Do you reward your children with pocket money for their achievements? Share your thoughts - £200 to be won

[EllieSmumsnet]

Following NatWest Rooster Money’s latest Pocket Money Index we want to know: Have you ever thought about rewarding you kids for their achievements? Many parents believe that financial rewards can be a strong incentive for doing well at school or exams, good behaviour or completing homework. We’d love to hear your views on this approach. Do you reward your children with pocket money? Or do you have other methods for motivating them to excel in their studies? Share your thoughts and advice!

●Post your thoughts in the thread below to be entered into a Mumsnet prize draw
●One lucky MNer will win a £200 voucher for a store of their choice (from this list of VEX retailers).
●The closing date for entries will be 16th July 2024.

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‘We have a Natwest Rooster Card which is linked to chores. Ds8 almost 9 gets £5 per week and has been able to save up for roller skates…that he has wanted and it works really well for us.’ LunaLoveFood

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Give them some pocket money each month, and then earn points for various things which can be traded in for extra cash.

We have a chart on the wall measuring good behaviour, school work and light chores, as well as additional treats for periods of good attitude such as going to bed without a fuss for several weeks in a row or putting away toys without being asked etc.

Pocket money is not contingent on anything here. They get pocket money regardless, and are expected to manage their modest budget and not expect extra money for non essentials - ie if they want to go to the cinema or buy sweets, it comes out of pocket money. I wouldn't want my children unable to join their friends on social events etc so they will always be given money to do that, but I want them to be able to manage a budget too.
Chores are expected because it's what we have to do to exist as a family. No one gets paid for doing chores.

I give mine spending money, usually £5 a week, and more during the summer holidays - they can then 'buy' their own cinema tickets with their debit cards, bus fares with their friends - it's all about understanding money, having spending limits and the technology behind on-line banking. They get extra also for certain days when I see kindness, good behaviour and tolerance.

For trying their best - I do this as my two DC's are very different academically - so as long as they try, and don't give up I will include this in the spending money chart. I am considering doing this on an on-line basis to a childrens bank account - so would be very interested in how these are used and how children can be equipped to use them correctly.

Both DD and DS were given a monthly payment into their bank accounts from age 14. This was for them to use for socialising with friends, clothes ( not uniform ) , anything they wished. If it ran out mid month there was no more. DD once ran out and asked for her money early and I said no but I'd make her a loan at 10% interest until payday. she begrudgingly took it but never ran out again. She's now mid 20's budgets and saves well each month.
There was no money for chores.
DS just finished A levels and off to uni now has the summer off. On top of his payment gets an extra £30 for food. He shops for and cooks all his own meals.
I'm widowed, single and work 6 days a week. DS does chores and is looking for a job. He also earns gigging in a band. DS has savings.
I think I'm doing them a service in educating them on real life.

I reward for doing jobs around the house, partly as a life skill and partly to give them a sense of achievement, and these tend to increase around the holidays so they have spending money (I give these in euros to spend abroad) I would like to consider a bank account for their future - great preparation for independence

Spending money is a useful way of rewarding effort, managing spending and a bank card is the first steps to financial awareness and a much needed life skill. I give spending money for helping with the dishes, cleaning the pets cages, and tidying their bedrooms and making their beds.

Not for achievements - as my children have different abilities and it would further knock the confidence of my child with ASD, they DO get spending money for chores, good manners, sharing, being kind -we have a sticker chart for progress - I would like to eventually give my DC's the life skills for managing a bank account and on-line banking.

Pocket money or money should not be used as get out free clause, as your children need and want as much praise,cuddles and loving for all the things they do, so I do not make money out to be the be all and end all of everything as I don't think this does them any good in the long run. As if they are given money for every little thing they do then they will start expecting it and then money takes place over the simple loving and well done's they need and want to hear.And being given money for every chore good dead doing what is expected will not teach them the actual and real value of money but on the other side I do believe kids should learn how money works and how they can use it to their benefit, as I've said money can be the route of all evil but it's a necessity so yes the earlier kids learn to respect money and
use it and gain it in the right way along with praise as they grow ther knowledge about money and both life skills will run in tune , or this is what I'm hoping will happen

Both my kids worked from 13 to earn themselves pocket money. One has a better work ethic than the other but both seem to understand the value of money so much better and spend more wisely than a lot of their peers who don’t work.

They both save a proportion of what they earn to save for the things they want and my eldest has now moved out and manages her money brilliantly.

They both get treated for special occasions and if they have done well academically, but this is a day out type trip rather than cash. They both work hard at school as they understand that their futures will be more or less comfortable depending on grades.

Mine get a set amount of pocket money a month because I believe everyone should have some independent money.

They can also earn extra for chores.

I don't believe in rewarding grades /results but I do reward effort, so they get a treat just for doing exams etc.

Set amount of pocket money.
Treats for rewards such as good reports, effort for exams etc.

I'm happy to reward hard work, it's a good lesson. But it's the effort that counts, as long as they do their best I'm happy.

I will give spending money for good behaviour and trying their best and not giving up - something - like others have said the building blocks for life skills - managing and earning money. I will also withhold money (only very occasionally) for anything I think where a lesson needs to be learned.
I really like the idea of putting funds on in a child's bank account.

They get pocket money weekly but not as a reward. It is a way of gradually helping them to budget and be responsible for their own money. If they achieve something they get told 'well done'

Reward for achievements like good grades in exams etc yes but not a regular thing/for schoolwork/homework.

I don't link chores to pocket money as I know it would cause endless arguments, might work well for other children, just not for mine!

DD gets a weekly standing order of £6. She needs to contribute to household tasks, keep her room tidy (easy as she’s really neat) and crucially, not leave all the lights on!

We don’t reward her financially for school work as she needs to self motivate and understand why she’s working for herself and not for money.

I'd like my DC's to earn money - and save money - it's a life skill - and a sense of pride for doing something well for a reward. I like the idea of a child built savings account.

Yes I reward for basic gardening, emptying the dishwasher, and good test results - I think it helps motivate them to do better, as long as they spend their money wisely - and save some for a new PS5 game.

I give foster son pocket money every week. If he achieved a sporting success eg. He won the player of the year in cricket last year we all went out for a meal to celebrate the achievement. He chose the restaurant. He's just passed his karate black belt pre grading so we'll go out for a family meal to celebrate that achievement. He'll choose the venue. We like to acknowledge and celebrate all success as a family but want DC to learn intrinsic rewards are best. The boost to his self esteem on passing an achievement is far more motivating and memorable than extrinsic rewards like money.

No, my DS is only 6 but he gets a regular small amount per week as pocket money but he is expected to do some chores as standard.

DC have jobs around the house which they do to help with the overall load and to teach them life skills for the future. I do not charge them for this education.... Eldest has nominal sum of pocket money. Occasionally, if they help with a big job they may get some money for sweets.