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06/06/2013 at 09:21
Do you give it?
if so, how old are they?
How much do you give?
Do they have to work for it?
Trying to teach N (4.5) the value of money!
06/06/2013 at 09:31
My little one is only 9 months so too young to understand the value of money at the moment. He has his own bank account which I pay £10 a month into it and any birthday / Christmas money too. The reason I am doing this is because I know what it was like for me and H to get a deposit together when we brought our 1st house so I want to give little man a start in life. With regards to pocket money when he is old enough to understand I will maybe give him £5 a week but for that he will 1 have to behave himself all week and 2 do some household chores like keeping his room tidy and putting his toys away after using them. Think it's a bit extreme to expect him to do the washing, ironing cooking and cleaning for a fiver a week although tempting, lol x
Each parent is different in the way they bring up their children and there is no wrong or right way. What one does another may not agree with x
06/06/2013 at 09:44
I think it is a good idea, and also teaches them about helping out and being part of the family. Molly is nearly 4 and has the job of laying the table and helping to clear it and now also helps to make her bed and tidy her toys. As such she doesn't get pocket money (well she raids the change from OH pockets ) but if she has been good and helpful she gets the CBeebies Magazine which she loves.
With our eldest we started pocket money at Junior school adn she used to get £2 a week plus her clubs (expensive to say the least probably £40 a week) now at 15 she gets £25 a month, plus £35 phone bill, plus £50 for clothes - for this she does the washing up, drying up, putting away, recycling, keeps her room reasonable (we have a different opinion on this but hey ho she lives in it not me!) and does the ironing. So in total she costs me £105 a month.
We also save £50 a month per child and so do my parents which is a nest egg for education/housing/wedding/car etc, birthday money for the youngest goes in the same account, Lauren spends all her birthday and christmas money but she is that age.
06/06/2013 at 09:48
My two aren't old enough yet, but like Mrs Poon we pay money into an account for each of them, which we will give them when they're old enough to need it and put it to proper use, either driving lessons/car/house deposit etc.
E is two, and if she behaves and puts her toys away then we do get her the ITNG magazine.
06/06/2013 at 09:50
E is 9 and has been getting pocket money for a few years. She gets £3 every Saturday, she doesn't have to work for it as such but she does have to make her bed on a morning, make sure she is up and dressed for school etc.
J is 4 and gets pocket money because he wasn't happy when he realised E was getting pocket money and he wasn't. It used to be £1 but he has cottoned on that E is getting more than him so always collars us for £2
It does teach them the value of money and its good to teach them to save for it. E is really good at saving, she saved her birthday, Easter and pocket money and bought a tablet for £180.
06/06/2013 at 09:59
We get him to help round the house anyway, just little things like laying the table , putting toys away, he likes to put the washing machine on and occasionally follows me round with a duster. In theory he is very goo and understanding and if I prep him before we go into the supermarket and say that he can look at the cars but we're not buying any today he's fine. But when he has seen them that goes out the window and he kicks off sometimes. We've explained as much as you can with this age that the reason daddy goes to work is to earn money that then pays for our home, clothes, food, toys, holidays etc but I think if we give him some money he will see that it doesn't go very far. I was thinking 5fr a week (about £3) because there's not much you can get here for that, not even a small car so if he has to get two weeks' worth it means saving and then buying himself.
06/06/2013 at 14:47
My daughter is 6 and she's started getting it this year. She gets £1 a week which doesn't go far - but she has to save up if she wants something. She still asks for things but I just remember the word 'no' and repeat it endlessly (unless I'm feeling really generous).
The other week they had a wear your own clothes day at school and she needed to take a pound in. I was going to give her the money but she wanted to use her own.
Its a good thing because one thing that is different these days is that we use plastic rather than actual money so much more often to pay for things that she won't get the same practise of doing that in shops that I had when young. I remember standing in the queue with my parents and working how much something cost and how much money I needed. These days the prices aren't on things so you can't even do the getting the money ready while waiting.
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