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  1. #11
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    Quote Originally Posted by kiwimum890 View Post
    I like this, will be using this when my kids are older, thanks for sharing.
    You're welcome It's worked really well for us, better than we anticipated actually. When we were deciding what to do with pocket money, we never imagined that not giving them pocket money would make them resourceful in their own money making ventures!

    Quote Originally Posted by Purple Poppy View Post
    @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
    My kids didn't start gaining interest in money (to an extent that they were willing to do jobs to save up for something) until they were 7 or 8, but a sticker chart is a good idea for a younger child.

    I will say that I had pocket money growing up and I was a great saver, and learnt the value of money so I definitely don't think pocket money is a 'bad idea' per se, it was just something that we decided wasn't going to work in our family...for various reasons - such as not wanting the kids to decide they'd go without pocket money that week and just have a week off their chores (which wouldn't be allowed...but it was also an argument we didn't want to have), not wanting our kids to go through the stage of only doing extra small things around the house for cash reward (was a common theme among friends with older kids when we were deciding what to do), didn't want our kids buying mindless rubbish to go in landfill (and didn't want the arguments as to why they couldn't spend their money on whatever they wanted), and didn't want to get stuck having to fork out a fair bit of money each week by the time our kids were all receiving pocket money (we worked out that even paying a 'minimal amount' of pocket money each week, as the kids got older and the amount increased to reflect their responsibilities and 'pay increases' we'd be spending over $100 a month in pocket money...that just felt a bit crazy when we don't expect them to pay for anything they 'need' until they are working, and we didn't want to spend over $100 a month in 'wants' for the kids as they're expensive enough, especially if things got tight financially and we had to do the whole 'owing the kids their pocket money' thing).

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    Purple Poppy  (23-01-2016)

  3. #12
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  4. #13
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    Pocket money is given for extra stuff here- so not the basics like keeping room tidy, clothes in wash, etc. But for offering to help with other things.

    I also would not make decisions on what/how they spend it- they earn it, it is theirs. I occasionally remind them of things (ie wanting to spend $10 on lollies, sure but you're only allowed eat one three times a week as usual dude) but ultimately the point of it is for them to learn how to use it.

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    Elijahs Mum  (23-01-2016)

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    We give our kids the opportunity to earn $10 each a week by doing jobs. Some things are not payable, like looking after their pets and helping me with the baby. Others like sweeping the floor or washing the cars is. I figure as adults we are paid to go to work so some tasks should be attached to financial reward.

    Quote Originally Posted by DT75 View Post

    I also would not make decisions on what/how they spend it- they earn it, it is theirs. I occasionally remind them of things (ie wanting to spend $10 on lollies, sure but you're only allowed eat one three times a week as usual dude) but ultimately the point of it is for them to learn how to use it.
    Agree. I frequently discuss saving with the kids. DD is like me, she saves for something really decent. DS however, wants to spend his pocket money as soon as he gets it. But he has learned a valuable natural consequence - when you don't save you can't afford big things. So he is gradually learning to hold off.

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    DT75  (23-01-2016),Elijahs Mum  (23-01-2016),PomPoms  (23-01-2016)

  8. #15
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    We didnt introduce pocket money until the kid were 8+ and we're able to understand the concept of money/saving /spending.
    My older 2 have $10 per week put into their bank accounts. It is not in any way connected to chores, they are expected to do those as part of being a family member.
    They can use the money as they please but because it is in the bank it is hard to access to "junk" purchases. If they want to buy something "big" then they buy it for themselves - for example my DS recently saved for, researched and purchased a $160 scooter. My DD "has to have" Nike shoes so I contribute what I would normally spend on shoes for her and she uses her own money to upgrade . We have found it a really successful way of teaching about money and saving and being independent. If they want something they have to save for it...just like I have to!

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