Pocket money

[SallyJ]

Do you pay pocket money? If so, how much do you give? what is it expected to cover?

We have been paying our kids (10 and 8) an amount that relates to half their age - so DS gets $5 and DD gets $4. But I just found out a boy in DS's class gets $15! Now wondering if they should be getting - perhaps a dollar for each year.

[BrightSparkles]

WOW!!! Pocket money has gone up in a massive way since i was young.

I think what your giving sounds good. When i was younger, if we wanted things like lollies or junk toys etc we had to buy them out of our pocker money or of course we could save up for something.
We also had extra jobs we could do for etc money *i think* it was about $1 a job. Things like, vacuuming, washing the car, watering the gardens etc

My younger brother now has a chart of jobs to do each day. For each one he does he gets *paid* 50c and i think there is about 10 things on the list. So if he does everything on the list (which i don't think his ever done LOL) he gets paid for all of it.

[Tinks]

I give my kids aged 12 and 10 $5 a week which they can pretty much do what they want with. They only get it if their rooms are clean and they've done the jobs I've asked of them.

$15 is a bit excessive for a kid of that age!

[mrsmac]

DD is 9 and gets $5 a week but if she hasn't helped around the house she gets less. She uses it to buy things she wants (smiggle stuff often!) There was a set of books she wnated form bookclub so she used 4 lots of pocket money to buy them. I try to encourage her to buy stuff other than lollies. She sometimes uses some to get something from the canteen at school.

[*LittleMissSummer*]

I think i got pocket money once when i was a kid but my brother who is almost 15 gets between $30-$50 a week. My mums had problems with him for years, he refused to go to school for a couple of years so its more of an incentive, he gets money to buy a game or go to the movies when he goes to school for a full week and he gets money for helping around the house. I also give him money for lunch and what not when i see him.

But when i have kids of my own i will base it on what chores they do. So $1 for every chore they complete. And i will also reward them by doing well at school.

[SallyJ]

$15 is a bit excessive for a kid of that age!

That's what I thought!

I am glad others are paying what we are paying - I do know someone who pays a dollar a year but the kids have to donate some.

[nic]

DD is 9, almost 10, and her pocket money is $7 per week. We opened an account for her, and she must deposit a minimum $2 of her weekly pocket money. At christmas time she will be allowed to withdraw and buy something she wants.
We decided that by her having to deposit some of the money, then she can see where it goes and how she can earn interest on it, and hopefully she will learn a lesson on saving for something you want.

She usually puts the remaining money into her piggy bank and saves it for a new DS game anyway, so she is saving the majority of her money.

[NaeNae]

I am yet to be in this boat but wanted to ask you all what you think of this idea.

A friends dad told us one day that when he "earned" money so was working but still living at home (he started at 15 years)he had to divide his money 3 ways.

1- board
2- banked which had to remain untouched
3- was his to do with whatever he wanted.

Obviously this was for a teenager and not a littley. What do you think? Do you think a 2 way split for a littley would be fair and reasonable (like what nic does) so they learn to save but to enjoy some of their "earnings" from chores etc??

Nae x

[briggsy's girl]

i think ensuring at least some is banked is a good way to do things. we'll be doing this with E. i know of some people that say some of it must go in the money box, but i think banking it is a better idea.

might be time to look into a bank account for the poppet - she has a few money boxes that are bordering on full