah861421 · 10/12/2018 16:42

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

meepmoop79 · 10/12/2018 16:45

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.

Nikita90 · 10/12/2018 17:11

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.

lolamia91 · 10/12/2018 18:05

They can earn pocket money by doing chores x

RACHELSMITH45 · 10/12/2018 18:44

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 .

emmamcmahon · 10/12/2018 18:58

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.

disdream84 · 10/12/2018 19:46

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

maryandbuzz1 · 10/12/2018 19:54

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.

juju3 · 10/12/2018 20:05

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

phillie1 · 10/12/2018 20:08

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

towser44 · 10/12/2018 20:21

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.

jandoc · 10/12/2018 20:24

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

glennamy · 10/12/2018 20:32

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!