Pocket Money - Advice Please!!!

Hi I have an 8 year old boy and as a number of his friends get pocket money I wondered if anyone would mind sharing what they pay to their children around this age. Also, do they have to do anything for this? Should they do anything for this? Should any be deducted for good behaviour or any added for good behaviour?!!

I nearly fell over a few of years ago when I discovered the 'going-rate' for the tooth fairy was £5 per tooth!! This pressure sometimes gets me sooo frustrated, as what can you do/say when wealthier parents can afford better rates?

I am a recently separated mum who is not working due to MS/health problems.

Thanks in advance for your input XXX
19:38 Mon 30th Jan 2012
 
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My children get 50p for every year of their age. They don't have specific chores to do but if I ask them for help with anything (bringing the shopping in from the car, fetching something, etc I expect them to do it without moaning). This rule applies to all of them, even the 2 x 3 year olds! (Fortunately, himself pays the actual pocket money which is good as it comes to £15.50 a week.)
depends what you can afford, first and foremost. i would also expect chores/housework for money - i used to make my son slave for his! £5 a week max at his age would be a guess. good luck x
Kariah, although you may get answers as to "going rates" I wouldnt feel bad if your finances dont match up to these. Your son will be grateful for anything you give him and is unlikely to be comparing these to his friends. There is no point in going in higher than you can afford as then you will be expected to stay at these levels. Until and if he ever makes a comparison, then you can explain a few of the hard truths of life.
At that age my kids got about £2, if I remember rightly, and they had to save half of it. They still don't get a lot now, but that being said I generally pay for most of their sweets and treats. £5 for the toothfairy, you're having a larf!, the toothfairy in our house got £2, and I thought that was a bit too generous.
Ours have flown now Kariah, but I think they should help clean & keep their rooms tidy for a start, & depending on your Finace a £5 a week is not a lot nowadays.
Give him a choice - pocket money at say £5.00 a week and he buys his own treats or no pocket money and you fund sweets etc. Thats what I did with mine - of course you always fall soft and buy treats anyway.......
Mine don't get a set amount.

They would have to work for it as well...
I gave my daughter money when and if she asked for it, but only if she had been helping in the house. I wanted her to realise that if you don't work you don't earn any money and that you have to work for the things you want in life. No chores, no cash! I started off giving her small things to do like filling up the toilet roll basket, or laying the table, working up to clearing the table and doing dishes etc. She made our bed for us when she was about 7, total mess really but I didn't have the heart to say she'd got it all wrong, but I thanked her for helping, and remade the bed long after she'd gone to bed so I didn't hurt her feelings. It all depends on what you can afford to give him, I'm sure he'll be happy with whatever he gets, but do try to get him to save just a little every week - it's a good habit to have.
I made my own pocket money, washing cars, Firewood, bit of garden tidying up. running errands for the neighbours, a paper round did not do me any harm.
TWR - I wouldn't let my children do a paper round even if they were old enough). I did a paper round until the day I had to take shelter in the Fire Station and get taken home by the police because of a nutter who was lurking and waiting for me.
when my grandson told his Mum that the tooth fairy paid two pounds for a tooth, she told him it was cruel of people to expect that much, as the fairy is so tiny she really had to struggle to carry it, he agreed, so did not mind the 20 pence that he got, inocent little soul he was.
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I understand that Sherrardk.
RH - did you ever do a paper round? You have to get up at stupid o'clock, lug a load of heavy papers round, get cold and wet and THEN go to school. Horrible way to earn some extra cash (and I had three rounds - 1 week day one and 2 Sunday ones (with all the heavy magazines, etc).
My son does a paper round....7 days a week.
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£5 is much too much ! try £3 but give them a tiny achievable task to do like clearing up the coffee table and polishing it . they will waste the money anyway on sweets etc. try increasing it by 50p a year with a £7-8 ceiling . try and encourage them to save a little . i`m still working on that one. good luck
The Halifax bank conducts an annual survey of pocket money. The average figure, across the UK (for 8-year-olds) is currently £4.44 per week (according to the most recent survey):
http://www.guardian.c...ks-pocket-money-rises

While some people would recommend that children should carry out chores to earn their money, the downside is that you'll probably still need to re-washing the plates that have been 'washed' by a young child, or to remove the scratches from your car's bodywork after they've enthusiastically 'cleaned' it!

Chris
My nearly 8yr old gets £4 a week. This is deducted if she is naughty or forgets her homework or similar. I usually put it up by a £1 a year. She doesnt have to do anything for it though.
Mrs NoKids here but bloomin hell! A fiver for a tooth! I wish my teeth would start falling out. I think my nephews/nieces just get a quid. The younger ones are happy with that and the older ones would be too embarrassed to complain about how tight the 'tooth fairy' is these days.

I think paper rounds are a good idea too. I did one seven days a week, although I never took the bike on the Sunday round, trying to work out a balancing act with two bags full of those Sunday papers was a death wish.

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