Pocket money

August 24, 2019 Karen 13 comments

It has been reported recently that parents have been paying an average of £7.70 in extra pocket money in an attempt to stop their children having too much screen time.

Addicted to screens here

After some research I discovered that friends give their children the following amounts of pocket money:-

Megan, 9, is given £2 a week maximum in return for a few chores; she saves all of the money she earns.

Morgan and his sister have had £20 a month paid into their bank accounts since the age of 11; they spend this however they chose, usually on treats or special clothes. Their parents buy the essential clothing, they also get a little extra pocket money during holidays.

Poppy, 14, gets £5 a week provided she makes sandwiches for herself and her brothers lunchboxes 3 times a week during term term, she looses £1 a day if she doesn’t do this. Her brother,12, gets £2 a week providing he does his homework without fuss; when he reaches 13 his pocket money will increase to £5 a week in return for some chores that will be discussed with his mother.

Their younger brother .8, is given £! a week with no chores, which will increase to £2 a week  when he is 10 as long as homework is completed without fuss.The older two children also get mobile phone credits

When I was a child  I didn’t get a designated amount of pocket money, but my parents paid for my weekly riding lesson, my favourite magazine and anything else I wanted (within reason).

We gave our boys a few pounds a week from the age of 13, they spent this on clubs that they wished to attend  and they saved any left over.

When my older two sons were tiny I used to help my gran by dong some shopping and a little housework for her, as I wouldn’t take any money for this, she gave a little to my children which I paid into their bank accounts, this encouraged them to save as they grew older.

My grandchildren don’t get money in their hands, instead my grandson, 14, gets a £30 a month contract phone credit, his sister ,10,gets a monthly phone bundle and their sister,7, gets an occasional toy to make up for this.

Giving children pocket money can help them to learn to budget  and hopefully manage their money in later life, It also helps them to understand the value of money.I once heard a child  tell her mum to go to the hole-in-the-wall when she said she didn’t have any money!

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I would like to thank the Facebook friends  who provided this information.

If your children are spending too much time sitting in front of a screen; rather than bribing them with money try my tips here

I would be interested to here how much pocket money other children get, their ages and how they spend it.

As always questions and comments are welcome.

Until next time.

Karen

x

13 Comments on “Pocket money

  1. Great blog Karen , it’s really good as a parent to see what others parents are doing regarding pocket money.
    Things are so different when we were young , but lm trying to install a bit of work ethic into Megan already, and that life is not a constant hand out . A bit of effort and you rep the reward.

  2. My teen has a bank account and she can choose for her money to go in the bank or in her hand to spend. She’s recently started asking for it to go into her bank to save so she “doesn’t waste it n rubbish”, her words.😊 #GlobalBlogging

  3. My grandson (age 8) is in the process of saving up his pocket money for a hoverboard. I have to admit, I would like to slip him a few extra dollars now and then to help him out! 🙂

  4. We don’t really do pocket money. My youngest is only 3 and bribery doesn’t work on him! The older 2 are good at saving up their money for something they really want or waiting until Christmas or birthdays. Thanks for linking up with #stayclassymama

  5. I think it’s ever so important that children learn the value of money at an early age. How can we expect them to learn to be responsible with money otherwise? Great post! #KidsandKreativity

  6. My kids are too young for pocket money yet, my eldest only being 5 years. But reading this I’ve realised I’ll have to start saving now, for when we start paying out three lots! I saw on Facebook that one parent buys days out/experiences vouchers which I thought was nice for younger children especially. #KidsandKreativity

  7. This was an interesting insight, thank you. The amounts that these children are getting sound quite low to me compared to what I remember from my own childhood (and my parents would never give me more than other children in the neighbourhood were already getting). On the other hand, I almost never got anything but the bare minimum of clothes, food etc from my parents (other than at birthdays/Christmas), so my pocket money had to cover any sweets, cinema tickets, sticker books, hair bands or whatever else I wanted to spend on when socialising with friends etc. And from when I was 15 and older, I had to pay for my own clothes and all other hobbies, travel, gifts for friends and relatives at Christmas and birthdays, etc. At that point my ‘pocket money’ was raised to approximately £65 per month, but that wasn’t a lot considering I was paying for pretty much everything except basic food and housing x
    #KidsandKreativity

  8. I haven’t started pocket money with my two yet, but we do reward good behaviour and doing well at school with treats. Interesting read! Thanks for linking up with #KidsandKreativity, hope to see you back next time.

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