Pocketmoney – How much?

October 25, 2010 By Cassandra
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I think this must be the longest I’ve not blogged for since I started blogging, I just haven’t felt like it so much lately so I thought I’d have myself a little blogging break. I’ve been enjoying time with my children which, ultimately, is what this blog’s all about and now, after a week off, I’m back, not exactly refreshed but I’m here anyway and I need some advice.

Our Chore Chart has been up and running for the last week and it’s been pretty successful so far. Pocket money day is now fast approaching – In fact, it’s been and gone once but we went out for the day at the weekend so we bribed the kids with treats instead of pocketmoney but this week I’m going to have to dig deep and pay up.

Now my question of the day is…. How much pocket money should I be giving them?

I was thinking £2.00 for Miss Frugal as she’s the grand old age of 8 and £1.00 for Master Frugal, who’s my baby at just 5 but I have no idea what the going rate is these days so I have no clue if that’s on the money (see what I did there lol). We pay for all their activities, I buy a few sweets with the weekly shop so I can make sure they don’t eat too many and I doubt I’ll be able to resist the odd treat or two for them so they don’t actually NEED pocketmoney but I do think they’re at the age where they should have it.

So help me out here, what do you pay your children and what do you do to encourage them to save?

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cathy @ nurturestore · 754 weeks ago

B is 7 and has been asking about haivng pocket money and I've no idea how much to give - so I look forward to reading your other comments to give me the answer! We're going to agree what kinds of things she can spend her money on though - she's not having £2 of sweets every week! I think she'll want to save up to buy new story books and craft things, and I'll encourage her to use some to buy her sister a Chirstmas present.

1 reply · active less than 1 minute ago

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Cass@FrugalFamily · 753 weeks ago

I've banned sweets from the pocketmoney spending x

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GGG · 754 weeks ago

OK, this is ging to sound extravagant but Our Eldest (13) gets £45 a week BUT that has to cover Pony Club, non essential clothing, her other hobbies, Console games and anything else that would normally be paid for parentally.
DD2 (9) gets DLA for Epilepsy so she gets £20 a week out of that, again to pay for non essentials, last month she bought herself an electric keyboard, she had saved for it.
DS1(8) & DS2(6) get £10 a week, out of that comes any bits and bobs they want to buy, their fencing classes and other non essentials.

We don't let them use it for sweets and they stil have to put 10% of it in their money tin to go into their bank accounts.
It may seem like they get loads (I used to get £2 a week and went straight to Woolworths to buy a record) but I am trying to teach them how to budget their money. If they want something big they have to pay for it. I guess it's more of an allowance than pocket money.
We are not the sort of family that does the "oh do you want that toy" more if the "If you want that toy then you have to pay for it out of your money".

1 reply · active 753 weeks ago

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Cass@FrugalFamily · 753 weeks ago

lol I used to spend my money on a single from Woolworths as well.

I like that all of their activities come out of their pocketmoney as well. I might try that too x x

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Lynn · 754 weeks ago

My 13 year old and my 10 year old both get £3 a week. They tend to save it up for things like console games (usually second hand from Game).I pay for dance classes and Sea Cadets.

1 reply · active less than 1 minute ago

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Cass@FrugalFamily · 753 weeks ago

That sounds like just the right amount x

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yummymummyno1 60p · 754 weeks ago

My 11yo and 12yo get £2.50 each a week and I also top up their mobiles by £10 each month too. I know it doesn't sound much but they really don't *need* pocket money.
My 11yo spends it as soon as she gets it - normally on a magazine or something from Claire's but my 12yo never spends his and saves and saves until he can buy something with it. He recently saved for weeks and weeks to buy a new Nerf gun and I was so proud of him!

1 reply · active 753 weeks ago

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Cass@FrugalFamily · 753 weeks ago

I'm hoping that my two will want to save theirs - I'm going to reallt encourage them as much as I can x

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savesnine · 754 weeks ago

My 14 year old gets £3 a week and my 12 year old £2 a week - at 10 and 12 - it was £1.50 and £2 and at 8 and 10 it was £1 and £1.50
It is not very much
but because they have little they save a lot
they have one magazine (sugar) that they share a month and in the holidays I pay for a swim and a cinema each... they pay for extras of those

It is rare that each child does not have £20 saved.

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Cass@FrugalFamily · 753 weeks ago

That's excellent - they sound really sensible. You should be very proud x