Kids pocket money
Discussion
I have two kids; a daughter, 9, and a son, 6. Up to now I have just bought them sweets and toys on an adhoc basis but now feel that it is time, probably long over due, to instill some value of money ethics and encourage saving for things they want.
What is a suitable amount for weekly pocket money? I used to get 50p a week which was enough for a Beano, some sweets and a roll of caps. I'm guessing inflation has moved things on a bit
What is a suitable amount for weekly pocket money? I used to get 50p a week which was enough for a Beano, some sweets and a roll of caps. I'm guessing inflation has moved things on a bit
I used to get bugger all.. But did get bought things now and then.
My youngest brother is at that pocket money age now, (11) and gets £5 a week for doing things like washing up, and also gets his £10 a month contract phone paid.
When I take him out I also sometimes buy him things/sweets/magazines so he gets a good deal
My youngest brother is at that pocket money age now, (11) and gets £5 a week for doing things like washing up, and also gets his £10 a month contract phone paid.
When I take him out I also sometimes buy him things/sweets/magazines so he gets a good deal
I think I got a quid a week, which rose to two quid a week when I was about 7 or 8.
When I went to secondary school, I got an allowance of £10, which I needed to buy my lunch and bus ticket out of.
I broke even or thereabouts during the school weeks, but made a killing in the holidays, which is when you need it anyway.
I'd have thought for kids that young, a shiny £2 coin would cover them. If they save up for a couple of months, they can get a decent toy if they want.
You could also do a "shrapnel jar" for them, and chuck any 1p, 2p and 5p coins in for them to count up and share fairly. It'll save you carting the useless things around...
When I went to secondary school, I got an allowance of £10, which I needed to buy my lunch and bus ticket out of.
I broke even or thereabouts during the school weeks, but made a killing in the holidays, which is when you need it anyway.
I'd have thought for kids that young, a shiny £2 coin would cover them. If they save up for a couple of months, they can get a decent toy if they want.
You could also do a "shrapnel jar" for them, and chuck any 1p, 2p and 5p coins in for them to count up and share fairly. It'll save you carting the useless things around...
mpm1987 said:
I got nothing!
I would get paid if I cut the lawn, cleaned cars etc.
As such I now believe that if you want something you have to work for it, so I guess its not a bad thing.
Yep! Work hard and get the rewards.I would get paid if I cut the lawn, cleaned cars etc.
As such I now believe that if you want something you have to work for it, so I guess its not a bad thing.
Side note; Are you coming on the Surrey Run?
http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
50p a week from grandad until I was about 6.
Then nothing.
Then lunch money from 12-16 which I doubled every day by selling BOGOF offers individually at school.
Then from 16-18 I had £40 a week from my parents for college and I worked a job on each wednesday off which netted me £250 a month.
Alternatively my brother and sister did the opposite and when they were given a large inheritance they blew it within a year (19K).
I still have 12K of mine left 3 years on.
I think EARNING the money is a very important lesson to teach. I wasn't taught it, but I did it and it helped me out.
Then nothing.
Then lunch money from 12-16 which I doubled every day by selling BOGOF offers individually at school.
Then from 16-18 I had £40 a week from my parents for college and I worked a job on each wednesday off which netted me £250 a month.
Alternatively my brother and sister did the opposite and when they were given a large inheritance they blew it within a year (19K).
I still have 12K of mine left 3 years on.
I think EARNING the money is a very important lesson to teach. I wasn't taught it, but I did it and it helped me out.
Edited by Frankeh on Wednesday 31st March 10:55
I liked the concept I seen on one of the SuperNanny or the like shows.
The Nanny added up everything the parents spent on the children over 1 month, took a value of 3/4's of that, and gave it to the kids each month as a 'wage'.
The kids were then responsible for buying the items previously bought by the parents. Depending on their ages, it started off as only sweets and magazines for the youngest, all the way to clothes, beauty products and socialising for the eldest.
I remember one of the boys in the family used to pester Mum on every shopping trip for Football Stickers. Once it was 'his' money, he wasn't quite so keen on buying them.
It teaches the more important lesson of budgeting rather than earning in my opinion.
The parents were saving 25% every month, the kids were learning to budget and arguments/stress levels were reduced.
ETA: On the issue of household chores, I think that should be completely separate. They should do the chores because 1) you ask them to, 2) it's fair and 3) they contribute to the mess. They shouldn't do them only because you pay them.
The Nanny added up everything the parents spent on the children over 1 month, took a value of 3/4's of that, and gave it to the kids each month as a 'wage'.
The kids were then responsible for buying the items previously bought by the parents. Depending on their ages, it started off as only sweets and magazines for the youngest, all the way to clothes, beauty products and socialising for the eldest.
I remember one of the boys in the family used to pester Mum on every shopping trip for Football Stickers. Once it was 'his' money, he wasn't quite so keen on buying them.
It teaches the more important lesson of budgeting rather than earning in my opinion.
The parents were saving 25% every month, the kids were learning to budget and arguments/stress levels were reduced.
ETA: On the issue of household chores, I think that should be completely separate. They should do the chores because 1) you ask them to, 2) it's fair and 3) they contribute to the mess. They shouldn't do them only because you pay them.
Edited by Stevenj214 on Wednesday 31st March 11:13
I never got pocket money, but did work in my dads pet shop, so got a wage instead (I think it was £10 for all day Saturday/Sunday and a few nights during the week)
My son, who's 7, does not get pocket money at the moment from myself. But he does tend to get a fiver from his grandparents every few weeks.
My son, who's 7, does not get pocket money at the moment from myself. But he does tend to get a fiver from his grandparents every few weeks.
Jonny671 said:
mpm1987 said:
I got nothing!
I would get paid if I cut the lawn, cleaned cars etc.
As such I now believe that if you want something you have to work for it, so I guess its not a bad thing.
Yep! Work hard and get the rewards.I would get paid if I cut the lawn, cleaned cars etc.
As such I now believe that if you want something you have to work for it, so I guess its not a bad thing.
Side note; Are you coming on the Surrey Run?
http://www.pistonheads.co.uk/gassing/topic.asp?h=0...
I don't give my boys pocket money (8 and 6)
When you add up how much they get spent on them every week that is more than enough.
Golf lessons, drum lessons, swimming lessons the eldest plays rugby on sunday morning the younger one does gymnastics and cricket starts soon.
They never go short of anything.
When I empty my pockets all the change gets thrown in a jar this then gets divided between there piggy banks.
When you add up how much they get spent on them every week that is more than enough.
Golf lessons, drum lessons, swimming lessons the eldest plays rugby on sunday morning the younger one does gymnastics and cricket starts soon.
They never go short of anything.
When I empty my pockets all the change gets thrown in a jar this then gets divided between there piggy banks.
) what else would a kid that age want. Then on their birthdays you can increase it by a bit. 
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