Pocket money

Orion

What's the story with it? My kids are 5 and they actually have money - coppers etc that we leave lying around end up in a little bag they have. And they want to pay for things in the shop now.

What's the normal for pocket money? When do people start giving it and how much?

I want to start teaching them the value of things. I also want to encourage them to save to buy bigger things rather than just spend it on crap on a Saturday.

Am I crazy to start this so young?

ntlbell

make sure saving is the first lesson

deisemum

Mine are 13 and 11 and this is what I do.

They get €7 per week, €3.50 is based on tasks/chores and the other €3.50 is based on attitude so that allows 50c per day for tasks and 50c per day on their behaviour.

It they are brazen or cheeky to my hubby or myself or don't do what they're asked then they don't get the money for that day or else they have to do something extra to redeem themselves.

They occasionally have the opportunity to earn extra money from doing extra things for us.

On top of this money they usually get €5 per week from their grandparents.

I must say mine are very good at saving and each have nearly 3k saved. They like going to the Credit Union and seeing their savings increase. Although they have money I have final say on what they can spend it on (big things). Sometimes they'll chance their arm and ask me to buy something for them with my money but if I tell them to use their own money or wait a month or two they usually don't want to "waste" their own money (have no problem trying to waste mine though) or they've gone off whatever they were after.

Hubby and I sometimes have to borrow from them

Nevyn

Macros42 wrote: »

What's the story with it? My kids are 5 and they actually have money - coppers etc that we leave lying around end up in a little bag they have. And they want to pay for things in the shop now.

What's the normal for pocket money? When do people start giving it and how much?

I want to start teaching them the value of things. I also want to encourage them to save to buy bigger things rather than just spend it on crap on a Saturday.

Am I crazy to start this so young?

I don't think so.
Also if they are old enough to have pocket money I always think they are old enough to have a credit union account.

I would suggest two euro each with 1 of that to go into the credit union account which doesn't have to be done every week but can be done when
they reach a certain level in their savings boxes.

Mine have both and any money that gets given to them by relatives also goes the route of the savings box and credit union account and that way
smallish things they want they can buy for themselves be it a bag of jellies or chewing gum in my two's case or things they see that they want toy/game wise out side of birthdays/christmas they can by themselves.

My two love being able to buy something they have put their eye on in smyths for themselves out of their own money.

Fad

Macros42 wrote: »

Am I crazy to start this so young?

Yes. (Unless you strongly instill the lesson of saving, whish I kinda had to learn myself through trial and error)

I'm 18 (In LC year so not a waster )

I get €50 a week,(I know what your thinking!) and with that I have to pay for most things myself (That includes a student DART ticket, and meals three nights a week, as I do night study in school) and theres not really much room for sponging off Mum and Dad afterwards, I'm left with about €20 for myself if I dont overspend on anything. I'm relatively ok with the money, and if I really need more they'll give, but if I were to abuse this set up, they'd cop on and tell me to get lost.

I didnt start getting pocket money until I was in about 5th/6th class and then it was about a fiver a week (Started in Pounds but the mean sods didnt increase it ). Last year when I was 17 it was €20 euro a week not including any expenses (Like Train etc) and I'd get €4 to buy the magazine Kerrang each week as well so I had it pretty good.

But you'd be mad starting them so early, leave it as long as you can, until they need money of their own, like meeting up with friends outside the home/cinema etc.

CDfm

I think you are bang on Thaed.

From an early age I gave both my kids money -starting with 1 punt each and it was the pound shop that we went to shopping.

So 2 Euro would be about right.

They are 18 and 15 now and get 20-30 each pw.

I imagine you need to get into a routine with them as the transition is hard and its great to see how far they can stretch it with there own money.

Its a lovely time their first pocket money- so grown up like bigger kids

lostinnappies

my 4 year old will be starting "work" soon. He likes to copy his daddy, who ive told him goes out to work, he does jobs and people pay him money. He uses the money to pay for things like the house, food, electricity etc. My DS is now excited to start his "work/chorse" in order to earn money ... bless him, he told me he wanted to give me the money back to pay for electricty cos im always giving out to OH about how expensive it is. He will be getting 10p per job he does, usually no more then 5/6 jobs a week. He thinks its great and i get things tided