Pocket Money

September 1, 2008 7:07am CST
I was wondering ... what sort of pocket money do kids get these days? I need to know things like, at what age do you start giving them pocket money? Do you give it to them weekly or monthly? Do they get to spend it all, part of it, or do you make them save it all? Do your kids have a bank account that they have to put their cash into or do they use a 'piggy bank'? Come on everyone, please let me know. I think my kids are getting to the stage where we should start giving them pocket money, so I was wanting to find out what the rest of the world does. Thanks Violetdreams
5 people like this
17 responses
@KUSHANK55 (2437)
• India
1 Sep 08
hi dear violetdreams . great things to know. my kids are grown up. so no more problem of this kind . but yes it is alarming these days with the kind of expenses the kids need to do. for one their school related expenses are too exorbitant to mention. well i will be watching this column rather curiously o know about the recent trends on this!!
2 people like this
1 Sep 08
Yep, kids surely are expensive these days - and I fancy, as they get older - more expensive too! Luckily (or unlickily), my kids are at a school where they wear a uniform so we don't have to buy the fancy designer clothing for them just to wear to school so they can look good... BUT the uniforms can be expensive enough - especially when you have twins and the year they start school will mean buying a boys and a girls uniform the same year - hopefully my older son won't need a new uniform at the same time too - lol! Violetdreams
@nixxi76 (3192)
• Canada
2 Sep 08
My son has his own piggy bank where I just throw in my pennies, nickles and dimes and wow does that add up. I usually put change in there when my wallet starts getting too heavy. Occasionally I"ll put quarters in there as well. When the piggy bank gets near to full, we'll go buy some penny, dime and nickle roll papers, roll it all up and put it in his account. His allowance he gets is about $5.00 weekly that we give him for being good and keeping his room tidy, and this money he can use when we go shopping so he can buy something for himself. Have a good day.
1 person likes this
3 Sep 08
Brilliant plan, but my guys have worked out how to open their piggy's and they end up empty as quick as look at you! Once they get the money out they play with it and it disappears all over the house! Perhaps a bank account is a better idea? Violetdreams
1 person likes this
@nixxi76 (3192)
• Canada
3 Sep 08
Yes an account maybe your answer or.... why don't you buy a piggy bank and not let them know about it and just throw in change and not tell them about it.. just keep it up high where they can't get it?
@icegermany (2524)
• India
1 Sep 08
i really dont know this my child is still small only 2yrs old and hence i dont know but i think as they reach the age of taking pocket money they themselves will let us know. when they ask money and a particular amount of money we parents will automatically know the trend going on. so i need not woory now there is much time left to discuss. in my days when i use to get pocket money i use to spend a little and save a little and it depends on the children and their nature wheather they spend or save and we cant perfectly decide that.
3 Sep 08
Yeah, maybe you are right, perhaps they will (subtly) let us know ... but I'd like them to start learning early so that they can understand the value of money and not squander it but learn how to save for something that they might like to buy for themselves. Thanks for the response. Violetdreams
• India
4 Sep 08
yes i think this is better and i feel its very important that all of them should understand the value of money and then only the person cares for it and respect it if not they just spend it lavishly without thinking how hard is to earn money. and this habbit is going to continue for lifetime and hence they should have a good habbit of saving it. children usually dont understand this and they only understand when they themselves earn but we can try and give an attempt to make them understand the value of money and how hard it is to earn.
@gemini_rose (16257)
1 Sep 08
My three youngest are 8, 6 and 2 and they all receive pocket money, but to receive their pocket money they all do chores. I started them all from young ages, mainly because I want them to learn as soon as possible the value of money. I pay them their pocket money every Monday and they put a small part of it aside to go into their bank accounts. They have proper bank accounts and they get really good interest on the money they have in there twice a year. The rest of the money that is left is theirs to spend as they wish, and what they usually do is spend a part of it on sweets and then save the rest for a toy or something they want. At the moment they are saving for a PS2 game.
