View Full Version : Pocket money - when to start
My DH and I have recently been considering the pocket money question. It is prob a bit too early yet (DD1 is 4.5), but we would like to know what the wise parents on the Hub think about pocket money. When is a good time to start offering pocket money?
I started to get pocket money after I asked my parents if I could have some, I was about 7 years old. I think I would like to offer it to my kids earlier than that, but in exchange for some regular chores - so I think I should still wait a while...
Thanks for your input
I remember my brother and I started getting pocket money when we were school-age. It wasn't a set amount per week or anything like that, but for doing specific chores. Gosh it sounds pitiful cheap now, but we got 20c for folding our clothes, or 50c for putting away dishes, things like that. You only got the money if you did the work.
As we grew older, it became more of a set thing - you do A, B, C every day/week, then you get X amount. And the older we got, the more certain things were 'expected' and not 'rewarded' and the bigger the jobs became to earn the money, IYKWIM.
I'm not sure if I fir the wise criteria but I'll put in my 2c worth anyway. We started giving DS#1 and DD pocket money a few months ago. They had started doing a couple of (very small) jobs aside from the basics that we expect them to do. They now take the rubbish to the relevant bins and collect the pet bowls to bring in and then take their food to them. They also collect the mail-we share a PO Box in town and they ride their bikes down the lane to the other house to collect the mail that has been brought back from the PO Box. (Damn zoning-no postal deliveries here!) They also let the chooks out in the morning and collect eggs. These jobs aren't hard and fast and sometimes they just don't do them but as a general rule they do. For this they get a sum total each of $2.50. Last week I had to give them two weeks worth as I had forgotten the previous week, and DS#1 asked if he could be paid fortnightly all the time as this way he gets paper money!!:D
We have a sort of a system :D
each child gets their age less $1 in pocket money each week
(so my 8 year old gets $7)
However there are obligations that go with the pocket money
(ie it must be earnt)
Each child has some set jobs and must also do a few extra things when asked
In order to earn the pocket money.
(eg my 6 year old takes turns either sweeping the floor or clearing the table each night after dinner and helps unstack a dishwasher each day)
There are two jobs that are MUST DO's that have to be done each week -they don't earn any money by doing them but they don't get their money unless they are done. Tidy room and playroom.
As for the Money
Of the total ...
1/2 goes in the bank and is Savings (or non openable tin depending on child)
80% of what is left goes in their wallet
20% of what is left goes to charity (ie a non openable tin with the name of their chosen charity written on it (ie Kiara's says RSPCA)
Example of 8 yr olds pocket money break down
$3.50 in savings
$2.80 in his wallet
$0.70 in the charity tin.
2 year olds pocket money break down
$0.50 in savings tin
$0.40 in wallet
$0.10 in charity tin (he still has no idea so his tin is still blank he just likes putting the money in)
Two year olds 'jobs'- puting his kitchen scraps in the scrap bucket, putting his plate on top of the dishwasher & picking up toys.
The wallet money can be spent on whatever they like (within reason) or saved for a few weeks towards something big.
The Savings money can not be touched (it's for something big when they are older)
The charity tin is taken to the charity (by the child) once it is full.
Swearing or Yelling at mum/Dad incurs fines. :rolleyes:
Editted to add - Our 8 year old requested that all his wallet money be direct deposited into his bank account with his savings so now he has quite a sum of money that he can spend any time.
ill probably start DD when she is around 6-8
Okay Im one of those weirdo's that started giving her child spending money at 3 years old. Heres the method behind the madness. It wasnt for doing chores or anything but I was finding that my child didnt understand the value of money and just wanted everything. So everyweekend I would allocate her money that she carried in her little purse(while with me of course) and if she wanted a ice cream or toy or maccas then it came out of her spending money. She learnt to place a value on things and started to understand 'cant afford it'. It also cut back on the $50-60 a weekend I would spend on her demands.
So now at 6 when she asks for something and I say 'I cant afford it darling' she understands and theres no tantrum. Might not work for everyone but it did for us.
She does do chores now for $10 a week and she gets to buy whatever she wants with it. This weekend she went 10 pin bowling, swimming and lunch out (ok she has a swimming membership) but she paid for the other 2 things. Its great!
I like your idea Rhoxie! I think we might be doing that when DS is a little bit older.
Atm, put $25.00/ fortnight in his account which he is too little to understand.
i like the idea of giving them a little bit to spend on themselves. we do that currently with our older children as they go to lots of functions/meetings with the youth group. there is usually a cost for meals and raffles at the meetings. we have told them that they pay for their suppers (at the meetings) and any raffle tickets they want. that way we don't have to buy heaps of raffles for them and we usually don't buy any ourselves. if they want to go to the movies they have to earn it. their biomum gives them $5 a day each for tuckshop money to buy lunch - the oldest has been taking some fruit from our place to take to school with her and she has been saving some of her money (nearly $10 a week form the $25 mum gives her)
with beth i think i will start to give her little bits when she starts to want things when we go shopping. as she is only one i think it will be in a couple of years about 3 or 4. we already put all the kids birthday money into their banks for saving (the older kids can get $100 or more each for birthdays and $50+ for christmas) beth just had her account opened after her birthday - she has $40 - not bad for a 1 year old. with their savings they have to ask us if they can buy ??? with it. if it is something silly we say no but adam wanted a clock radio for his birthday , so he brought it with some of his money the rest went into his account.
i think it is really important to teach kids early about the importance of money. and to teach them to save. i like the system that rhoxie has with her children. i might see if we can start doing that too.
my auntie used to pick up the kids stuff that they left laying around the house after they were in bed. then she used to give her 2 girls pocket money on sunday night and then they would have to buy back from her any items that she had picked up during the week. the must buys were stuff for school, clothes and important items. then if they had money left they could buy back other items like toys. anything that wasn't brought back was held over for a week. they then had the opportunity to pay for it a week later. after that it was donated to the salvos/st vinnies.
to this day my cousins (now 28 and 31) are the tidiest people i know.
I said 4-5 years, but never actually living with a child that age before i'm not too sure! I'll just have to take it as it comes! :)
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