Pocket Money

[rr]

The time has come for mini(7) and micro (5) to have their own money,  how much do other people give and what are children expected to buy for themselves?

[hellymedic]

I got 6d when I was 6, 7d when I was 7 and all of 1s3d (1/3) in my first year at senior school.
I only ever used it for sweets.

£1 is enough for more Mars bars than I could buy with my 1960s allowance.

I don't know what kids get nowadays but enough for either a bit of chocolate, a little toy or piece of stationery.

Maybe give a bit more if you think they should save and spend pocket money for things like birthday cards and gifts etc.

My little brother supplemented his pocket money at five, by selling conkers to unsuspecting schoolmates who didn't realise they grew on trees...

[geoff]

We started our daughter at age 5 with 30p. it's risen (she's now 7) to 50p and now we're being lobbied for £1 (all per week).

She has a friend who gets £3 pw

There's no targeting of spend (yet - it's not enough for much...) but she's expected to buy minor toys with it. More importantly it's to help her learn to manage money a bit...and to help us incentivise "good behaviour"

[chris]

My mother has always give the three little Chris' pocket money. They get a £1 per week until they go to Secondary School (age 11) when it increases to £2 per week.

When yellow-ceitidh was 13, Mrs Chris and I decided to give her an allowance of £20 per month, and she uses this to buy things she needs for school (pens, paoer etc, but not clothes) and uses the rest for whatever she wants. I think that giving the money monthly means that Katie has to learn to plan ahead. She only asked for her money early once and learnt never to ask again!

[Woofage]

Our peeps get £2 per week (ages 6 and 8 ). We encourage them to save for decent things (stationery, craft things, toys etc) that they want rather than spend it all in one go.

chris: when I turned 16 my mother gave me the family allowance as a monthly payment. It certainly helped me budget for things like records, concerts and provide funds to fix my bike!

[Tom B]

Not pocket money, but towards the end of last year I began an experiment in encouraging thrift and understanding of personal finance in my landlady's daughter (10).

Instead of presents for b'day and xmas / New Year, I put money in the 'bank' and pay her 1% interest a month. Took a while to get across the concept of interest, but when it sunk in she accepted enthusiastically. I give her the choice between cash-now or 'bank' when she does jobs for me (she's learned how to patch tubes and check tyre pressures     - her dad does much more fettling than I do). She mostly chooses 'bank'. To help the education process, I print off statements and send them through the post

She's made only one withdrawal (a couple of months ago, to buy a Dr Who toy that was on offer) and with a no-withdrawals bonus at the end of the financial year and a reward for a glowing school report, she's got nearly £50 now.

[Pancho]

My daughters (10 and 12) get nothing.

What's the point? They get cash from rellies at birthdays and all they do with it is stash it under their beds.

I tried to persuade them to open bank accounts but the youngest was far too astute. She asked, "why should I do that? I get at least 10% when I lend to you or mummy". Fair enough.

[agagisgroovy]

When yellow-ceitidh was 13, Mrs Chris and I decided to give her an allowance of £20 per month, and she uses this to buy things she needs for school (pens, paoer etc, but not clothes) and uses the rest for whatever she wants. I think that giving the money monthly means that Katie has to learn to plan ahead. She only asked for her money early once and learnt never to ask again!

]

You owe me £4.50 of last month's allowance. And can I have next months' in Euros please? 

[giropaul]

Once both of my daughters were in secondary school we bought school stuff (uniform, pens etc) and then gave an allowance that they could use for other clothes, and whatever else. This could be increased on occasions by working, either for us (not the usual family "chores"), say, stuff for my business, or later on waitressing etc.

They both went through Uni in control of their finances and (at 30 and 28) seem to have learnt money management pretty well.

PS - this doesn't mean they never gave grief -  just that they learnt to manage money better than others I know! Giving grief is a key part of the job description of teenaging Yellow-C - I hope you are doing your bit!

[chris]

When yellow-ceitidh was 13, Mrs Chris and I decided to give her an allowance of £20 per month, and she uses this to buy things she needs for school (pens, paoer etc, but not clothes) and uses the rest for whatever she wants. I think that giving the money monthly means that Katie has to learn to plan ahead. She only asked for her money early once and learnt never to ask again!

]

You owe me £4.50 of last month's allowance. And can I have next months' in Euros please? 

20 Euros? certainly!

[ChrisO]

Our oldest has only just started getting pocket money now that he has started secondary school.

Up to now it has been money for jobs and still is for his brother ( - nothing difficult, just stuff like emptying the dishwasher, sweeping the kitchen floor, putting loo roll out. If they did it they could have each earned at least 2-3 quid per week but they could never be arsed.

[David Martin]

£1 per week (p6 and s1) *if* bedrooms are tidy. That is sufficient for the early kids show at the cinema, or for whatever. I try to persuade them to not spend it on sweets.

..d

[pcolbeck]

PColbeck Junior is 12 and gets £3.50 per week. He saves it up for computer games and holiday spending money mainly. I also pay for his mobile phone and subscription to WoW.

[rae]

I got well paid for doing jobs, but no pocket money.  So for mowing the lawn (not as easy as it sounds - 1/3 of an acre with an electric push mower - a good solid day's work), I got £5.  In 1982, that was enough to buy an album (big black vinyl thing to all you modern people) and have a bit left over.   Washing the car, stacking wood, digging the garden, all yielded cash.   This taught me the connection between working and getting money.  Because it was my money, it also allowed me to waste it, then repent at leisure with whatever crap item I'd bought.

I'll start the boys on the same process when they are about 7. 

[andyoxon]

The mini aos (7 &10) both get £1 /week, it's written into their pocket money book each week, and they buy things (through us)  from the funds in this book.  Older mini ao, has just gone back into the black after paying off a debt.   

The book system seems to work well, but now older ao is asking for cash in hand.     Will probably increase her pm to £2 or £2.50 when she goes to secondary school.

[alexb]

My DD gets 75p per week, but we're fairly generous with treats and so on, but not in any predictable way. The kids get plenty of cash for birthdays etc. since the relatives live too far away to send presents economically.

We make a lot of use of charity shops with the pocket money, the kids have learnt that what will buy one thing in a toy shop will buy them a box full in the charity shop.

We cycle through stuff as well, so we drop stuff off fairly regularly.

[Snazzaroo1845]

I get £2 pocket money every Saturday, but there are rules about what to do with it...

I can only receive £2 if my room is tidy
Only 50p of it can be spent on sweets
If I do extra jobs such as cleaning the sinks, helping in the garden etc, I can earn extra money.

Hope this helps!   

MiniQ

[Regulator]

I get £2 pocket money every Saturday, but there are rules about what to do with it...

I can only receive £2 if my room is tidy
Only 50p of it can be spent on sweets
If I do extra jobs such as cleaning the sinks, helping in the garden etc, I can earn extra money.

Hope this helps!   

MiniQ

I think you should get a £5 for your sterling work last Saturday!

[Snazzaroo1845]

I get £2 pocket money every Saturday, but there are rules about what to do with it...

I can only receive £2 if my room is tidy
Only 50p of it can be spent on sweets
If I do extra jobs such as cleaning the sinks, helping in the garden etc, I can earn extra money.

Hope this helps!   

MiniQ

I think you should get a £5 for your sterling work last Saturday!

Thank you! I will make sure I mention that to Dad!