Pocket Money

[reCAPTCHA]

Do you give pocket money to your kids?
How much for what age group?
Do they ‘earn’ it or just get given it?

Any advice welcome

I’d like to start giving mine some so that they can start to learn the value in saving for things they want etc., but not sure on amounts or the logistics tbh!

 

[MaryX82]

What age is your child?I think £5 a week is fair if you can afford it for a child 10 years or older.Perhaps set 5 small task to make them feel as though they have earned it.My friend aged 12 used to get £2.50 a week for chewing gum and sweets she was also encouraged to save it all month so we could go to the arcade or cinema but that was early 00’s.I never got pocket money but was given money on special occasions like going out with friends birthdays etc.

 

[reCAPTCHA]

Mine are 10, 11 and 13 so £20 a month for each of them seems reasonable in a way it doesn’t feel enough because you can’t get a lot for that these days, but then I suppose that’s why it will encourage them to save?!

 

[megancole]

My dad gave me £20 a week from age 15-18

 

[MaryX82]

Maybe try £2 for the 10 year old £2.50 for the 11 and £5 for the 13 year old if you can afford it.Do the younger children need pocket money?Can you convince them pocket money starts at 13 in your house

 

[reCAPTCHA]

Maybe try £2 for the 10 year old £2.50 for the 11 and £5 for the 13 year old if you can afford it.Do the younger children need pocket money?Can you convince them pocket money starts at 13 in your house

The irony of your comment is that it’s my youngest who keeps asking. Not sure the older two are fussed ( but sure the won’t say no!!)

My dad gave me £20 a week from age 15-18

And strange tho it sounds I kinda feel like £20 a month isn’t much really. And I know for a fact the older two will probs save it. Maybe we’ll start with that then review it in 3 months.

 

[veryfondoftea]

My 8 year old gets £10 a month and has to complete some chores for it. We don’t ask much of her (in my opinion!) her jobs are laying the table for dinner by herself and helping to clear and putting her clean washing away plus the very occasional bedroom tidy!

 

[Deepsigh2018]

My son has a set of chores he has to do to get his pocket money which is £10 a week. Some weeks he doesn't do them all so he doesn't get paid, some weeks he asks for other jobs to do on top to earn extra money. I've found its helped him with realising the value of money before whenever we would go to the shop he would always ask for things but now he has his own money to spend he is quite stingy and won't waste it on things like a drink for example when we have drinks at home.
I have also just started with my youngest and he gets £1 a week if he does his chores.

 

[ordinaryjelly]

My kids get £1 a week for every year of their life. So 4 years old gets £4 and 10 would get £10.

No, they don't have to earn it. They are expected to help out around the house and do little chores as and when because that is part of being a family and living together, not because they are incentivised financially.

Their pocket money goes onto their GoHenry cards and they all have the app and can see what money they have. One of my children saves up and rarely spends, they have a couple hundred on their card, they get a thrill out of seeing the saving grow. The other two the money comes in and is pretty much spent that day. I don't buy anything extra for them, if they want a comic, Smiggle, toys, Robux it comes off their card.

 

[NP]

My 8 year old gets £10 a month and has to complete some chores for it. We don’t ask much of her (in my opinion!) her jobs are laying the table for dinner by herself and helping to clear and putting her clean washing away plus the very occasional bedroom tidy!

We have pretty much the same attitude towards it. My 10 year old gets £8 a month although we’ll probably increase it soon. He has chores but they’re sort of loosely related to getting pocket money. We’ve never withheld it even when he’s forgotten to do things or done a rubbish job! He’s really good at saving. Much better than I am!

 

[37BBL]

Whats a go Henry card please? Just started pocket money for my two and would be interested to know what this is.

 

[rainbowlemon]

Whats a go Henry card please? Just started pocket money for my two and would be interested to know what this is.

This is their page:

£2.99 /month per child after the free month

Prepaid Debit Card for Kids & Financial Learning App | GoHenry

GoHenry's debit card and app lets kids ages 6-18 learn practical money management skills that they can go out and apply in the real world.

www.gohenry.com

Sometimes my dad would give me £20 a week, but he wasn't very consistent, but the only thing I really used to buy was a magazine from the supermarket. I don't think young kids need that much. I also like the money per age thing.

 

[Mrs Cucumber]

I tried doing a chore chart for my children, so different chores earned them different amounts after seeing it somewhere on the internet, my 8 year old followed it for 2 days, earnt himself £2 and never bothered again, the 6 year old kept at it for a couple of weeks but also got bored of it! I want to give them pocket money though as like you said it teaches them the value of things. I think I might start giving them £2 each a week with potential to "earn" more.

 

[AllSeeingEye123]

When I was at school I undercut the vending machines to make money. So if they are old enough to understand they should buy chocolate bars for example to sell to class mates.