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  1. #1
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    Default Pocket Money question!

    DS starts school next week ! So we are going to start giving him "pocket money" we've decided on $5 ( $1 per year of age) and I will buy him 3 money boxes , 1 for shopping ($2 a week to buy whatever he wants) 1 for saving ($2 a week to save for bigger things) and 1 for giving ( he will put $1 a week in that one to help pay for our sponsor child) so DH and I were talking over wether to make a chore chart type thing so he gets the money if he does his chores or I personally think basic chores shouldn't be rewarded and the pocket money is just us giving him money as part of the family - not sure which way to go? so what do you guys do and does it work!

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    rainbow road's Avatar
    rainbow road is offline look at the stars, look how they shine for you
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    Quote Originally Posted by Elijahs Mum View Post
    DS starts school next week ! So we are going to start giving him "pocket money" we've decided on $5 ( $1 per year of age) and I will buy him 3 money boxes , 1 for shopping ($2 a week to buy whatever he wants) 1 for saving ($2 a week to save for bigger things) and 1 for giving ( he will put $1 a week in that one to help pay for our sponsor child) so DH and I were talking over wether to make a chore chart type thing so he gets the money if he does his chores or I personally think basic chores shouldn't be rewarded and the pocket money is just us giving him money as part of the family - not sure which way to go? so what do you guys do and does it work!
    We always got our pocket money regardless but had regular chores that were our responsibility. We could earn extra by doing additional chores though.

    So mine was unstack dish washer and sort laundry, I always got my pocket money but I always had to do my chores as my contribution to the household. But if I wanted to earn extra I could vacuum, or clean the car, or windex the French doors or clean up after dinner etc and I could earn 50c-$1 per additional chore too.

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    I love the idea of using a couple of money boxes dd has a few so I might start doing that.
    I was going to start introducing pocket money this year. I am more on the side of they have to earn it though. By either doing a couple of chores (make her bed and feed the dog) which she already does and depending on her behaviour for the week.
    When i was younger i had a list of bigger jobs to earn more money 50c-$1 per big job

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    I initially misread the title of this post, and thought "Pocket monkey? Where can I get me one of those?!?!?!"

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    I don't link pocket money to chores mainly because I feel like chores are just part of being in a family and they are required no matter what.

    I like giving them pocket money because it helps teach them budgeting and saving and gives them a little independence.

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    No regular pocket money here. Chores are done because you are part of the family this also goes for extended family. Eg ds1 spent 3 days moving furniture for his aunty and uncle (who is doing chemo so unable to do anything). Dd2 and 3 spent 2 days helping unpack and arrange stuff for their aunt and uncle. None of this was paid. It's just what you do for family.
    Paid jobs are jobs you either ask for or are offered to you as a extra. You can say no. Eg. Ds1 wanted to go to a youth conference. So asked for jobs. He pushed mowed the acre block for $40 so he could go.

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    Quote Originally Posted by LoveLivesHere View Post
    No regular pocket money here. Chores are done because you are part of the family this also goes for extended family. Eg ds1 spent 3 days moving furniture for his aunty and uncle (who is doing chemo so unable to do anything). Dd2 and 3 spent 2 days helping unpack and arrange stuff for their aunt and uncle. None of this was paid. It's just what you do for family.
    Paid jobs are jobs you either ask for or are offered to you as a extra. You can say no. Eg. Ds1 wanted to go to a youth conference. So asked for jobs. He pushed mowed the acre block for $40 so he could go.
    I completely agree with this....but recently was at my wits end because the 11yr old is was always avoiding her chores, which was then making the 4yr old whine constantly about chores, so after being fed up of being a slave or a nag, I decided not so much to 'bribe' but reward chores , So with our chore chart it's 10-15 ticks is X amount and 15-20 ticks gets you xx, and I'll remind them an hour or so before bed to check if they've done everything, no more nagging.

    The first week the 4yr old, protested and ended up getting something like 50c when he realised the 11yr old got more, he has since not skipped a chore, so even though I wasn't sure about it- I'm sticking to it because it's saving my sanity. (Oh and I'm spending less because they have to save for everything themselves lol)

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    I hope it's okay to share what we do as we don't actually give pocket money at all.
    Normal day to day chores are expected to be done without financial reward in our house. But, I'm also not giving our kids money for free.
    So, what happens is if there's something specific they want to save up for (and we agree that they can) they can earn money by doing extra chores around the house. It works well. We're generous with what they get paid (so they might get paid $10 to wash the car, rather than $1 or whatever, so they get decent money for their job and it motivates them to keep going).
    It's actually really awesome watching them come up with ideas on how they can make money, and they learn new skills in the process. It can be anything from learning how to do new domestic chores, or (as they have gotten older), they have organised yard sales with things they no longer play with/use, and I have a pre-teen who is working on a small business idea. I figure if the interest stays, then I'm going to have a teenager who has their own little business doing something they enjoy, rather than getting a job they hate for a minimal amount of money. Maybe my kids would have come up with money making ideas with pocket money, but I suspect that our 'no pocket money' stance has a lot to do with it.
    I am also super against having small amounts of money to spend each week. My youngest is a real lover of land fill producing crap, and I refuse to indulge in it...but with pocket money to spend each week it would happen. No pocket money has meant that my kids don't really start asking for money until they have a better understanding of the price of things, and they don't get in to a habit of meaningless spending.
    I know our view on pocket money is the vast minority...but I just thought I'd share our 'no pocket money' experience.
    Last edited by Full House; 23-01-2016 at 06:57.

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    kiwimum890 is offline It won't happen overnight, but it will happen!
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    Quote Originally Posted by Full House View Post
    I hope it's okay to share what we do as we don't actually give pocket money at all.
    Normal day to day chores are expected to be done without financial reward in our house. But, I'm also not giving our kids money for free.
    So, what happens is if there's something specific they want to save up for (and we agree that they can) they can earn money by doing extra chores around the house. It works well. We're generous with what they get paid (so they might get paid $10 to wash the car, rather than $1 or whatever, so they get decent money for their job and it motivates them to keep going).
    It's actually really awesome watching them come up with ideas on how they can make money, and they learn new skills in the process. It can be anything from learning how to do new domestic chores, or (as they have gotten older), they have organised yard sales with things they no longer play with/use, and I have a pre-teen who is working on a small business idea. I figure if the interest stays, then I'm going to have a teenager who has their own little business doing something they enjoy, rather than getting a job they hate for a minimal amount of money. Maybe my kids would have come up with money making ideas with pocket money, but I suspect that our 'no pocket money' stance has a lot to do with it.
    I am also super against having small amounts of money to spend each week. My youngest is a real lover of land fill producing crap, and I refuse to indulge in it...but with pocket money to spend each week it would happen. No pocket money has meant that my kids don't really start asking for money until they have a better understanding of the price of things, and they don't get in to a habit of meaningless spending.
    I know our view on pocket money is the vast minority...but I just thought I'd share our 'no pocket money' experience.
    I like this, will be using this when my kids are older, thanks for sharing.

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    @Full House I have a similar view. We haven't introduced pocket money as yet, but so far we have introduced a sticker chart for when dd wanted something expensive. She has had to earn it (she was only 5 so we dd stickers inside of actual cash)
    I am all for children earning their money not just being given it and I must admit the house runs alot happier when dd has that goal she wants to achieve


 

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