DS is nearly 2 and I've given no consideration to giving him pocket money yet.
I do put a small amount in an account for him each week. $10-$20 per week depending on what I remember to transfer and I put additional money in there for birthday and Christmas. Have done this since he was born. It also includes any money we were given when he was born.
For parents who put money aside for their kids like this, do you stop doing it when they get pocket money? Or do you do both ?
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10-07-2016 17:16 #11
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10-07-2016 19:04 #12
DD gets pocket money - though I cant remember when I started it.
She has always got her age ... so now she is 10 she can get up to $10 per week. But the amount varies depending on how many jobs she has done that week.
She is expected to keep her own room clean, but extra things like collecting and sorting washing and ironing, taking rubbish out, unloading dishwasher and other household chores all contribute to how much pocket money she gets.
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10-07-2016 19:27 #13Senior Member
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- May 2014
We have never given pocket money in our house. We work out a budget with our kids at highschool age and put that money in an account every month. The budget includes money for school excursions, outing with friends, clothes, lunch orders etc. They learn to budget without us giving them 'extra' money.
Chores are chores here. You don't get paid for them...that's just part of being part of a family member.
Last edited by Full House; 10-07-2016 at 19:30.
10-07-2016 19:28 #14
We decided tonight that we are going to start pocket money with dd who is 6. She will need to feed the dogs daily and set the table daily and she can have $5 at the end of the week, she must save half of that minimum, it's not much but it my inspire her to be less reckless with money she always wants to buy lollies.
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10-07-2016 19:54 #15Member
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- May 2016
We haven't even thought about it and my son is 6 nearly 7 yrs old he some have some needs so doesn't really understand the concept or how much money is and what he can buy with what he has.
We order if he is having a lunch order as he doesn't really have the communication skills for that and if we are out shopping or on a day trip or on hoildays he can spend his birthday money or we might get him something.
Not sure when we will I guess time will tell.
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10-07-2016 20:54 #16
10-07-2016 21:14 #17
From 2 years of age we set up x amount to our boys bank account accounts from our pay.
They have 2 accounts each. 1 account that gains interest which is the account we pay money into every fortnight. The aim is for them all to have a certain amount in there to buy a car when they get their license. The second account they have a debit card and pocket money, birthday money etc they receive is put into this account and they can save for something they want and spend when we go somewhere special etc.
10-07-2016 21:23 #18
DS has been getting pocket money since he started school- $5 per week. It's not tied to chores. There are no rules around it. He learned pretty quickly how to save up for things he wants instead of blowing it all on cr&p.
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10-07-2016 23:02 #19
We have only just started giving mr 5 $5 per week.
We encourage him to save it for bigger purchases.
Before we started, i sat him down and explained that to get it he needs to do xyz.
I also said *sometimes* he may earn bonus pocket money, e.g. when he helps daddy wash the car (plays in the water) he usually raids dads console for loose change.
But i also said that there are jobs he had to do that do NOT earn pocket money, he just needs to do them to help because that's what we do as a family, and it's nice to help.
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10-07-2016 23:40 #20
This is all very insightful! Thanks for your replies
I think I'll wait and see what school life is like for him. If all his friends are getting pocket money I would feel bad not giving him, but at the same time, I don't like the idea of giving things just because they are asked for..
I also want the kids to do chores because they have to as part of the family, not because they're getting paid to do it.
But on the other hand, I want them to know the value of money and learn to save it and how to decide what to spend it on.
Gaaah! It's a minefield!
By the way, this is off topic but I just thought of this because a few of the parents here are putting money aside for their kids..
We have a situation where we were given money for them specifically to put into an account by the grandparents and we have since closed the account and transferred the money to our mortgage offset. I kind of feel in 2 minds about this.. On the one hand, I know it's "their money" (we are talking about $10-15k approx between our 2 boys), and the grandparents wanted them to have it for their "future", but on the other hand, we would never deny them of anything they needed, and that includes a car when they are older..
It was DH's decision to close our son's bank account when he was 2 and since then we just deposit any cash gifts into our account.
Is this really wrong? It's not like we have spent the money, it's still there but not in their own account..
Just wanted some feedback on this.
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