Help! It’s Time For Pocket Money.
Our oldest is 9 years old, and up until now we haven’t ‘done’ pocket money.
Photo by Flickr User wwarby
The kids haven’t really needed it; they often ask for things when we are out and about, and sometimes we say yes, but often we say no. We avoid a lot of crap coming into the house this way; if they have their own money I can see the flood gates opening!
We have nothing against pocket money; we have no doubt it’s a very good thing for children to have some money of their own. It’s just that every time the kids have asked us about it, we’ve never been able to come to a decision on the spot. Then it gets forgotten about until next time the topic is raised.
But now, I feel like we need to introduce the concept into our household. DD1 is, without a doubt, the only child in her class not to get a weekly allowance, and DD2, in Year 3, is one of only a few.
So we’ve decided to say yes to pocket money but it turns out that’s the easy bit of the decision.
It’s the details that are tricky. Details such as:
Do we give them all the same amount or do the older ones get more? Do we base the amount on their age ( ie 10p per year of age?)? How often do we increase it?
Where do they keep it?
Do we hold onto it for them or do they put it in their piggy banks? Aren’t piggy banks for saving? They could put it in their purses but the chances of them losing these are quite high in this house!
Do we let them spend it on what ever they want?
Or do we ‘have a say’ about what they buy with it? Do we make them save some? Or do we rule that if they want sweets or magazines, then they ‘have’ to use their pocket money?
And finally, what do they have to do for their money?
Should we treat it like a salary in that they are expected to do stuff around the house to ‘earn’ it? Will they lose part of it for bad behaviour or refusal to be helpful? Can they earn more by doing extra jobs?
We really need some advice on this one and would appreciate any replies to this post, letting me know how it works in your house.
The kids are 9, 7, 5 and 3 years old. The 3 year old wouldn’t know a pound coin if it bit him on the bum, so is there any point in giving him pocket money until he’s older?
And if your children aren’t old enough to get pocket money, then how did your parents work it when you were a child? Will you use the same system for your own children?