1 person likes this
3 Sep 08
Hi Gem Do you pay your 2 year old pocket money? I'd guess not ..? As I said on one of the other posts, I am looking into opening bank accounts for my kids so they can start putting their money away rather than playing with it and then loosing it! Thanks for your response. Violetdreams
@gemini_rose (16257)
4 Sep 08
Yes she gets pocket money too, I wanted to start them young!
@mimico (3618)
• Philippines
2 Sep 08
I don' have kids yet but I remember getting pocket money from my parents when I was around 6 or 7. It wasn't a lot actually just enough to buy a candy every now and then. When I was in 1st Grade, they game me a daily allowance which became a weekly allowance once I hit High School. I think you can start giving kids money once they are in school and once they know how to count.
1 person likes this
3 Sep 08
Once they can count - that makes sense I guess, otherwise it is just like bits of metal to them. Vikoletdreams
@marisriel (1157)
• Philippines
2 Sep 08
i think it will be good to give them pocket money by the age when they already know or understand the value of money, not just on the time that they know how to buy:-) for me the best age would be when they are already in highschool when mostly kids have their opinions on what they really need for their personal things.
3 Sep 08
You are right, but these days the kids seem to know so much so much earlier than I did. Guess we will just to have play it by ear and see what happens. Violetdreams
@cjfoust (614)
• United States
1 Sep 08
When I was growing up, my parents always made us earn our pocket money. Every now and then if they knew we were going out to the movies or something of that nature they would give us a couple extra bucks. These days; however, a couple bucks doesn't seem to go very far. We did have a bank account when we were younger it was great. It helped teach us responsiblity. It always felt rewarding to put money into the bank account and receive a statement every month showing how much interest we had earned. It was also rewarding when we were older and actually had money that we earned ourselves and saved ourselves that we could spend.
3 Sep 08
Hi It sounds as if your parents were very wise people. Having control of your own money from a young age will tend to teach you responsibility. Even if you do mess up every now and again, they are life lessons that we all need to learn. Thanks for responding. Violetdreams
@xphunt3r (244)
• Nepal
1 Sep 08
I am still unmarried but i ask for 25 cent when i was chinl to my grandfather and he gave me. We enjoy a lot with that money. I think these day demands going high for all and they ask lots pocket money
1 person likes this
3 Sep 08
I think you are right - 25cents wouldn't go very far these days. I have no idea what sort of amount to start them off on, or even what age to put the money into their hands and then ask them what they want to do with it. Thanks for the response. Violetdreams
• India
2 Sep 08
This is the amount of money given by parents to make kids feel that they are part of the family and to tell them to take care of their petty expenses. It can be given daily,monthly or an adhoc basis. By so doing it is even important for the parent to explain the child how important money is and how carefully they have to spend it and save it for the future. This brings about discipline in them.
1 person likes this
@GemmaR (8521)
2 Sep 08
Well I am 17, and I get £60 a month from my parents, and £40 a month from a paper round that I do just for fun really. I also get about £20 a month from my grandparents. I get a further £300 a month from the internet, which is obviously my main source of income. Not that much at the moment, but I do hope to make things go a little faster. I don't think you should give children pocket money unless they really need it. For instance, my money goes on bus fares to college, and lunch at college, so I do really need that money. Before college, I used to get £10 a month and that was it, as it was all that I needed.
3 Sep 08
Wow, you sound like you have it all together. Guess life is expensive these days isn't it? What do you do on the internet to get an extra £300 p/month? I think you are right though, it is pointless to give kids a large sum of money if they don't need it - that is just asking for trouble, BUT, a small amount each month is a good idea I think, even if just to teach them a bit about budgeting. Thanks for responding. Violetdreams
@Anne18 (11034)
3 Sep 08
Our children get pocket money at the end of the month and they normally choose something from the argos book. They each have up to £30 pounds to spend, they don't always spend that much. We have four children but one is out at work so doesn't need any pocket money. It is a hard question that you have asked as there is no right or wrong answer to it.
