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  1. #1
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    Default pocket money

    Whats the best age to give pockekt money? Hayley has a money box with heaps of silver coins (she just finds them aroind the house and puts them in) I think she has about $10 in there, but she doesn't quite understand about money just yet, I am thinking maybe when shes in school (age 6) is when I might start giving her a bit of money (maybe $5 a week or something).
    What age did everyone else start giving their kids pocket money (if at all) or what age would you give them pocket money if you haven't already?
    Also do they get p/money for doing things around the house or do they get it 'just because'?

    Thanks.

  2. #2
    Tam-I-Am's Avatar
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    I dunno about the age thing - I think it would depend on the child in question and their particular development etc

    as for how much, or what for - I'll be giving certain chores with a monetary value attached to them, and Claire can "earn" her pocket money. I'll also be negotiating with her to buy items that she wants ie she puts in so much money, and I'll match her dollar for dollar etc. I think that its important for her to learn how money works, not just think that she gets a free ride.

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    We will probably start when DS is in school...maybe once he starts learning to add things up rather than just counting.

    There are certain things he is expected to do (like tidying toys up, putting his dishes in the kitchen after he eats), he will still have to do those no matter what, then any extra things we ask him to do he will get 'paid' for.
    We kinda already do this now...tho no money is involved yet... eg: he helps me put the dishes away then he gets to choose what we have for dinner, I usually give him a few things to choose from.

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    I have opened up a bank account for both of my kids with bendigo bank.

    Each weekend we go to the bank and put half their pocket money in the bank.

    At first they thought the bank was taking their money....

    And they had the misguided conception that when you go shopping the cashier actually gives you money for buying things (i wish).

    For a change, last weekend they wanted to buy a sausage roll and a chocolate moove so we went to the bank and they each took four dollars out and then we went to the bakery and they learnt just how the process works.

    I also, have a secret bank account for both of them that they wont get until they are around 21, for uni, travel, setting up a house, or a car.

    They both have certain chores assigned to them ie my son sets the table, my daughter clears the table.

    They both put their dirty washing in the washing machine (in the right way) and on the weekends they both make their beds (its too much of a rush school days so i do it, but as they get older they will be expected to make their beds).

    They also keep their room clean.

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    dd currently gets $5 a week she has to feed the cat and also make sure her clothes are in the basket ready to wash plus have her uniform ready for school the night before. Every 2nd week she takes $5 to school to do the school banking thing and she saves the other $5 at home on the alternate week. I see as shes saving half she can do what she wants with the other but she has little things she likes to save up for

    Age isnt an issue its if they understand why they are getting the money i think

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    I think it is cute what hayley is doing

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    Quote Originally Posted by neostudded View Post
    I think it is cute what hayley is doing

    Yeah I was wondering where all our money was going.

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    We have a DD who is 5 and she receives pocket money each week for doing jobs - she has a jobs chart which has:

    Feed the chooks and collect the eggs
    Set the table for dinner - she puts the knives and forks and salt and pepper on the table
    and she gets a extra sticker on her job chart if she keeps her room clean (a mission already!!)

    So she gets a couple of dollars (normally $4 or $5) and she puts it in her money box or takes in to swimming lessons on Saturdays where she buys a drink or a chocolate, otherwise she is saving up for a Bratz car. She also gets a lunch order at school on Fridays but if she doesn't help at home she doesn't get one (she hasn't missed one yet) It is good at her age as she is quite keen to help out and her jobs are not hard. She doesn't put the money in the bank or anything as we already put money in her bank from our wages.

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    Our DD gets $1 here and there for helping with odd jobs around the house (she loves helping me with the dishes, and she helps her dad pick up sticks etc. and tidy the backyard). She also has a piggybank which we always put loose change into, and has a bank acct which we put money into each week + her piggy bank money each week. I think maybe next year (when she's 4) we will start asking her to do some chores (tidy her room, try to make her bed etc) and give her $5.00 a week in pocket money.

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    Hey this a fair bit into the future.... but a lady I know has a 17 year old daughter who started paying board at 15 when she got a job. Her mum has been putting this money into a bank account for her and when she moves out of home she is going to give her all of the money. The 17 year old doesn't know about the bank account. the idea is that she will be used to pay "bills" so when she pays rent she is already in the mode of it.

    I thought it was a really good idea - I know not for a while yet, but just thought I would share the story.


 

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