pocket money poll

[plimsoul]

my kids (4 and a half) were given money boxes for xmas. i'd be interested to know what people give their children as i have no idea what to give a week.... thanks!

[The Nappy Lady]

....have a nearly 6 year old and don't give her anything yet (holding off as long as possible).

Well, I guess she gets the odd few pennies here and there for school fairs / sweets at the shop etc. but no regular payments.

I do think it is good though to help them understand the value of money and savings, so we probably will start something soon, but I'm quite keen on rewarding them for jobs done rather than just giving them a random amount each week. My friend has a list up - help put a wash on 50p, hang washing up to dry ?1, help bring shopping in from car 50p etc. etc. and her 3 boys fall over themselves to assist - even brought my shopping in for me when baby C was tiny - well worth 50p I reckon!

Sorry not to be able to help more!

Molly

[sillywoman]

10p for each year of their life, per week until they go to secondary school when it all gets reassessed. So the 6 year old gets 60p per week for example. They use it to save up for plastic crap and are expected to get birthday pressies for immediate family (no more than ?2 - & with some help for the littlest ones) out of it, plus have a little bit saved up for holiday spending.

But didn't start with the older ones until they were about 6 or 7. Younger ones have had it since they were old enough to catch on, natch.

Household chores are expected to be done as part of being a family. Not sure I want to go down the route of paying for them as mine are a bit too sharp on that score & I can see I'll end up paying for every little thing. Do pay extra for exceptional help (washing the car?), or maybe treat to a choccy bar or book, or something. Washing up, setting the table, making beds, help with the shopping & laundry I expect for free! What a dragon Mum!

[trinity]

My kids don't get any pocket money. They are expected to do household chores as part of family life.

However they do get treats for very good work at school or if they do something particularly kind at home. They are allowed to take a treat from the 'Hard work jar' which is usually filled with small sweets or small toys.

[BeccaL]

Mine (5) gets a pound a week from her grandparents, which I think is a bit unnecessary! however, she's just got the idea that she can use it to buy things for herself and save it - as sillywoman says she likes using it for plastic crap that I won't buy her! Also good for taking to school jumble, Christmas fair, etc - concept of it being her money is nice at those. Agree that household chores are part of family life - we all help put on washing, hang up washing, unpack shopping bags, etc - and wouldn't want those linked to money. Like the idea of the treat jar for good/kind things.

[????]

?1 a week (4 year old). Every so often we get it out and count it and put the total in 'book' when she really wants something i'll put the price in the other side of the ledger and we can do basic accounting, learn some maths (and deffered gratification) and give her some basic financial skills (ie value of saving etc) that sometimes it seems many adults lack. I didn't get to grips with finance until my 30s until then I was ripped off, stupidly advised and had stupid (although not catastrophic) debts. I want my kids to be financially aware as early as possible so this seems a fun way to help them learn the value of money and saving.

[Dieter]

Yes, good point regarding chores being part of 'normal family life' we talk a lot about team work, so can see where there would be a conflict with pocket money for jobs done.

Love the idea of the 'Hard work jar'. My 5 year old nags me a lot for sweets these days and I hate it, and of course the little one has cottoned on already at 16 months, where as her big sister had no idea about sweets until a lot older. Sigh.

Sillywoman - thanks for the 10p per week for each year of their life, that's a good way of setting an amount.

So, do you let them spend in on whatever - e.g. if my big girl wants to buy 50p worth of sweets each week do I let her (eek?).

Molly

[The Nappy Lady]

Yes, good point regarding chores being part of 'normal family life' we talk a lot about team work, so can see where there would be a conflict with pocket money for jobs done.

Love the idea of the 'Hard work jar'. My 5 year old nags me a lot for sweets these days and I hate it, and of course the little one has cottoned on already at 16 months, where as her big sister had no idea about sweets until a lot older. Sigh.

Sillywoman - thanks for the 10p per week for each year of their life, that's a good way of setting an amount.

So, do you let them spend in on whatever - e.g. if my big girl wants to buy 50p worth of sweets each week do I let her (eek?).

