How much pocket money do you give your kids?
Discussion
I've got 2 boys, 6 & 9. They don't currently get a set amount of pocket money weekly, instead they get bought sweets, comics etc on an adhoc basis. I'd like to start giving them regular pocket money in exchange for doing things like keeping their rooms tidy, washing the cars with me, mowing the lawn etc. I think it would be a useful exercise in teaching them the value of money and how to save/budget for things they'd like to buy.
I'm wondering what the going rate is and thinking of starting with £5 for the 9 y/o, £3.50 for the 6 y/o. Any other thoughts in regards to them saving a percentage etc?
I'm wondering what the going rate is and thinking of starting with £5 for the 9 y/o, £3.50 for the 6 y/o. Any other thoughts in regards to them saving a percentage etc?
Is that per week or per month?
We give £10 per month, currently 8 and 10. Along with money from relatives (Christmas, Birthdays etc) it gives them more than enough. They both took over $100 to the USA on holiday last year and spunked it away happily.
8 year old daughter is currently saving up for a £60 annual pass on a tablet game. She is unhappy that the spending is being blocked by her parents, she considers it her money!
We give £10 per month, currently 8 and 10. Along with money from relatives (Christmas, Birthdays etc) it gives them more than enough. They both took over $100 to the USA on holiday last year and spunked it away happily.
8 year old daughter is currently saving up for a £60 annual pass on a tablet game. She is unhappy that the spending is being blocked by her parents, she considers it her money!
Might be a bit of trouble regarding giving them different amounts ? I don't know. My Dad used to (and still does) give us exactly the same treatment.
I never used to get pocket money, as in a weekly amount for doing stuff. I had to do jobs or I didn't get the money. Cutting the lawn was my favorite; £10 for that. £5 for washing the car. Obviously not jobs that happen weekly, but in summer grass would need doing every other week.
Never got money for keeping rooms tidy or doing the washing up or whatever...that was expected.
I never used to get pocket money, as in a weekly amount for doing stuff. I had to do jobs or I didn't get the money. Cutting the lawn was my favorite; £10 for that. £5 for washing the car. Obviously not jobs that happen weekly, but in summer grass would need doing every other week.
Never got money for keeping rooms tidy or doing the washing up or whatever...that was expected.
My 11 year old gets £2.50 per week in his hand, of which £1 goes back to me for his phone
My 9 year old gets £2 per week in her hand, which she uses to pay for her hamster food etc [one of the rules for allowing her to have a pet].
Both get about £20 per month each in their GoHenry bank account that they can spend when they want but are limited to (IIRC) £20 per week online, from an ATM and in a shop.
The money in their hands is spent each week, maybe with the odd £1 here and there being saved til the following week. As they easily forget about the GoHenry money, they have about £150 in their accounts each at the moment, but holidays are coming up and they will spend some of that on stuff they want to take with them - new clothes, trainers, sunnies etc.
Money from Birthdays and Christmas goes to another savings account they don't have access to, for the future big ticket items like cars, house deposits etc.
ETA - the 11 year old also does the odd chore round the house - washing / wiping up one day, cleans his football boots himself after a match, strips his bed Saturday mornings and re-makes it with fresh covers Saturday night, makes / clears the table each night that sort of thing.
9 year old isn't at that stage yet, although she does help with the making and clearing the table and cleans her hamster out each week.
Their pocket money depends on all the jobs they have agreed to being done each week.
My 9 year old gets £2 per week in her hand, which she uses to pay for her hamster food etc [one of the rules for allowing her to have a pet].
Both get about £20 per month each in their GoHenry bank account that they can spend when they want but are limited to (IIRC) £20 per week online, from an ATM and in a shop.
The money in their hands is spent each week, maybe with the odd £1 here and there being saved til the following week. As they easily forget about the GoHenry money, they have about £150 in their accounts each at the moment, but holidays are coming up and they will spend some of that on stuff they want to take with them - new clothes, trainers, sunnies etc.
Money from Birthdays and Christmas goes to another savings account they don't have access to, for the future big ticket items like cars, house deposits etc.
ETA - the 11 year old also does the odd chore round the house - washing / wiping up one day, cleans his football boots himself after a match, strips his bed Saturday mornings and re-makes it with fresh covers Saturday night, makes / clears the table each night that sort of thing.
9 year old isn't at that stage yet, although she does help with the making and clearing the table and cleans her hamster out each week.
Their pocket money depends on all the jobs they have agreed to being done each week.
Edited by hurstg01 on Wednesday 29th March 11:09
Mine aren't quite old enough yet but I quite like the idea of a job board.
