Pocket Money

[sj355]

I will certainly never let my kid get into debt in order to study

Sorry I thought this thread was about pocket money!

Well, you know what they say: a little generosity can get you a looong way!

[sj355]

I would rather have some pleasure now in a certain amount of generosity to my children than have them counting the days until they can collect their inheritance!

Solimum,

I am really proud of you. You are pushing it even further than I did. It really brings the importance of generous pocket money giving back into context!

Sincerely impressed,

[loulou]

I now feel able to post as I am NOT the meanest parent in the world although my eldest would beg to differ. We give £10 a month with a £2 bonus AKA bribe if his behaviour has been extra good at school ie.no detentions, lots of credits in school planner etc. Probably not the best of bribes I know but sometimes desperate times with a 12 year old call for desperate measures!!!!!!!!!! Pocket money is expected to pay for sweets, general rubbish, the odd cinema trip with his friends in term time etc. This is clearly not enough to cover costs in school holidays and I would subsidise if required. He may save something towards a DS game in the hope I'll match savings. Most of his activities are cheap - bike rides or football in the park with friends - and he doesn't moan too much about finances. Most of his friends are in the same boat and there is opportunity to get extra cash with odd jobs - raking up the grass or washing the car. I'm afraid tidying the bedroom for money doesn't work so every so often i have a big moan and he just gets on with it (without payment). He is not expected to pay for anything else. We cough up for most things and he saves birthday and Christmas money for big expensive items - new PSP and he has even managed to save enough for a new compouter (overly generous aunt, uncles and grandparents). The two younger children in primary school don't get pocket money but have been told when they get to secondary will be given money as well as the coveted mobile phone.

I rather like Sally-Annes 50p per school year theory but I would probably only consider that for secondary school. With three children I may eventually find I may only be working to subsidise their pocket money!!!



Loulou

[Guest]

It may backfire to living with an individual that asks for money for even lifting his/her little finger.

It really brings the importance of generous pocket money giving back into context!

Some contradictions here, sj355.
If you are over generous, children will not want to lift a finger because they know there's a nest egg available and their parents will always help them out.

whereas,if they have learnt how to earn money, they become more able to figure out things for themselves.

[sj355]

It may backfire to living with an individual that asks for money for even lifting his/her little finger.

It really brings the importance of generous pocket money giving back into context!

Some contradictions here, sj355.

I give pocket money. Full stop, no strings attached. The second quote is a response to someone's else's message that mentions that too little pocket money now will make our children look forward to inheriting us (perhaps actively by bring this day forward ? Small domestic accidents etc. )

If you are over generous, children will not want to lift a finger because they know there's a nest egg available and their parents will always help them out.

Place a suspicion in their mind that by giving them now, not much will be left afterwards in the form of a nest egg. This will promote their saving habit! Is this why my kid protests that I give him too much?! (Is £10 too much for a kid if you can afford it? Really, really?)

if they have learnt how to earn money, they become more able to figure out things for themselves.

I thought numeracy skills should ensure how to figure out such things anyway? In any case the above statement does not mean that if they do not earn money as kids, they will not be able to figure things for themselves. After all, I did!

[sj355]

By the way I generally agree with the majority of what has been written about pocket money. Different kids, different ages, we each try out an appoach (or more than one if the first does not work?) and hope for the best. In my case I judge from my own self, I could have been spoilt and yet I was not. Neither was my brother. Perhaps what we do is completely irrelevant and kids are either tuned to appreciate money from the outset or not. Perhaps I was the former and this is why generosity did not spoil me. Pehaps other kids are like that as well. I feel mine is one of them. I could be wrong; but I have no evidence yet to indicate that. We shall see...

[Guest]

Perhaps what we do is completely irrelevant and kids are either tuned to appreciate money from the outset or not.

I think thats the crux of the matter. I have one child who would sell his soul to the devil to get his fingers on money, one who would save everything he had and still give his last penny to us and one who would give money to anyone that asks. Same parents, same upbringing. Oldest has been into money making schemes forever - often to my acute embarassment - using involving selling 'inventions' to classmates for a huge profit. Maybe he will be the next Alan Sugar!! At the end of the day with regard to pocket money you have to decide what works for you as a family.

[loulou]

last post was from me. I seem to have been logged out.

loulou

[Mad Mum]

Crikey oh riley - what alot of differing views on pocket money. A classic example of the whole 'teaching them the value of money' came very timely on Saturday morning when I took my two daughters into our local mall with their pocket money verily burning a hole through their pockets. Oldest daughter wanted a fizzy drink so I said 'well you've got your pocket money and there's the shop...' She went in and came out empty handed. 'Where's the drink' I said, 'oh' she said 'they were too expensive I'll have a drink from the water you've got!' I rest my case - she's learning! (well nearly as she then went into Claire's and spent it all on some bits of overpriced tat!)

[Guest]

What about half on a fixed rate with half 'performance related'?