do your kids receive pocket money each week? And if they do how old were they when it started!
My son has no idea about the value of money and I'm on the fence about introducing it. Hopefully some of your replies will help me make a decision
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11-01-2012 16:25 #1
11-01-2012 16:37 #2
Mine get 50c a week for each year of life ie at 7 years old they get $3.50 a week
I know alot of mums that are more generous but I think it's enough to teach them the value of money
11-01-2012 16:39 #3
Forgot to add that I started giving them pocket money at 6 years old...
11-01-2012 16:48 #4
DD1 is 6 and I am wondering about starting it soon... but I am thinking at the moment I am doing a rewards chart where she earns stickers and then gets something worth $10, so that will probably do for now. Might introduce pocket money in a year or two...
11-01-2012 17:50 #5Member
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I was given pocket money of $5 per week but from that I had jars to fill so $2 school books, $1 clothes, 50c spending and $1.50 saving.
now I look back I think it was brilliant and will do the same for our child, teaches you to have money but it's not all fun and games.
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Elijahs Mum (12-01-2012)
12-01-2012 08:35 #6
Proper pocket money tho? Not yet... I did read something that i thought was a good idea. They get a job to do, eg leaving out the bins, for which they get $10 a week. You give them $5 at the start of the week, and they have to earn the rest. But if they forget to leave out the bins, you deduct something from the $5. I might try that in a couple of years.
12-01-2012 08:42 #7
No set amount. I give her money for certain chores. It started at about 7, she's now 8.
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12-01-2012 08:55 #8
DD isnt old enough for that yet and knows to give any loose change she finds to me or DF lol but I often think about "pocket money" and wonder if just randomly giving kids money for nothing actually teaches them anything?
Once they have the money, yes you can teach them how to spend it/save it, but I think they should have to earn it, like all adults in the real world, to really learn the value of money.
When we were young, we never really had to do chores but often we could do chores and earn money from those chores and then chose what to do with it.
I think I will implement something like this for my kids when they're old enough, small chores = small payment.
We were always taught to save at least 50% of our "earnings", no matter how big or small, and the rest was ours to do with as we pleased.
12-01-2012 09:07 #9
I am thinking of making sure she has to "earn" her pocket money, so a coin per star could work out well. Because just giving it to her for nothing... well I give her stuff all the time for nothing anyway. I don't expect her to buy her own things either, so it would only be spending/saving money, but maybe could start that when she is, say 12... like give her a bit extra but she has to put half aside for clothes? Hmm... my Mum did that... we got $50 a week and had to buy our own clothes, but Mum couldn't resist and usually ended up buying us clothes anyway!
12-01-2012 09:32 #10
We are about to start "pocket money" for DS1 when he starts school in a few weeks.
The school has a banking program one day per week. I was watching TV the other day and the speaker also suggested starting at school age, and giving $1 for each year they are ($5 at 5 yrs) They also suggested letting the child save & spend (with guidance) to learn the true value of money
Every family is different, in our family DS has jobs he need to do because he is a member in this family. He makes his bed, feeds the animals, sets the dinner table, put his own dirty washing in basket etc
For us, pocket money is separate to that. When he gets older we might see if he want to wash car's/mow lawns as a job for money
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