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28/06/2013 at 19:01
I am thinking of starting pocket money with B.
I was thinking a pound a week and if he choose to put it in a money box instead of spending it I would add 5 or 10p a week extra, not sure how much at the moment.
What do you think?
28/06/2013 at 19:07
Both of mine get pocket money, E £3, J £2, they both put it in their money boxes and if they want to buy sweets, go to ice cream man etc it comes out of there. It builds u pretty quickly, J is saving for the new Sunderland strip at the min and E is saving for her holidays.
28/06/2013 at 19:08
He's almost five isnt he? What are you asking him to do to earn it? I think it's a good idea but I woukdnt bother giving him interest, unless you did it say every three months otherwise he might take it back ou to spend it? Or am I thinking too deeply about this?
28/06/2013 at 19:16
I've been thinking the exact same thing today after buying a very expensive children's magazine. I allow him a 'treat day' which is Friday as he was always asking for sweets and chocolate in the shops and this has worked well for us. I'm now thinking for when he wants a new car or ball or whatever he should save up himself but I'm unsure if he would get really impatient having to wait. But then I don't want a spoilt child with no concept of the value of money haha. I'm going to speak to H tonight but I think maybe 2 francs a week which is about £1.50. You can't buy much here for that so I think he'd need to save forte whole month to buy a new set of cars for instance. Is that stingy??
28/06/2013 at 19:30
He is five. Also he currently has a system that if he does a job around the house it goes into a marble jar and when that is full he can get a piece of lego. Since there being a 'value' attached to completing jobs he has actually been less willing to help out around the house!
I also wanted to encourage him to save money hence the interest idea...
Lindtbunny I think that is on the generous side but as obviously expressed with my pound I'm stingy
28/06/2013 at 19:32
Ha maybe it's the pressure of doing the jobs that's made him less willing to do them?? Children are funny.
Well I have to factor in the higher cost of living else it would be a straight pound
28/06/2013 at 20:00
We give my daughter a pound a week. It does add up as she doesn't get much of an opportunity to spend it most weeks! She had saved up £12 and spent it last week on a couple of books and some sweets. Half the time she forgets shes got the money anyway. I don't pay for chores yet - that will come. I do want her to learn about how to manage money sensibly.
28/06/2013 at 20:05
I don't think you need to give him extra for saving it, like cedar says, most of the time they forget it's there. Mine don't get it for chores but I do expect them to tidy up after theselves etc.
28/06/2013 at 20:19
I must be really mean, K is 6 and doesn't get pocket money yet. She doesn't ask for much either TBH. Her treat tomorrow is a trip to the library!!
28/06/2013 at 20:22
My son is 7 and a half and doesn't get any yet! One of his friends gets £5 a week, I'm glad my boy hasn't discussed it with him!!
28/06/2013 at 20:34
We offered my daughter pocket money last year when she was 5 and she turned us down! She's only been getting it since she was 6 - though I was putting a bit in her money box every now and again.
£5 a week seems bit excessive at 7. We thought a pound a week meant she could spend it on sweets without getting an excessive amount or learn that if she wants a comic, say, she has to save up for it.
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