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Unread 28 Feb 19, 10:16 AM  
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#9
Disney Dizzy
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I think I started giving my two pocket money around the time they were 8-9 years old. They wanted to buy Christmas presents for me and their Dad with their own money and I think it was about 5 per month. They are now 14 and 15 and both get 40 per month. DSs tends to go on Xbox stuff plus the odd day out with his friends. DDs would usually be spent completely every month on going out. DD now works so I pay her pocket money into her bank and it is savings for Florida. When we get back shes going to save it for driving lessons as that will only be a year away.

As much as I was happy to give them pocket money so they could start to learn the value of money, it was only when DD started working that she learnt that lesson. She now considers every purchase.

DS still has no idea! Im giving him extra jobs around the house at the moment so he can earn extra for Florida. I cant wait until he gets a Saturday job too.
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Unread 28 Feb 19, 10:26 AM  
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#10
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My kids are 9 and almost 11. For almost a couple of years now they have been "paid" for the work they do around the house. Each chore has a different value but the eldest earns on average 5.00 a week and the youngest 3.50. Chores include putting on a washload, putting clothes in the dryer, tidying their rooms, taking the recycling out, hoovering and mopping and making their own school lunches. They spend it on Pokemon cards and slime, so they are happy, and housework is split between four people, so we are happy.
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Unread 28 Feb 19, 11:19 AM  
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#11
Sandra & co
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I would give 5 per week if you can afford it, My dd is 16 and at 6th form and gets 10 per week plus we pay for her clothes, toiletries etc. If you encourage saving for Florida thats great!
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Unread 28 Feb 19, 11:36 AM  
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#12
RachaelC
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My son is meant to get between 3 and 5 a week depending on what chores hes done. Hes 9. However I keep forgetting to give it to him, so Im going to sort out either a bank account or a card like GoHenry for him.

I met a man from the Money Advice Service at a conference once and he said that a childs approach to money is learned at an early age, so since then Ive given pocket money and also generally stopped buying things for him and getting him to use his pocket money instead.

I just found a really interesting page on the MAS website too:
moneyadviceservice.u...kids-and-money
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Unread 28 Feb 19, 12:16 PM  
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#13
Jakey Neverland
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We started pocket money last year, the older 3 get it. They are 8, 11 and 13 they get 1.00 for every year they are old per month.

All of them do stuff around the house, cleaning, dishwasher, helping with washing, making they own lunches etc. They all save part of their pocket money for the holiday spends.
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Unread 28 Feb 19, 02:17 PM  
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#14
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I give my son 2 per week and have done since he was 5 , for this he helps in the house by unloading the dishwasher , setting the table and keeping his bedroom tidy making the bed tidying his toys . I think kids need to learn how to manage money even a small amount and I have to say he doesnt waste it on sweets etc he saves it up and when he wants a new toy or game he can buy it or for money for his hols etc
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Unread 28 Feb 19, 02:28 PM  
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#15
amy56
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I opened accounts for both of my boys last year, that have cash cards. The eldest was 13 and he gets 40 a month paid in and the youngest is 11 and gets 20 a month. They then go to the cash point to make withdrawals.

The eldest spends his on going out with his friends/girlfriend and most months runs out (although hes getting better at budgeting and so I will give him extra at say half term breaks when hes going out more often). The youngest rarely spends his and his bank account is growing and growing, but I expect that will change once he starts going out with friends more.
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Unread 1 Mar 19, 08:12 AM  
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#16
Rac20
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Originally Posted by parkgirl View Post
She earns points on her Garmin for doing chores 150 points earns her a toy. She is saving for Disney but said yesterday how will she save if she doesnt get money hence my question.

Made me think that when I was her age my Nan and grandad gave me 50p a week! Mind you I didnt do any extra clubs etc.
I think its great that shes realised she needs to save her money for Disney. Maybe give her a couple of little chores to do that can be rewarded with a couple of pounds each week. X
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