Jobs are posted - clean the kitchen floor £2, wash the car £10 etc and the kids can choose to do the jobs each week to earn the money.
That way they get to choose how much to earn each week - no jobs, no money.
I haven't yet decided whether the income will be "taxed". I was thinking the tax ends up in their savings account anyway as a way to encourage them to put a little bit away.
There will likely be no benefits system and capital gains (gifts from grandparents) may also be subject to savings account "tax"......
Jobs are posted - clean the kitchen floor £2, wash the car £10 etc and the kids can choose to do the jobs each week to earn the money.
That way they get to choose how much to earn each week - no jobs, no money.
I haven't yet decided whether the income will be "taxed". I was thinking the tax ends up in their savings account anyway as a way to encourage them to put a little bit away.
There will likely be no benefits system and capital gains (gifts from grandparents) may also be subject to savings account "tax"......
We don't give them anything, they do jobs and get paid £6/hr pro-rata for doing them.
Son (10) cuts grass for an hour, he gets £6. Daughter (7) spends half an hour cleaning out the chicken coop she gets £3. Etc etc. A few weeks ago they both helped me move and stack 3 tonnes of logs and they each made £12 for 2 hours of graft.
I think the most either of them has ever earned in a week is about £30 - but they did loads of useful stuff
Cleaning their rooms and sorting their washing etc etc doesnt count!
We buy all their clothes and food and stuff like that obviously. We also pay for swimming lessons and sports clubs. My daughter wanted riding lessons so she pays for those herself (although we bought her helmet and boots). It's a balancing act
Son (10) cuts grass for an hour, he gets £6. Daughter (7) spends half an hour cleaning out the chicken coop she gets £3. Etc etc. A few weeks ago they both helped me move and stack 3 tonnes of logs and they each made £12 for 2 hours of graft.
I think the most either of them has ever earned in a week is about £30 - but they did loads of useful stuff
Cleaning their rooms and sorting their washing etc etc doesnt count!
We buy all their clothes and food and stuff like that obviously. We also pay for swimming lessons and sports clubs. My daughter wanted riding lessons so she pays for those herself (although we bought her helmet and boots). It's a balancing act
Edited by Lefty on Wednesday 29th March 11:42
austinsmirk said:
7.5 and 5 years.
nothing. They're too young ! phew !
7.5 and 4.5 - and nothing from us, either!!nothing. They're too young ! phew !
Occasionally we might ask the 7 year old to do a job and offer her 50p or £1 to do it.
As above, we pay for both of their swimming classes, dance classes and gymnastics. That costs us enough a month!!
5 and 7 and they get £1 a week from the grandparents.
They also get £50 a month each which is a hang over from Child Benefits which we don't get anymore but they still get the money into their accounts. They don't know about that.
Other cash is from birthday and Christmas gifts and various reward schemes.
The youngest is on a good behaviour reward scheme at school (she's a bit boisterous) and gets a gold badge each day she is 'good' 5 in a week + full marks for spelling + other positive behaviour and we will up the reward. Usually a shopkin (why are kids obsessed with these?) but can be money as well.
The boy has 'bad dreams' and then wants to sleep in his bed. It's amazing how brave he becomes when there is a reward available....
I think he's understanding the value of money/work now. He recently purchased an expensive (£60) lego set with pocket money/gifts and has been asking for chores to earn more. I hand over cash and make him pay me for expensive things with cash so he sees the ebb and flow.
I like the job board/tax idea.
They also get £50 a month each which is a hang over from Child Benefits which we don't get anymore but they still get the money into their accounts. They don't know about that.
Other cash is from birthday and Christmas gifts and various reward schemes.
The youngest is on a good behaviour reward scheme at school (she's a bit boisterous) and gets a gold badge each day she is 'good' 5 in a week + full marks for spelling + other positive behaviour and we will up the reward. Usually a shopkin (why are kids obsessed with these?) but can be money as well.
The boy has 'bad dreams' and then wants to sleep in his bed. It's amazing how brave he becomes when there is a reward available....
I think he's understanding the value of money/work now. He recently purchased an expensive (£60) lego set with pocket money/gifts and has been asking for chores to earn more. I hand over cash and make him pay me for expensive things with cash so he sees the ebb and flow.
I like the job board/tax idea.
Rosscow said:
austinsmirk said:
7.5 and 5 years.
nothing. They're too young ! phew !
7.5 and 4.5 - and nothing from us, either!!nothing. They're too young ! phew !
Occasionally we might ask the 7 year old to do a job and offer her 50p or £1 to do it.
As above, we pay for both of their swimming classes, dance classes and gymnastics. That costs us enough a month!!
If they want money, they can go and earn it.
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