Pocket money for kids

[vampiress88]

Just read an article that says should start pocket money at aged 4-5 years.

I have a 3&4 year old and I’m not quite sure about this.

I’m all for doing pocket money but I’m not entirely sure how much they would understand about this at 4 and my eldest is very academic so can do quite good mathematics.

It was an article from starlings bank.

[NewtoOrlando]

My kids are 13 & 11 and they don’t get any pocket money as such. If they want something, or want to go out then they know they need to behave go get it. I don’t give them money to tidy their rooms, they should be doing this anyway. If they hoover, put their washing away, load/unload the dishwasher then ask if they can go swimming or round friends then I will give them the money. If they don’t do those things then they don’t get to go out. They know it’s ib their best instrest to do as they are asked. My 13 year old helps down the stables a few times a week and gets tips for the pony rides so she keeps them until she needs to buy something. We also pay their phone bills and buy their clothes, but if one of them wants something more expensive they are made to wait for it until we decide that they've done enough to get it. If we actually gave them pocket money then I know my youngest would waste it!

[jndt]

My 9 year has been getting pocket money since he was about 6 - because my older 2 get it. I think it's a good idea - my kids (16,14 and 9) know how to budget and have learnt not to buy things they don't really want - as it comes out of their money.

I think 4/5 is young - I started my boys at around 7/8 apart from the youngest who was a little earlier.

[Smilesonfaces]

Mine both received pocket money from starting high school. Daughter is 14 and receives £5 a week straight in to her account. We do regularly knock amounts off for misbehaviour. She doesn’t waste it and I think the cash card made her feel more grown up and careful about her spending. Myself I think 3 & 4 is too young. I have heard people mention the go Henry card is good but it has a monthly fee and I wouldn’t be prepared to pay for it myself.

[ashilda]

I personally think 5 is a little too young, around 7 or 8 is a good age as it teaches them money doesn't grow on trees, it's funny how quickly things get put back on shelves when you say 'yes, you can have it if you buy it yourself'!
Mine have just turned 12 & 13, they get £15 a month into their accounts and £10 into savings, I pay their phone contracts and give them extra if they go cinema with friends or school trips etc and I buy any amazon books they want but if they want computer games or the like then they either wait to have them for birthdays or buy themselves. They have saved hundreds for their holiday by saving birthday money and pocket money, it makes me so proud when they really want something but dont get it because they're thinking of what the money could be used for instead, it's far too easy to spoil kids so much that they feel like they're owed, I know people in their 30s who don't pay their mortgage or buy cars as they happily let their parents keep doing it for them, each to their own but I want my kids to become accountable hard working adults and letting them budget for themselves is the first step imo.

[Sandra & co]

My dd16 gets £10 a week, we started doing it when she was 15 as my mum died and my mum always gave her pocket money. My sister also sometimes gives her £20 a month so she gets about £60, she saves it or uses it for going out with her friends.

[danisleigh]

I started around aged 8 for my son. As he got into his teens we paid his phone bill and paid £30 into his ISA and £30 pocket money which he would save for anything he wanted. He is an only child and has serious health issues and we were conscious of the fact we didn’t want to spoil him too much and wanted him to learn the value of money and saving. He now is 18 next month and earns a decent wage in his apprenticeship and is very responsible and organised with his money which is what I wanted, I do think encouraging work and saving from a young age is a good thing.

[Princess Ariel]

Wow...I think I’m giving my 15 yo too much lol 😂 he gets £10 a week and £50 a month for clothes and I pay his mobile contract (£10 a month) my 11yo doesn’t get pocket money yet but I’m planning on giving him the same amount next year when he turns 12... I may re-think the figures now though 😂

[Sandra & co]

Originally Posted by Princess Ariel

Wow...I think I’m giving my 15 yo too much lol 😂 he gets £10 a week and £50 a month for clothes and I pay his mobile contract (£10 a month) my 11yo doesn’t get pocket money yet but I’m planning on giving him the same amount next year when he turns 12... I may re-think the figures now though 😂

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My dd 16 gets £10 a week and £20 a month from her aunt but we still buy her clothes and pay for her phone. she gets a fiver a day for lunch which she keeps most of and buys a sausage roll at break and eats at home. I’ve just spent £300 on her bday next month, the older they get the more expensive they get!

[Herbster]

13 & 16 yr old both get £40 month paid into account, they also get £20 month each from Nan & Grandad but this goes into an ISA for each of them has done since birth. My 16 yr old Son has just started a PT job also so he is currently saving hard for his 1st car.