Molly

[woofmarkthedog]

???? Wrote:

-------------------------------------------------------

> ?1 a week (4 year old). Every so often we get it

> out and count it and put the total in 'book' when

> she really wants something i'll put the price in

> the other side of the ledger and we can do basic

> accounting, learn some maths (and deffered

> gratification) and give her some basic financial

> skills (ie value of saving etc) that sometimes it

> seems many adults lack. I didn't get to grips with

> finance until my 30s until then I was ripped off,

> stupidly advised and had stupid (although not

> catastrophic) debts. I want my kids to be

> financially aware as early as possible so this

> seems a fun way to help them learn the value of

> money and saving.

____________________________________________________________________________________________________

Blimey ????

Books & ledgers , can I come to your house ?

Actually I do a similar thing but I don't "give" them pocket money

I do however give them opportunities to earn some cash as both me & Mrs W**F run our own business.

Basically they can come out on deliveries or help package the mail order goods, in fair exchange they get an agreed rate

They both at first spent it as fast as it came in, though now they save it properly MasterW**F is 9 & he's saved over ?50

microw**f has saved ?35 so far ( he's 5 ).

Bonuses are birthday, christmas, grand parents monies. Plus free goods turned into e-bay cash

They have started to understand the value of cash & that it's work/trade driven. I find I'm not pestered (so much ) in shops & supermarkets , plus as we trade on e-bay it also gives them a good idea of deals vs value

There are also agreed rules on what they buy ( no electronic/computer games ect...)

Another way to get them thinking is to go to the "special bookshops" run by charities ( there's a good one in Beckenham ) where they can buy good quality pre read books at a massive discount, at the end add up the value against what's paid. Thus working out the saving

They love it ( honest ) & seem to have a calmer more respectful attitude to money now

Which I like

W**F

[pebbles]

Have any of you ever read Kane & Able by Jeffrey Archer? Kane from a young age was given x amount of pocket money and he had a ledger book and he was allowed to spend 50% of his pocket money on sweets, toys etc and save the other 50%. He was then taught about what saving actual means and when he was older (teens) he actually started to invest it properly - with parents help obviously. I really like this principle and am thinking while they're young we (parents) will act as the bank and give interest etc and then when they're older they can decide where they want to put it. This includes bday/xmas and earnings as well as pocket money.

W**f and ???? - i love both of your ways of teaching yoru children what money is and hopefully how to spend it wisely.

My eldest is only 2 1/2!!! however embarrassingly i've saved this page to my favourites and when pocket money becomes an issue i'll definitely be referring back and getting the good advice.

re: money for jobs around the house. if it works great however we were over at friends the other day and the children were 8 and 6 and basically bribed their parents for EVERYTHING. x will you please put your plate away. i'll do it for 20p. i'm not joking when money changed hands probably 10 times in the space of 2 hours. mr pebbles and i were absolutely gobsmacked and couldn't believe the parents had let it get to this situation. as i said if it works and parents are sensible about it then cool but to get into the situation where the kids bribe their parents - surely that's wrong :) i wish i had been that savvy!!!

[woofmarkthedog]

No.....

Never ever exchange cash for household tasks, you are on a hiding to nowhere

They come under the "fair exchange" rule ( sub section 5* ) it goes like this

"Ok there's 15 minutes to tidy this room if you want to go to the park"

It works ( with perseverance )

Saturday morning family clean up= Saturday afternoon family fun

No cash changes hands

W**F

[sillywoman]

Err BeccaL, how do you stop yourselves from eating all the sweeties in the reward jar whilst they're at school?

[BeccaL]

I don't have a jar - someone else's idea - but am at work all day so easy. At night while she's in bed might be more tricky ;-)

[sillywoman]

Ah yes, sorry It was trinity - Trinity, how do you stop yourself eating all the sweeties in the jar?

[trinity]

Just like the kids I am only allowed something from the hard work jar if I have been very good!. Some days I am very very good;-)

[plimsoul]

these are all great, classic comments! thanks...

[vinceayre]

?10 per week for both kids (10 and 12) into their bank accounts.It doubles if they work on Saturday I no longer buy anything for them, if they want it they buy it with their own money. Music, dvds, clothes, whatever it is they buy it. It is quite amazing how many things they decide they don't really need when its their money they are spending.

[Ko]

gosh i am also reading this avidly for tips, even though mine is only a few months old!!