Active discussions

Please or to access all these features

Talk
Sponsored threads

This topic is for sponsored discussions. If you'd like to run one with us, please email [email protected].

See all MNHQ comments on this thread

MNHQ

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

Standard Insight T&Cs Apply

Let’s talk pocket money with Money Advice Service
OP posts:
IonaAilidh11 · 10/12/2018 20:50

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

giddyypixie · 10/12/2018 21:34

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.

jacknjessica · 10/12/2018 21:34

Great idea, encourages a good work ethic.

Rachdayan · 10/12/2018 21:57

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.

feeona123 · 10/12/2018 22:04

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

pfcpompeysarah · 10/12/2018 22:07

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.

LeeR1985 · 10/12/2018 22:46

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

MrRichTea · 10/12/2018 22:48

Not too much, try to teach them to save / budget for things they'd like

helly27 · 10/12/2018 23:22

We have never given any

lhlee62 · 10/12/2018 23:45

My kids are still a bit young and have no real concept of money, they are 5 and 6 at the moment. I am probably going to wait until they are a little bit older and then give them something for helping around the house, only little jobs.

ecomousey · 11/12/2018 00:23

No more than their friends, no less than their enemies.

whitbyranger · 11/12/2018 05:17

They do not get a set amount at the moment, but just have money when they ask. However, I do think it is important that children learn the importance of money and will be introducing a set amount soon.

mave · 11/12/2018 06:05

They get £5 a week but have to earn it by helping with chores and good behaviour!

RiSo · 11/12/2018 06:43

My boys are 9, 7 and 4 and don't get pocket money yet, they don't really understand money either and I'm happy for it to stay that way for a little while longer. There will be enough time for them to worry about money in the future!

happysouls · 11/12/2018 08:19

I think there are two sides to pocket money that are important for a child to learn. 1 is that money is earned and it is hard to earn. 2 is that money is easy to spend and that you need to make sure you're spending it wisely or saving it.
It is vital that kids learn to budget properly as they're growing up!

southernsun · 11/12/2018 11:15

We give our ds £5 a week if he helps with chores. We then encourage him to save it until he has at least £50 which he can then either spend on something or if he puts it in his savings account we double it for him. Encourages him to save and works for us.

xcxcsophiexcxc · 11/12/2018 12:49

Think for chores it teaches responsibility and reward

littlemonkeyz · 11/12/2018 13:17

My little boy gets £2 a week. He has to earn it by helping out around the house. He likes to save it up for months on end so that he can buy Lego!

jkell268 · 11/12/2018 14:09

Let children make their own choices, to help them to learn that you 'can only spend it once'.

Cl90 · 11/12/2018 17:13

I hope to avoid the pressures of too much pocket money, but currently DS is given a small amount of money if he helps to sweep the floor or tidy his room. He is only 4 but it has worked so far.

Cailin7 · 11/12/2018 17:45

£5 per week, which they usually put into their savings account. or accumulate for cinema or to buy themselves stuff.

HannahLI · 11/12/2018 20:48

We are a bit sporadic with pocket money as they often get money from grandparents. I don't limit what they spend it on my theory with it is that its their money and the only way to learn is either to love what they saved for and be glad of it, or to regret their little plasticky purchase and learn for the next time.

Marg2k8 · 11/12/2018 21:29

I gave my children a small amount of pocket money and sometimes paid them for jobs such as cleaning the car.

michael888 · 11/12/2018 23:13

I give my children money for doing various chores. What they decide to spend it on is up to them, but they have to understand that once it's gone, it's gone.

That said, I try to guide them into saving for something that they want and to also save some for a rainy day.

hibbertheather · 11/12/2018 23:45

I haven’t started yet and he’s 10 probably when he goes to high school I will but I will base it on what I can afford, maybe 5 or 10 a week and it will have to be earned with housework and help etc