3 Sep 08
Hey Anne How old are your kids (if you don't mind me asking?). I can't imagine what my 3 would do with even £10 each month. They already have so many toys they don't know what to do with them. I am getting to hate birthdays and Christmas - I don't know what to get them! I guess the answers are different for each family and each child. Thanks for responding. Violetdreams
@AbbeyB (670)
• Spain
2 Sep 08
When we were feeling richer the kids used to get poclet money now times are hard they have lost out, my older daughter does dog walking to earn money and my little one is pleased if he gets the odd penny!
3 Sep 08
Aw hon, I know what you mean! Times are indeed lean! I guess more and more young kids are going to have to be starting earlier and earlier to earn their own money. It does help them to learn responsibility so guess it can't all be bad. Violetdreams
• China
2 Sep 08
With the development of our modern society, people's living condition becomes much more comfortable. But along with the intense competition, parents have less and less time to consider children's need in all-rounds. One method to solve this contradiction is to give Children some pocket money.Pocket money is useful to Childeren. But whether kids are considerable enough to make correct use of these money. There are two viewpoints about this. Some people think that giving children pocket money will make them become luxurious. Others think that will not lead to such disadvantage. In my opinion, both of them are partially reasonable. Some people believe that giving children pocket money will definitely has my advantages. With pocket money, children can buy their daily necessities such as pencils, little toys and snacks they like. It will give children a certain freedom to select what they want, make them aware rules of the equivalent exchange. Others lean that it has many disadvantage. cos they are too young to how to spend the money wisely and approriately. They just spent all on, maybe buying a pair of shoes. All in all, we parents should advise how to use them moderately.
3 Sep 08
Yep, you are right, the situation will have to be closely monitored until they learn how to save/spend their money. Violetdreams
@lingli_78 (12836)
• Australia
2 Sep 08
i don't have a kid yet... but i can still remember that the first time my parents give me pocket money is when i was 9 years old and my father gives me on a daily basis... i always get my pocket money when my father send me to school... so if i didn't go to school, i won't get pocket money... that motivates me to be hardworking... :-) and i learn how to save from there... whatever money i didn't use, i keep it... and when it accumulates, i use it to go shopping with my friends... take care and have a nice day...
3 Sep 08
Hmmmmm.... so your dad was really paying you to go to school? I don't think that is a great idea. I guess you did learn how to save, so that was great. Take care. Violetdreams
• Singapore
2 Sep 08
my mom would calculate the amount of money for my transport, food and etc. then she would put in some extra amount, so that i can still get to have some saving. btw, if i want to buy something that fancies my eye, i would have to use my saving. this way i would be able to learn how to save and also not to overspent.
3 Sep 08
Your mum sounds like a very wise lady. Violetdreams
@ajithlal (14614)
• India
2 Sep 08
I think it is good to make the kids save the money they get. One of the way is to start account in the bank or provide them piggy banks. I think kids should be thought to save money very early so that they can save money for the needs they have in the future. My parents used to cut the upper part of the powder tins and would asked to put the pocket money in it. I used to buy things I need using the pocket money when it become full.
3 Sep 08
Very true comment. Thanks for responding. Violetdreams
• United States
2 Sep 08
When I was a kid I really didn't need money until I got to jr. high. (that rule did not apply to when we went on trips as stated in the first response... my parents gave me money on those or when we went to the arcade lol) When you get to jr. high a lot of kids have extra money to buy things at the snack bar, and at the bookstore, and they need it for things like id cards and replacements. I would have to say that its also essential for them to have as they are making their way through young adult hood. They will really miss out on some opportunities. If they can find anywhere to work let them get a part time job as soon as 16! I wasn't allowed to work till I was graduated from high school... so I really missed out on real world experiance and money management!
3 Sep 08
Good point - once they get to those teenage years they are going to need more ready cash aren't they? I am sure they will need to get part time jobs as soon as they are able - that also teaches responsibility, and it certainly can't hurt! Violetdreams