Pocket money?

aoibhebree

My 8-year-old niece (I'm primary carer, long story) is absolutely rubbish when it comes to money! She's very responsible about other things, but if she ever gets any money at all off relations etc, she loses it, gives it to friends, or wants to spend it straight away on crap if we're in town. She also has absolutely no concept of the value of money.

I'm thinking the best thing will be to start giving her pocket money - even just a nominal value like maybe two euro a week? I was never given pocket money, so I'm not really sure how to do it - should I base it on her behaviour during the week? Is two euro enough? Or is she to young to start giving her pocket money? Should I open a bank account for her? Should I have strict control over what she does with it, or am I better to let her learn from her own mistakes? And do I increase it a set amount each year or what?

I think I'm overthinking this a bit, amn't I ... Any advice would be appreciated though! Thanks.

~me~

maybe think of something she'd like to get (a doll/ dvd) and tell her if shes good you'll give her two euro each week and she can save it and you'll help her keep track of it and bring her to buy it when she has enough?
i think i used to get 2pound a week at that age but every kid is different and none of my mates ever got the same amount so dont worry about how much to give, its whatever you think is right!

NeVeR

Also maybe get her to clean her room or help with things around the house so she knows she had to do something to earn the money.

When i was young (11 / 12) we didnt get any money if we didnt clean our rooms / hoover etc,
Just an idea.

littlebug

I think earning the money is a good for getting them to understand the real value. I have certain tasks that I give them certain amounts for. Putting away the shopping gets them 50c each (and is brilliant because it's one of my pet hates ) and doing a good tidy up of their rooms might get 1 euro as will a reasonable amount of help with the "Big tidy"... it probably amounts to 2-2.50 per week. The eldest (7) has more of an understanding of the concept of saving for e.g. for something she's seen in the argos catalogue while the youngest just wants to buy a new cheapy car every time we go to tesco.

January

aoibhebree wrote: »

My 8-year-old niece (I'm primary carer, long story) is absolutely rubbish when it comes to money! She's very responsible about other things, but if she ever gets any money at all off relations etc, she loses it, gives it to friends, or wants to spend it straight away on crap if we're in town. She also has absolutely no concept of the value of money.

I'm thinking the best thing will be to start giving her pocket money - even just a nominal value like maybe two euro a week? I was never given pocket money, so I'm not really sure how to do it - should I base it on her behaviour during the week? Is two euro enough? Or is she to young to start giving her pocket money? Should I open a bank account for her? Should I have strict control over what she does with it, or am I better to let her learn from her own mistakes? And do I increase it a set amount each year or what?

I think I'm overthinking this a bit, amn't I ... Any advice would be appreciated though! Thanks.

Fair play to you... I don't think you're over thinking it one bit. I think you should open a bank account and sit her down and ask her if there is something she really wants, a toy or DVD or CD. If she does, tell her that you have opened the bank account and that if she does small things around the house (tidy her room, help put away the shopping, dusting the table etc as other posters have mentioned) that you will give her a certain amount for each task. Maybe put a chart on the wall of how much she has earned that week. Then, every week bring her to the bank with you so she can see you lodge it in the bank and how much is in there every week. It might want to make her put her own money in there too when she gets it off family members...

deisemum

My lads are 13 and 11. What we do is have €7 each ON OFFER each week, that's allowing €1 per day which is made up of 50c for doing certain jobs and the other 50c depending on their attitude. If they pee me off they don't get that 50c.

They also have to do other jobs because they're part of the family and they need to learn that they've got to do somethings to pull their weight without having to get a financial reward.

They've got a lot of savings at this stage, mainly due to communions, birthdays etc.

Ddad

We recently started to give pocket money to our two boys of six and three (you try giving money to the six year old without giving it to the three year old:o). The boys get €4 on a Sunday. They have to save €2 which we allow them to spend on something bigger every two or three months e.g. a toy or book etc.

They might get a small sweet every other day at home so they can use the €2 to buy some sweets for the week (not all in one go) or they can buy a cheap book or comic (pushing them in this direction).

At first they would lose the money or misplace it. They've got the hang of it now though and they understand how far €2 will get them. Occasionally they'll decide to save the lot as they know now they'll get to the bigger present sooner or they can get a bigger present.

We also cut out any discretinary spending on toys or comics in the shops when we're out. If they have the money fom their income they can buy it. The older fella used to get a comic when we went to the supermarket and that's gone.

I'm proud of them both though as they aren't greedy about it, their behaviour is good and the odd time they give each other money if they have any spare to make up the price of something.

Great guys:)