Pocket money/ allowances

[new2me]

We do pocket money for chores. The DSs can choose from a 50p a day if their rooms are tidied every day or a £2 a week deal if they just want to tidy their rooms once a week. Top ups are available if they want to wash the car. The 8 year old tends to go for the 50p a day rate and has saved up loads of money for the holidays. The 12 year old struggles to hit the £2 a week and doesn't really care about money, although he'll be one unhappy boy when we hit Orlando and he has no money to spend.

We buy all clothes, school supplies, pay for clubs etc.

[Warks mum]

We had a discussion about this in our house when OH realised how much was going out of our account on phone top-ups, clothes, birthday presents for friends, etc. and we were being asked for money to go to Costa every weekend! I kept a log for a few months and we decided to give a similar amount to DD as a monthly allowance, through a basic children's bank account.

It's made a big difference to the way she manages things. Many fewer trips to Costa - for a start! She's also worked out an excellent deal for her mobile phone (I use the same one myself now) and makes a lot of presents for friends... A year or so later we're no worse off than we were before AND she's got a significant amount saved! I think it's been worthwhile all round.

[menagerie]

They get £3 per week in our house (age 9) or £10 if we're on holiday. Add to that money from relatives when they see them and it averages at about £200 per year.

It's not linked to chores, as I try to teach them that they should help around the house anyway, as we are a team. Generally, they're pretty good about this.

I'm a strong believer in giving pocket money. I didn't have any as a child and consequently hadn't a clue how to budget, or save or spend. I just shied away from anything to do with money for years as I had not sense of connection with it. Also, this is a bit neurotic, but worth noting: when all my friends had pocket money and I didn't, I just assumed I wasn't worth it, that they deserved money but I didn't for some reason. No way I want my children to think like that.

My children save regularly for things they want, then blow the rest on comics and sweets. They also lend money to each other and buy and sell things among friends, give to charity from their own pockets and very occasionally buy a treat for me spontaneously. Seems like a good way to begin to teach them about value of money.

[aargh]

Mine get £3 per week.
They are not paid for jobs, because we regard those as just being a family.
They get generous birthday money from their 3 wealthy childless Uncles.

They are expected to save for toys and buy their own sweets. It is remarkable how few sweets they have. They still have some of the Christmas chocolate that relatives gave them and here we are at Easter... Last Easter's eggs lasted till November...

OH used to work for the Citizen's Advice Bureau, so has insisted on proper financial understanding. They have more in their savings accounts than we do at the moment!

They generally save up for things they really want. Last week DS bought himself a gigantic garden beanbag. DD generally does not know what to spend hers on and ends up buying lovely presents for her Brother or us. The pair of them gave me a lovely box of ammonites for Mother's day. DD bought her papa a new alarm clock for his birthday (a hint?)

Mine are Y6 and Y4, so phones are not an issue yet.

[Waiting_For_Godot]

I really like the idea of a set monthly amount based on their age in years and plan to implement this, this week. However, I have another dilemma. DS1 will be nearly 14 in September and is off to board at a school which is close to a small town. I don't know how much I should be giving him a week. He needs to learn the value of money so he will not be able to call me if he runs out, but at the same time there is no point in me sending him to this school if he can't enjoy social activities with his friends. I could easily see him blowing through £20 per week on a magazine, junk food/sweets, going out for a pizza and coke, maybe buying a girl a milkshake , spare deodorant etc. Is £20 per week too much when I can't replace the things I would normally?

Edit: hadn't even considered a mobile phone!

[menagerie]

WFG, does the school not advise on how much should be given? I'd certainly give a lot more if a child is away from home, as there are all those incidentals we buy without thinking about them. They add up.

[Waiting_For_Godot]

None of the schools advise and most don't have a compulsory limit which is really annoying. If they all were only allowed £10 then at least they'd all be equal. OH doesn't think £20 per week is enough but as DS has never had pocket money I'm concerned he'll go mad!

[doodles]

Both DS's get £10 per month (when we remember ) but they are pretty good at catching up! Saying that we do pay for phone credits, cinema, clothes etc. The pocket money is just that - money in their pockets.

As DS2 gets older we will probably have to review this but at the moment it's ok and they both are very good at helping around the house (if I shout loud enough )

[Kit]

A very belated thanks to all who replied- its interesting to see such a wide variation- We have decided to go with a basic weekly amount of 50p per year of life independent of conditions ( though some chores are expected anyway) with an option to top up by doing additional jobs- that said, we haven't actually started yet (April was an expensive month in school trips!).

[Waiting_For_Godot]

We have set up bank account, with cash cards, now and their age in pounds goes in once a month and also the £2.50 per week their grandmother sends down for each of them. Birthday money will also go in. DS1 is having a separate bank account for school and we are requesting receipts for the first two months to see if he needs more or is just wasting it on rubbish. As it's a boarding school, I also want to make sure he is not lending money to friends as that can be open to abuse. If he provides receipts then he won't lend - I hope!