Childrens pocket money?

Question

I have five children aged 11, 10, 9, 7 and 3. Up to now we never gave them pocket money but they always were bought what they needed and if they went out they were given money. I feel we need to teach them now how to handle their own money therefore we are going to start to give them pocket money. What would be a reasonable amount for the different age groups.

Answer 1

I give my children 10p per week for every year of their life, ie the 13 year old gets £1.30 per week. Not much I know but they are on full board

Answer 2

For the 3 year old, the kid's not old enough to know the value of a dollar. Maybe give him/her a quarter a week? For the 7 year old, a dollar or two a week is PLENTY. For the 9, $2. 10? $3. 11? $4. Kids don't need that much money.

Answer 3

I would do this based on school (that way you don't have to work out individual amounts for each age) - £2 a week in primary school should be plenty but once they hit secondary there are more demands on their money - particularly if they walk home with friends who may pop in the shop so I would go up to £5 in secondary.

I agree with other posters that the 3 year old shouldn't be given their money out right but you could give them 50p a week if they go shopping with you to pick a sweet so they get used to the idea of handing a coin to a cahier in exchange for something. This will give them an understanding that you need to give money to get something in shops.

Answer 4

Can't help but agreeing with one of your other answerers on here. They should be made to earn it. I think about £5 should be achievable for 9-11's about £3 for the 7 year old and either put the money away for the 3 year old or declare it too early to start. Household chores, washing the car, keeping their rooms tidy, making you tea, gardening. It might also be worth YOU taking on an evening paper round and taking the older ones out on it, (good practice for when they're 13) make them do all the leg work.

Start them all off with a savings book for christmas as well. Put £1 in it. Then tell them their christmas present for next year will be that you'll pay them a percentage (or even double) the balance, to encouage savings.

Answer 5

3 year olds do not need pocket money......A 7 year old should have maybe a dollar a day for school....Same goes for the 9/10/11 year olds, other than school they should not even be packing money around because where are they going to go on their own? Their too young.

Answer 6

between 7/9/10/11 about £3 more or less
its up to you
base it on little tasks or chores they have to do
in a week ie clean/tidyup/ or whatever as for the little 3 yearold i dont think he would understand the value of money

i hope things work out for you
X

Answer 7

It very much depends on what you can afford. However, given the ages of the children, I would suggest: £10.00, £8.00, £5.00 & £3.00 for the eldest children respectively, whilst the youngest doesn't get pocket money at such a young age until S/He begins to attend Infants school (full-time).

Answer 8

For me as i am still young and i also have younger sister and brother, i would prefer my parents to give us the same amount of money per month.. but eventho my parents give us pocket money, they still put some money into our banks each month for future use..

Answer 9

it all depends how much your household budget worksd out...are youu talking weekly or monthly pocket money? see how much their friends get.
mind you with each week/month i bet they will need more than what you give them...good luck, get back to us on this one

i dont give my kids pocket money, like you i buy them what they need as they need it, but dad gives my eldest child(15) £20, my middle one(14) £15 and youngest one(12) £10, but really its still not enough for them at the end of the day.

Answer 10

I would have them work for the money...doing chores and the such. It will teach them the relationship between work and money. When work equals money then they are less likely to piss it away because they know how hard it is to get.