I think I was 9 or 10 before I started earning pocket money (we were pretty poor too) and it was 50c a week for keeping my room clean and taking the bins out I recall. I dont think they really have a concept of money unless they are learning in school or you have specifically taught them. I then went on to have more but I dont recall it ever being more than $5 unless I did a massive job that needed doing, like cleaning the fridge and it was extra and to save towards something I wanted to buy.
I remember my first layby was a doll I had wanted for AGES, it was $80 back then so was super expensive and we couldnt afford it. MAN it felt good the day I paid off the layby with all that hard work haha
I like the idea of the job chart and stuff. I dont think my kids will be getting lots of $$ for pocket money, 50c still seems a good starting point into a money jar that we take down to the bank once a month for their bank accounts
Anyway you approach it will be fine I think, the goal is the same to teach responsibilty with $ and learn how to save them.
We tossed up the $$ amount for a while. I feel like I'm doling out oodles of money compared to what we got as kids. But you can't get anything for 50c these days. You could get a bag of lollies AND an iceblock back in our day! Even the cheapo toys that the kids like (trash packs for example) are about $6, and I'm not about to make him save up for 3 months for that. BTW... I'm not saying 50c is wrong... just explaining our reasoning and how we came up with what we do, cos I started off thinking of maybe a $1 a week or something Actually, the $1 per year old was an idea I stole from another family I knew a few years back... and it covers yearly payrises too Even a 10yr old getting $10 a week would still need to save for 2 months to be able to buy an xbox game or something (for example LOL)
DS is receiving a 'bonus' for his full chart last week, and that bonus is a trip to the toy store this afternoon to spend some of his money (see how I just got out of spending money? hah) That's just from his money box which is the $2 a week not banked. Our longer term plan I guess for their money is to help them save up, they'll be using their money to buy gifts for people, as well as spending it on themselves. We might be going to a local fete and fireworks tomorrow night, and figure they can use some of their money there. Even glow sticks cost a few dollars there. Maybe they'll appreciate why we keep saying no to stuff when we're at these things LOL. DS actually wants to save up for a remote control truck, so we might price one and he can work out how long it'll take to save for it.
Your right Lolpigs about them having no concept of money til they learn it. DD doesn't really have a clue at 4yrs old, but it's working for us to have them both working together on these charts for pocket money.
DH is determined to teach the kids about money. He wasn't taught a thing and had everything done and paid for him. Getting married and having a family has been quite a wakeup call for him regarding appreciating money. So this is our starting point I guess. I remember having a 'discussion' with MIL about making them save up for their first car. She couldn't comprehend not giving them a car. I'm of the mind they can save up and buy it themselves (might match some savings if needed) and that it does NOT have to be a new or expensive car to be a reliable one! If it ends up not reliable, it's lesson learned! Trouble is you can't get the old reliable bombs we used to drive and take to backyard mechanics for cheap maintenance :/ Anyway.. that's probably a whole other thread about first cars LOL
My kids aren't old enough yet, but we'll be doing pocket money like I got, which meant we didn't get paid for doing jobs, but rather we were given an amount of money each week which we could use to buy things like lollies, small toys etc. We didn't get paid for doing jobs as my parents said this was part of being in a family (usiong the argument that they didn't get paid for making us dinner, or taking us places which makes perfect sense to me). I am very good with my money and see that how my folks managed pocket money was a big part of this.
If we wanted to go to the movies or something which would be way too much money, we had to ask (as in, may I please etc etc). I can't remember being told no, but I certainly didn't have an expectation that I would have everything paid for and I knew that I had to be genuinely polite when I asked or the answer would have been no.
I've just started pocket money with the girls 3 & 4.
There are things that need doing around the house i am sick to death of doing over and over and over without help that i shouldn't need to do, my girls are at an age where they are learning about packing things up at kinder.
They know that Daddy goes out and works hard to get money so that we can buy food and clothes so i figured it's about time we can instill a little light hearted work ethic into them now.
I was going to start at $2 a week but DP bumped it up to $5, they have to (they had input into what chores they would do):
* Make their bed
* Put their shoes away
* Brush their teeth
* Tidy their toy room
* Rubbish in the bin
* Dishes in the sink
* Clothes in their dirty clothes basket or the laundry
We printed some pictures of things like a bed, some shoes, toothbrush etc and stuck a sheet on their door and they tell me what each picture means.
Last week was the first week, they got their $5 as they DID do all their jobs during the week.
This is the start of a new week and i am looking forward to seeing if it works again.
They DID spend all their money on the weekend buying a hermit crab each along with money they got off MIL but from now on i will be putting their pocket money in their bank slips and they can either bank it or save for something (day out etc)
In the long run though it is their money and i am willing to allow them (especially at this age) to learn that once it's spent it's gone and that it's always good to save some to have back-up.
We've just started with DS1 too. He only has 3 chores and he gets $1.50. He has to put 20 cents in the collection plate at church, 20 cents goes into his savings money box and the other $1.10 he can put into another money box to save up to buy something with.
He has to put his dishes on the sink after every meal, he has to pack up his toys and he has to put his dirty clothes in the laundry basket. He got his money last week too and was so proud from himself.
DD1 (9) and DS (7) get a base rate of $5 per week. For this they are expected to help around the house and keep their rooms tidy. Just recently, DD asked if she could earn more to buy a new saddle blanket for her horse. She is supposed to get an extra $5 per week (so $10) for folding the washing. I was pretty pleased about this arrangement as folding is my least favourite household duty! However, she hasn't kept up with the washing so she has only received $5 one week (NO folding) and $6 the next (one basket). DS has his $5 base and he earns an extra $1 per week for taking the rubbish to the outside bins and helping DH put the bins out and bring them in on rubbish day, $1 per week for helping to feed the animals (chickens, horses, dogs, cat) and $1 per week for.... hmmm.... I can't remember!! He has earned his full $8 each week and enjoys the extra jobs.
DS spends his money the minute he receives it, DD has a wallet full of cash and looks at a lot of stuff but decides not to buy it! They can spend their pocket money on whatever they like - toys etc. We buy all of their clothes and I am very happy to buy books. DD horse rides and DS has a dirt bike and we pay for all the lessons, safety gear etc. I won't buy a new saddle blanket because DD already has two perfect ones, she just wants a new colour!
We also put money into an account for them each week by direct debit but they are not allowed to touch it until they are 18ish, when it will be for a car, a big holiday etc.
DD2 doesn't get pocket money, but she never misses out!
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Even the cheapo toys that the kids like (trash packs for example) are about $6, and I'm not about to make him save up for 3 months for that. BTW... I'm not saying 50c is wrong... just explaining our reasoning and how we came up with what we do, cos I started off thinking of maybe a $1 a week or something 
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