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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[Theimpossiblegirl]

My teens get £25 a month into their bank accounts and i pay for their phone contracts, essentials and clothing within reason, so they do quite well.

One works in a local cafe, one has stopped her job until after her GCSEs but had saved beforehand so that she had money put by. They both have good saving habits and appreciate a bargain, knowing not to buy things online without googling for a code first.

[Carbsnomarbs]

My DS is 9 and gets £5 a week for doing some chores.

He has a gohenry card and the app so he can tick off when he’s done the chores, if he doesn’t do them he doesn’t get the money.

I prefer him to not have actual cash in his hand at this age as I feel like it burns a hole in his pocket, whereas with the card he has managed to save up for a few things, he can check his balance via the app too.

I don’t actually mind him spending the money as such I just don’t want him to get to an age when he has his first job and gets excited at the amount and just blows it, I would rather him get that out of the way now.

I didnt have pocket money but my mum would buy Us treats. I had my first job as a teenager and I then had to buy my own toiletries. Once I started full time work at 17 I then paid ‘housekeeping’

I think age 8-10 is a good age as once they hit high school they will be given money to go out with friends and need to learn to manage it sensibly before then.

[MrsFrTedCrilly]

It’s quite amazing how choices change when they are spending their own money. Recently DD wanted to buy a book for £22, when I said ok if this is how you’d like to spend your money it soon got returned to the shelf

[purplepandas]

I have not started yet and mine are 7 and 9. Clearly I should. We do save for them and have done for years but not the same thing I know.

[Popcornandbuttons]

My children are too young, age 4 and nearly 2. Although reading some pp I can see done have introduced pocket money for 4 year olds. I honestly hadn't even thought about it yet. I think maybe by the time she is 6 or 7? I don't think she'd get it right now.

[Mummymummums]

I used to buy the DC a comic each month, and nowadays this is a book of their choice.
We also used to have a sticker chart and a sticker only went on for good behaviour days, just one sticker a day. When they had 10 stickers they had choice of £10, £10 gaming voucher or a visit to local Creams (waffle/ice cream place). Technically they could earn £10 in 10 days but they never did. Have fallen out of habit but must reinstate this.

[KittyKat88]

We've given money to our DDs (age 6 & 8) intermittently and usually when they've done something off their own back rather than be nagged to do it. I put £20 each into their savings every month so normally anything they get is 50p or £1. They get more at Christmas and birthdays which they can spend on what they want. I do encourage them to save up for something they really want rather than just spending it on rubbish because they want to 'spend'. When I was a child mum gave me and my sis 50p every Saturday which went on bags of sweets. They were much simpler times!

[buckeejit]

I feel like I should to teach them value etc but honestly, ds has just turned 9 & needs nothing. It wouldn't teach him anything at all. He got stressed trying to think of things to ask Santa for!

I think it would encourage him to splash out on crap magazines or forget & let it gather then when he does want something big, hey presto, it seems like he doesn't have to do anything for it.

He doesn't really go out alone yet so in a couple of years it will be different. Love the idea of him doing more chores bit don't know where we'd find the time

[Ratbagratty]

Mine are too young (under 2), this thread made me talk to DH and he says cash is becoming obsolete and we should look at cards too when they are old enough to teach them to buy within their means. I would hope to give them enough to buy a magazine if they wish a month or save for something bigger.

[JellySlice]

Pocket money is not 'salary', so we do not expect our dc to do chores in exchange, any more than we expect them to do chores in exchange for food or clothes. Chores are part of living together.

[oreodough]

Mine are aged 10,8 and 5. We have a list of chores that they need to do each week, without prompting.
Things like, clean bedrooms, empty bin, tidy garden of toys etc
In a Saturday the 10 and 8 year old get £3.00 and the 5 year old gets £2.00
They put it in their money box and it's there to spend. It soon builds up and is really handy for teaching them the value of money

[CollyWombles]

My 13 and 12 year old get £20 a month each, my 10 and 9 year old get £10 a month each. They have jobs they are expected to do but pocket money is given regardless. The only time I haven't given pocket money is to my 10 year old after he bought a game on the Xbox without my permission. His pocket money that month went to me and covered the cost of the game.

I used to get five pound a week and it was always given to me when we were in the supermarket doing a weekly shop, so I always blew it on rubbish.

[madamehooch]

When I took my daughter to town when she was a tween, I introduced the £20 challenge. She had to buy something to read, something to wear and something to play with and it couldn't total more than £20. It made her think more about the value of money and also whether the first item she saw was something she actually wanted.

[m0jit0]

My daughter is too young for pocket money. When I was at school I used to get pocket money for doing chores and a reward like a CD or a comic or book when I had a good report card. Think we would try and go this when our daughter is older.

[treegone]

My eldest at 6 is too young in my opinion, but some of her peers do get money. I expect her to do household stuff like put dishes away and put dirty washing away and tidy up mess and as she gets older there will be more things she can help with. Like others I won't tie pocket money to chores. When I was younger I was given money to do chores. I chose no chores and no money! I was too stubborn. I will reward in money for good school work and effort for things. Maybe a big job like cleaning a whole room might be a £5 or more. I will provide essentials like clothes but if they want something more pricey as they get older then that might have to be earned!
I will encourage them to get paid work but not at the expense of school. I worked all day every Saturday and Sunday for the two years I did my a levels. It was to pay for something but my studies did suffer.

[ginauk84]

If my daughter gets 5 stickers on her reward chart she gets £1 pocket money. If she's done something extra good she might get a bonus 50p. She tends to put it in her piggybank and save up for a big Lego set or something else she wants. Doesn't tend to waste it on sweets etc she normally saves. She is 5 and we have probably been doing this system since she was 4.

[del2929]

we dont do pocket money in our house- eek
when i was younger we got a weekly set amount.

[outnumbered77]

Mine get £1 per year of age per month paid straight into their bank accounts. Think I started around age 4. They don't really need to spend it day to day as I pay for most little extras and they don't really buy sweets. I try and let them spend as they like but do not allow too much to be wasted on fortnite or other gaming.
The older two (9, 12) have a set chore per week which earns them their pocket money. Occasionally I'll offer some extra for additional chores.

[sharond101]

My children don't get pocket money yet. They are 6 & 3. When they do they will earn it by taking more responsibility for their own things.

[Srathore]

I don’t give my children pocket money, but when they go out and need money, I try to make sure they have the money they need. They save their birthday, Christmas, Diwali money throughout the year and get them to learn about how to make their money go further. Save up and spend in the sales. 💋

[Ariclock]

My four year old doesn't get pocket money yet but will do soon. I'll give 50p a week and will encourage them to save up rather than frittering away.

[asuwere]

I don't give my DC pocket money at the moment. They do get given money if we go on holiday or a weekend away and it's up to them how they spend it. They also usually get money for their birthday from relatives which they can choose how to spend or save.

[JemIsMyNameNooneElseIsTheSame]

6yo DS used to get £1 a week, but he seems to have given up asking for it now! He only used to spend it on tat that never got looked at more than once and I felt I couldn't really say how he spent it as it was 'his' money.

[Treaclespongeandcustard]

My DC are a little young for pocket money but they are becoming increasingly money aware. I hadn’t yet thought about how to educate them about money and found this thread helpful - thanks for that.

[claza93]

I have five children ranging from 6 months to 13 years. We do not currently give put pocket money as my children are expected to help out round the house. We do give extra treats for good behaviour / doing well at school. It does make them appreciate it when they get it.
They do get pocket money from their granddad for washing up!