Technology1 min ago
Pocket Money
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How much pocket money should a normal kid have at different ages? Is �5/week too little and �15 too much do you think?
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Mine are 15 &13 they have to earn their money; empting the dish washer, putting rubbish out, hoovering etc. I pay them �5 per hour for house work, if they get good school reports, A1 grades they then get �1 to �10 dependant on effort. We give them extra for school trips, this does not count as pocket money. Our attitude is that we have to work for our money and they need to learn that there is no such thing as a free lunch! They have both learnt to be great savers and only buy something they want when they have the money; the 13 yr old has bought himself a laptop and 15yr old has purchased a projector for his room!!
I have three children aged 15, 14 and 12. They get twice their age in allowance per month (so �30, �28 and �24). They buy their own presents when they go to parties, pay for cinema tickets, swimming, bowling, magazines etc. I buy anything to do with school or things like hair cuts, clothes and shoes. It seems to work quite well.
I dont give my kids pocket money, they do jobs to earn it. I dont want them going through live thinking they will something for nothing. If they are trying to save for something in particular they do the dishes, hoovering, dusting etc and keeping their rooms tidy. Having said that I do put money away into their savings accounts each fortnight.
I give my kids one way train tickets to europe, god knows how they keep finding the way home, we have even moved house while they are away but still they return.
Seriously though, whatever you give them make them earn it or they will never value it, also, you set the amount and let them be aware that it can go down as well as up.
Seriously though, whatever you give them make them earn it or they will never value it, also, you set the amount and let them be aware that it can go down as well as up.
I won't enter into the debate about specific amounts of pocket money but I can provide a link which I think you might find interesting.
Every year, Halifax Bank carry out fairly detailed research into children's pocket money in the UK. The 2007 results should be published within the next few weeks but the 2006 figures should give you a good guide to what the average figures are in different parts of the country (and in different age groups). These are in a press release (which is a Word document) which can be downloaded by clicking here:
http://www.hbosplc.com/media/includes/15_%2004 _%2006_%20Pocket_%20Money_%20Survey_%202006%20 _%20National.doc
Chris
Every year, Halifax Bank carry out fairly detailed research into children's pocket money in the UK. The 2007 results should be published within the next few weeks but the 2006 figures should give you a good guide to what the average figures are in different parts of the country (and in different age groups). These are in a press release (which is a Word document) which can be downloaded by clicking here:
http://www.hbosplc.com/media/includes/15_%2004 _%2006_%20Pocket_%20Money_%20Survey_%202006%20 _%20National.doc
Chris
mine are 7,10 and 11, they all have a base rate per month and have to do chores to earn more. This works out at a max per month of �2, �4 and �5 respectively - that is just for their own use as we pay for trips, school things and clothes etc...
and no that is not a misprint the amounts are per month not per week and they only get their extra money if all the chores are ticked off at the end of each month on our payday.
we feel that they are at a good age to understand that money does not grow on trees and they have to work for it.
and no that is not a misprint the amounts are per month not per week and they only get their extra money if all the chores are ticked off at the end of each month on our payday.
we feel that they are at a good age to understand that money does not grow on trees and they have to work for it.
My figures would be out of date as my children are now adult.
But at age 2 , I started with the price of a bag of crisps. So it could be spent or saved (5 weeks for a toy car - cruel mother!). I was economising and they learnt not to ask for things. They had plenty of toys, but appreciated the ones they had chosen and saved for.
The rates went up as they got older, and they could earn extra.
When they were teenage they also got a clothes allowance, but if they needed shoes or other essentials they could borrow in advance, it just meant they could choose the non-essentials. No arguments, just 'can you afford it?'
But at age 2 , I started with the price of a bag of crisps. So it could be spent or saved (5 weeks for a toy car - cruel mother!). I was economising and they learnt not to ask for things. They had plenty of toys, but appreciated the ones they had chosen and saved for.
The rates went up as they got older, and they could earn extra.
When they were teenage they also got a clothes allowance, but if they needed shoes or other essentials they could borrow in advance, it just meant they could choose the non-essentials. No arguments, just 'can you afford it?'
Is Shannon for real???? Pocket money should not exist. Worst mistake I ever made and stopped making some years ago. My now 18 year old used to be given �8 per week each Friday, until at 15 I realised it was going on fags and booze! Then it stopped. I was making it so easy for him wasnt I? Now my 15 year old daughter gets no pocket money whatsoever but will offer to do extra chores around the house or garden if she needs her own money for specific days out etc. She is given three pound dinner money per day, half of which, if she really wanted to, could be saved..... Dont make it too easy for them to buy things which they shouldnt - and with your hard earned money!
I give my 16 year old daughter �15 per week, but I buy her clothes in addition to this and I pay for some top up on phone. I think I may be giving her too much, but that seems to be about what her friends get. My 14 year olds get contract phones for �35 per month which I think is a lot (my husbands idea, not mine!). This was done in an attempt to keep our landline phone bills down. dont know if it'll work. There is quite a bit of variation. You don't want your kid to feel hard done by, but on the other hand you want them to have some appreciation of the value of money and to get into the habit of working for it. (Which mine dont, I have to say!)
i have a sixteen yr old son he used to have �20 per week but wanted a contract phone i agreed but took the rental for this out of his pocket money. if he wants to go to the pictures or wants a kebab for instance he has to pay for these things himself this has taught him to value the money he has and save if he wants something. the only things my huisband and i pay for now are his clothes this will only continue whilst he at school though.
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