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How Much Pocket Money?

AdrianMills

Well-known Member
Just wondering how much people give their kids these days? Wife and I are going to start giving pocket money to our 5 year old to give her the opportunity to learn about the value of money, saving, etc.

We figure it shouldn’t be so much a week that she can buy cheap crap and be satisfied with that, but not so little that she has to save forever to get anything halfway decent as it will discourage her from saving.
 
My 15 year old only get £9 per week :D She hasn't learned the skills yet to ask for a raise. My 11 year old doesn't get any pocket money. Never asked for it. I guess they learned from my wife, she never carries money either like the Queen.
 

Cherrywood

Active Member
I think best way to answer is to try predict what their spending is likely to be...
- Pop to shop one day a week on way home from school? (Sweets/Drink/Magazine)
- A New Toy once a month?
- New Game app for tablet / film rental etc?

Will they have to earn to pocket money? If Yes, maybe do a chore / reward chart.
4 / 5 tasks per day with Sundays off... if you give 20p / 25p per sticker that would be £6 a week.

Tasks can be simple (Getting dressed for school, eating dinners with no issues, bathed and in PJs, helping set the table for dinner etc)

Will teach them to earn the money, could add the added incentive off all stickers = £5 bonus a week.

Over month, that could mean

- Pop to shop one day a week on way home from school? (Sweets/Drink/Magazine) (£3) - Freedom to spend and reward weekly to stay interested.
- A New Toy once a month? (potential for £5 x 4) - encourage her to save this part for her monthly trip to toy shop.
- +Saving up (£3) - Encourage her to save this as spending money for upcoming days out/ holidays. Maybe a jar with a picture of such planned trip.
 
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