Pocket money?

[EnchantedGrace]

I know this is a sensitive issue, I'm not out to debate if, when, how much...

I'm just curious for those that do, how do you?

My 10yo is repeatedly (constantly) asking for minecoins, or robux, or whatever other game purchases he wants and its getting ridiculous. He doesn't grasp that these things actually cost money and if we were to fulfil every request we'd be homeless and broke.

I'm over constantly saying no, and explaining that he maybe got $15 3 hours ago for a game so we aren't going to do another 3 or 10 or whatever. Of course he's becoming upset over it 🙄

So I'm thinking we should try to formally introduce a pocket money system, where he can use it for these things, but also learns once it's gone, it's gone... and that's it. But also to help him learn to save.

We've got an account we opened him as an infant we put money into every pay that I'd rather he not have access to just yet.

Has anyone used spriggy? What do you think?Or is there other ones like it available??

[Elijahs Mum]

I started giving DS pocket money last year, he gets $10 a week, (he’s 10) we don’t make it chore related as I think he has to do those regardless so this is for extras like toys or games he wants to buy, he rarely buys anything as he says he’s saving up for a car 🤣 I just have a separate account on my ING account so he can check it on my app to see his balance and anything he wants to buy I transfer it from his account to mine to eft it or get cash out , I’d say in high school I’ll get him his own account and he can have total control over it (I think!)

[EnchantedGrace]

Thank you. I hadn't thought of a separate savings account on my bank. Something else to consider!

[hakuna matata]

We have Spriggy for our 11 yo DS. I think *maybe* he is finally grasping the concept of he can’t just buy him and his friends endless frozen cokes at maccas while they are out 🤪
He has to do chores to get any money, and tick them off on the Spriggy app. If he doesn’t tick them off he doesn’t get paid.

[SJ565]

We've just started the Barefoot Investors Family Money guide Pocket Money idea for our 5yo. $5 a week for her. She does 3 jobs and gets the money on pay day if the 3 jobs are ticked off. She gets the money in coins so she can see the money physically exists- too young to grasp e-commerce just yet
There's a bit more to it with distribution of the money, but the basic gist is age in dollars, 3 jobs, and pay day once a week

[amiracle4me]

We've just started the Barefoot Investors Family Money guide Pocket Money idea for our 5yo. $5 a week for her. She does 3 jobs and gets the money on pay day if the 3 jobs are ticked off. She gets the money in coins so she can see the money physically exists- too young to grasp e-commerce just yet
There's a bit more to it with distribution of the money, but the basic gist is age in dollars, 3 jobs, and pay day once a week

Hello..I hope you and your family are doing well! As you know from our cycling times we have kids the same age so I wondering what 3 chores your DD does? It’s a fine line between expected helping out for the family and those extra things.. so yeah, keen to hear if you didn’t mind sharing? So far our only consistent is set the table but we don’t pay her for that. Making her bed is hit and mostly miss lol I have also warned her that when she turns 6 she’ll be expected to clear all the bowls/plates off the dinner table ( not just her own ) and put them on the bench for me to wash. She can then get her after dinner treat.

[SJ565]

Hello..I hope you and your family are doing well! As you know from our cycling times we have kids the same age so I wondering what 3 chores your DD does? It’s a fine line between expected helping out for the family and those extra things.. so yeah, keen to hear if you didn’t mind sharing? So far our only consistent is set the table but we don’t pay her for that. Making her bed is hit and mostly miss lol I have also warned her that when she turns 6 she’ll be expected to clear all the bowls/plates off the dinner table ( not just her own ) and put them on the bench for me to wash. She can then get her after dinner treat.

We went with-
Setting the table on payday night
Putting the bins out on the street on pay day night- under supervision
Folding a full basket of laundry

The folding has to be redone, but she'll never to it well if she never does it at all...

[amiracle4me]

We went with-
Setting the table on payday night
Putting the bins out on the street on pay day night- under supervision
Folding a full basket of laundry

The folding has to be redone, but she'll never to it well if she never does it at all...

Oh cool. Thanks! So she only does the jobs as a one off in the week? Not setting the table every day?

[SJ565]

Oh cool. Thanks! So she only does the jobs as a one off in the week? Not setting the table every day?

Nope, just a once a week thing. I think the every evening thing would set her up to fail at this age.

[Mod-Uniquey]

For years I resisted giving pocket money as I didn’t want the kids paid to do things I considered living in a house and contributing etc. But now I am solo parenting as DH lives/works interstate and their ‘wants’ are getting higher, so this year I started pocket money using Barefoot’s idea. Whatever their age is is how much they get and they each have a list of chores that needs to be ticked off and they get their pocket money on ‘pay day’. The chores are age appropriate and not things I would expect them to do without a reward perse. They’re finally realising the value of money earnt and so far so good. 🤞

Eta: the pocket money’s paid in cash to the youngest three and the oldest (14 yr) now has her first bank card so hers is put into her account.