Pocket money

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JamesDean
Posts: 1537
Joined: Wed Jul 31, 2013 5:03 pm

Re: Pocket money

Post by JamesDean »

When I was 15, my mom gave me my family allowance book. This was on the understanding I paid for everything; clothes, make up, socialising etc. She fed and housed me, and I got a Saturday job to supplement my income. Taught me to budget brilliantly - I was the only one if my uni friends not to get into financial difficulties.

Obviously, child benefit is different theses days and not everyone qualifies anymore, but the amount could be used as a baseline for an older teen? The figures must be in the .gov.uk website somewhere.

HTH,

JD
doodles
Posts: 8300
Joined: Tue Oct 27, 2009 9:19 pm

Re: Pocket money

Post by doodles »

KCG we have operated on virtually the same basis as you until now, where at 17 I think DS probably needs a bit more, especially as fares and tickets to things are now at adult rate :?

DS did manage to earn/save £700 for his recent tour to New Zealand and what he brought back he's managed brilliantly but it's now run out so I was wondering what people thought appropriate for older teens.
kenyancowgirl
Posts: 6738
Joined: Mon Oct 21, 2013 8:59 pm

Re: Pocket money

Post by kenyancowgirl »

Don't get me started on adult fares!! The same seat...and the hairdresser costs more as they get older!

Why not calculate how much you would spend on clothes for him in an average year, and work out a monthly clothes allowance from that? You could still give him his regular allowance as now but additionally give him a clothes budget - it will help him when he goes on to uni, as J D intimated. I was at boarding school and had a termly allowance which had to cover everything as there was no one around to top it up - budgeting at uni was fairly straightforward (with clever food shopping freeing up beer money!)

I am conscious that 17 also brings driving lessons but have always told the boys the money they save each year could be used towards extra lessons and car insurance!
doodles
Posts: 8300
Joined: Tue Oct 27, 2009 9:19 pm

Re: Pocket money

Post by doodles »

He's had driving lessons for his 17th birthday, or will have when he get around to organising his provisional license. We feel that as we choose to live where the public transport isn't great then it's up to us to provide the wheels!
Yamin151
Posts: 2405
Joined: Fri Aug 30, 2013 8:30 am

Re: Pocket money

Post by Yamin151 »

I agree on the lessons. We won't pay for a car or insurance, but lessons yes.

Agree with a monthly clothes allowance, or whatever allowance, thats what I had.

And post O levels I was expected to do all my own ironing etc, so chores stepped up as well
kenyancowgirl
Posts: 6738
Joined: Mon Oct 21, 2013 8:59 pm

Re: Pocket money

Post by kenyancowgirl »

I suspect I am more likely to tell them they have to fund the actual car as, ironically, the car will be the cheapest thing!

I have always said to the boys that I will pay for 10 lessons (as that is what I had) with an instructor as their 17th present, and am happy to take them out with me as well - anything over that is on them. Insurance is a pig - but comes down quite quickly with every year's driving - we will probably help towards that first year (as will grandparents, I am sure) - my dad was always of the opinion that once you had passed your test it is really key that you actually drive, legally, on your own as much as possible. I agree - unfortunately we know a couple of families where kids have passed at 17 but then not really, really driven until they were a few years older (and insurance was cheaper) and they had some quite serious crashes - very serious in one case - so would try and help out if we could - experienced forumites on here tell me the first year of insurance is the worst (and I have kept a note of the very useful thread on insurance providers!).

It is like everything though, each family is different in what they think is a priority - people who live in big cities will probably feel less inclined to worry about driving as public transport tends to be more reliable and affordable, for example. I feel that however we do it in our family, the key thing is not to give our boys everything on a plate - they have to learn to pay for something they really want themselves or at least contribute towards it - the contribution has not and will not always be monetary but they are learning that nothing in life is free!
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