Pocket Money for Kids - What's an appropriate amount.
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Baby boomer
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Not really a pocket money thing, but when mine were earning their own money, we used to incentivise savings by matching euro for euro if they were saving for something worthwhile. Did this right up to matching their deposit for property purchase.
Not a perfect system and open to "creative accounting" but it worked for us!
Not a perfect system and open to "creative accounting" but it worked for us!
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my son is 8 and he's getting 20/month for unloading the dishwasher. he earns it, understands savings and can work out how long he has to wait untill he can buy something he wants. I also show him alternatives, explaining pros and cons, e.g. buying cheaper online but waiting longer vs buying something now but paying more.
I give my early teenagers a tenner a week and their (no limit data etc) phone credit is paid for. I never got regular pocket money when I was their age (my parents were a bit behind the curve on this) and I always felt like a bit hard done by compared to my pals at school. I think its important for kids self-esteem that they've got something dependable coming to them weekly so they can plan purchases or a trip out etc.
Our son gets a fiver a week in exchange for taking care of the bins, recycling etc including bringing out the wheelie bins and taking them back in. If he neglects it and I have to empty a bin myself because it's completely full, a € is docked, just like the real world.
We also do a behaviour chart where he gets stars in the evening for doing, or not doing certain things (keeping playroom tidy, getting a good grade, not swearing etc.). When he has 500 stars he can pick a toy or whatever of his choosing for about €50. Takes him about 3 months to achieve the 500 I find.
We also save a €100 a quarter for him in his own ETFs. A simple msci world job. We're in Germany though and it's easy to set that up with our bank. That will be turned over to him automatically on his 18th birthday. Hopefully he continues to save into it. He is quite good at saving up though.
We also do a behaviour chart where he gets stars in the evening for doing, or not doing certain things (keeping playroom tidy, getting a good grade, not swearing etc.). When he has 500 stars he can pick a toy or whatever of his choosing for about €50. Takes him about 3 months to achieve the 500 I find.
We also save a €100 a quarter for him in his own ETFs. A simple msci world job. We're in Germany though and it's easy to set that up with our bank. That will be turned over to him automatically on his 18th birthday. Hopefully he continues to save into it. He is quite good at saving up though.
Always remember someone many years ago giving per age, eg if you are 10 yrs you get 10e but must not get for free, must do some small chores around the house.
I give my 18 year old grand daughter €18 per week. €1 per year of age. I have started my grand son on pocket money now that he is 6. I give him €5 per week.....always in coins. When he gets a little older I will match his age with his pocket money.
As I don't see them every week it adds up to having Securicor present on transfer. I have 3 other grand children aged under 3 so I will probably need an armed Securicor Guard present on transfer....shortly.
As I don't see them every week it adds up to having Securicor present on transfer. I have 3 other grand children aged under 3 so I will probably need an armed Securicor Guard present on transfer....shortly.
At £3 a month membership fee per child?
My teenage kids do their own washing. One had to ensure the bins are emptied and put our for collection. He’s also in charge of vacuuming the floors. Another cooks a couple of times a week and keeps the bathrooms clean. They can all cook, even the 12 year old (she’s also a good baker). Yes, it’s really important that they learn basic life skills.
Not 100% sure I agree with it being linked to jobs ...jobs need to be done regardless so I think it's best that the kids know that we need to live in a clean house, eat home cooked food etc and a contribution to the labour required for that would be expected of them as members of the household. I definitely agree with pocket money but more to provide a child who can't yet earn with an income to teach them how to manage money, goals, risks, interest etc.
Or so that they can have a small level of independence and self respect and not have to ask for money for every little thing.
What if your 14 year old wants to buy cigarettes or vodka or condoms?
