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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We're about to start pocket money with DD6 and 3. Money is earnt by doing good things around the house without being asked. DD3 is super helpful and clears plates away, helps cut up food (supervised!) and is generally thoughtful about doing jobs. DD6 has her head in the clouds and needs more cajoling but when she sees her little sister getting more money than her the game will be on! Usually it's 10/20/50p depending on how big the chore is.

My son is too young for pocket money yet but I think il give him small jobs to do to earn it when the time comes

My DC are still young (5 &7) but they can earn £1 a week for doing 'jobs' - basically putting their washing in.the basket, shoes on the shoe rack, tidying their toys etc.
They each have a money box they put it in and they can do what they want with it - spend it / save it. Neither never want to spend it!
We've started teaching them about the value of money which will obviously become more important as they get older.

We set up a bank account a year ago and we have a star chart to earn money. It changes as the priorities change, eg, when he started school one of the tasks was to get dressed in the morning with no faffing, now it’s to read for 5 mins while breakfast is being made.

If he gets given money for birthday or Christmas then half has to go in the bank so it’s seen as a way of saving for the medium/long term for something big, rather than spendin small amounts of money every week and ending up with nothing.

I’m happy to say no to something if we can’t afford it and to explain why, but that if we save up it might be possible later.

We set up an account for each of our children & put money in every month. They also got weekly pocket money to go towards general 'treat' spending.
My youngest is now doing A levels & she gets a financial boost if she gets an A. I want to replicate rewards as you would like to think happens in the workplace.

I am a bit haphazard with pocket money and need to be more organised, but I tend to give them more gearing up to when we are away on holiday or off from school as thats when They tend to spend it. I find they like to earn it by being well behaved and doing jobs around the house for me.

We don't have a system of chores for pocket money, but may do when the kids are older. We give them pocket money on Sundays, but it is relatively sporadic.. I have to admit. But we talk about saving, and that each month we put money away for their futures.. they both have a piggy bank which they put money into..