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

[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.

[BigRedV]

My 3 children all have spriggy and I love it. It’s so easy to set up the pocket money coming out each week, rather than trying to keep track. Plus it’s easy to check when we are out if they want to buy something, I can check how much they have in their account and if they don’t have their card, I can transfer straight away from their account back to the parent account. The app is great and easy to use for kids and parents.

My eldest has learnt not to spend money on everything and she carefully consider all purchases. Even today whilst we were out shopping together, I was going to buy a second pair of shoes because the second pair was 50% off and she told me not to spend money on another pair just because it’s 50% off. She saved up for her own AirPods and currently has $470 saved up. Actually just checked her account and she has $489.

My son has learnt that sometimes you have to save for things. He really wants this thing in zing that he saw a few weeks ago and was quite annoyed when he realised that he needed to save his pocket money for another 10 weeks before he had enough to buy it. It’s $240 and he also learnt that sometimes you can get ripped off buying imitation rubbish online Currently he has $170.22 in his account.

My youngest is the kind of kid who spends her last penny because she wants it. She has no concept of saving and if this runs in the family then she definitely inherited her grandmother’s genes (DH’s mother) as she is exactly the same. She currently has $30.60 in her account 🤣

[EnchantedGrace]

Thank you for all the replies.

@BigRedV I wish I could have him like your eldest but to be honest he will totally be like your youngest, or worse. He'd be consistently broke, but at least it's a clear limit for him.

When I say "ok but this is it until payday", it doesn't sink in and moments later he's asking for something else. He's also constantly asking my mum too, and she struggles to say no 😒 then if you go somewhere (ie kmart, big w, ebgames etc) he's asking for toys or games etc.

I've tried cash, but I rarely carry it, and he forgets/ leaves it home 🙄 or wants online purchases anyway.

This is why I think spriggy will be more useful. I looked into it and commonwealth do a debit card for 9+ from a linked account to a parent, but the fees would be more than spriggy ($4/month =48, unless you credit $2000+/month) spriggy is $30/year, so rough maths approx $2.70/month.

I did find zaap which also has a band like a watch they can use as a card, but there's fees for cards, the band (optional) and I think it works out more than spriggy.

So my thoughts are I just open a linked savings account (I wonder if I could get a visa debit for it?) or spriggy.

[crunchymumma]

I have a chore system set up for my 11yo and 9yo.
It’s been a really fun process because once a chore becomes their norm and well executed it moves off their chore list for good, into an occasionally expected “list”.
They both know they have everyday expectations around the home being a part of our family and the chores they choose to have on their list for the week are additional, out of the ordinary and therefore are rewarded.

They get $5 a week and half stays in their wallet and half goes into a savings money box.
They still have choice to spend that money in the money box, however it’s discussed with me first to see if it’s acceptable (saving go buy a toy or game are okay but spending it on donuts is not haha).

Once they reach 12 I will switch to a bank account and begin to each them e-commerce.

[Hasselhoff]

Can I hijack this thread.. we want to start pocket money for DS but a little lost.. what would you expect reasonable for a 7 year old? What sort of jobs etc and what would pay look like?
We make him tidy his room and toy room etc but there’s no set jobs?