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Allowances, pocket money and going rates

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#1 Feral*Spikey*

Posted 19 July 2013 - 05:49 PM

Help me oh wise ones of EB!

Until recently, DD's allowance, if we were to call it that, was taken care of by me buying her a toy while we did the weekly shop.

Circumstances have changed, and DH now does the shopping, during the week when DD is at school.

DD makes her own bed, and packs her bag, takes care of her washing (putting it in the laundry basket and putting the clean stuff away), as well as helping tidy and a number of other small chores.

We want to give her an allowance or something, so she gets more familiar with money (no canteen at her school, so scope for using money is limited), and the idea that chores are worth something.

Share with me (and DH) your best ideas, rates, and thoughts on how much we should give DD, how we might work it out, and how do you make it a learning experience!

Neither DH or I got pocket money as kids, so it's not something we're terribly familiar with.

#2 Poss and Soss

Posted 19 July 2013 - 05:55 PM

What age?

#3 Mrs Lannister

Posted 19 July 2013 - 05:57 PM

Rough guide is $1 per year so a 5yr old $5, 10yr old $10 etc

#4 CallMeFeral

Posted 19 July 2013 - 06:10 PM

I give my 3 and 4 year old their age in dollars, per week.

#5 CallMeFeral

Posted 19 July 2013 - 06:14 PM

Oh as for making it a learning experience question, a money blog I read called simple dollar has some excellent suggestions.



However my kids are still getting used to the concept of saving and spending, so I don't yet do what he suggests (a portion for saving for the future, a portion for charity, etc). I hope to move to that later.

#6 IShallWearMidnight

Posted 19 July 2013 - 06:56 PM

QUOTE (CallMeProtart @ 19/07/2013, 04:14 PM) <{POST_SNAPBACK}>
Oh as for making it a learning experience question, a money blog I read called simple dollar has some excellent suggestions.



However my kids are still getting used to the concept of saving and spending, so I don't yet do what he suggests (a portion for saving for the future, a portion for charity, etc). I hope to move to that later.

excellent links, thanks!

#7 Feral*Spikey*

Posted 19 July 2013 - 08:25 PM

Oops. She's nearly eight.

#8 Jen1

Posted 19 July 2013 - 09:01 PM

Free.  biggrin.gif

#9 EsmeLennox

Posted 19 July 2013 - 09:16 PM

Our kids have set chores and get paid $30/month, so roughly $1 a day. Of that though, $10 must be banked, so in their pocket they get $5/week.

#10 FeralProudSwahili

Posted 19 July 2013 - 10:13 PM

My 6 year old gets $1 a week.

I'm stingy, but until I get better value for my money, $1 a week it is.

#11 Justaduck

Posted 19 July 2013 - 10:23 PM

Apparently kids are getting nearly $50/wk for two hours chores! Send me to their house, I will do odd jobs for $25/hr


#12 Jaffacakes

Posted 19 July 2013 - 10:29 PM

My DD (almost 6) started getting pocket money at the start of the year to help familiarise her with the concept of saving, spending, banking (which they do at school) etc.

So gets 50c for each of her two assigned chores that she does (so up to $1 per day). DS1 (who is 3 and has no idea about it all really), gets 50c per day for his one assigned chore.

#13 harryboy

Posted 19 July 2013 - 10:30 PM

My son turns 9 soon and I am thinking I will start to give him $5 per week for a few basic chores. Up until now he has needed very little and when he has wanted something I have sold something he no longer wants on Ebay for him to use that money. Personally, I can't fathom what say a 5yr old would do with $5 every week....to me it just encourages them to buy stuff they don't need.

#14 EsmeLennox

Posted 19 July 2013 - 10:33 PM

My 6 year old tends to save his $5/week up and then buys one larger thing with it - at the moment he's saving for an octonauts toy which retails for about $70. He has also in the past saved for lego sets etc. Sometimes he buys craft supplies too.

None of my kids tend to spend their pocket money on lollies or crap, they tend to save and buy something larger. DS1 spends his life saving for fishing equipment, DS2 is saving for a 3DS.

I guess you can argue that they don't 'need' some of these items, but what they are learning is that you can't have something the second you want it and that things that they want have a value. I think that's a pretty important lesson, even for a 5 year old. wink.gif

Edited by Jemstar, 19 July 2013 - 10:35 PM.

#15 2bundles

Posted 20 July 2013 - 06:55 AM

Mine get $5 a week. They are 8&10.

Ds mostly saves his, dd mostly spends hers on rubbish.

They probably should do and get more, but they don't ask.

#16 lottie9

Posted 20 July 2013 - 07:01 AM

We don't link chores to pocket money. I expect the kids to do chores as part of their family responsibility.

For us, pocket money is more about learning to budget and make choices about spending, rather than about the idea of earning money.

#17 bahalee

Posted 20 July 2013 - 07:41 AM

Mine only get 40cents a day for 1 small chore in addition to packing up, making beds. They only get it if they do their chores. If they forget can't be bothered or don't do it properly, no payment.

I want them to learn you have to earn money and to take pride in work and to work hard if want something. If they do extra chores such as collecting firewood for a couple of hours, they get $5. Sometimes they ask for extra chores to earn for a toy they really want.

Mine also have a save month and a spend month but if saving for big thing spend money gets put aside. Can't spend from bank acct as want that to be for future. I put $10 a month on top of their earnings in bank accts.

Mine are 9, 7, 6 and 3. 3yo hasn't really started on chores yet but will soon. Will increase rate once their chores increase.

Edited by bahalee, 20 July 2013 - 07:42 AM.

#18 SisterMaryElephant

Posted 20 July 2013 - 09:11 AM

Mine don't get any.  They are 10 and nearly 8.  They do get birthday money from grandparents which they choose to either save or spend on what they'd like. And tooth fairy money. They do have a good concept of value and any big ticket items they really want they can wait for their birthdays.

#19 AngryBird

Posted 20 July 2013 - 09:20 AM

No pocket money for chores in our house - we all do the housework because we all live in the house! If you don't want to empty the bin/wash the dishes/unpack the dishwasher you are welcome to not put rubbish in the bin/use clean dishes!

Our older boys get paid for walking the dogs and cleaning up the dog poo. $3 per dog per day/every time it's done. We did this because at 13 and 10, it gives them the opportunity to develop it into a small business in the future, if they want to. (dog walking)
The younger kids often bargain certain extra tasks for "marbles" which equate to dollars. I don't offer them but at 7 and 8, they know the older kids are getting paid and want to get in on the action as well.

One thing we do with payment though, is have a once a month "pay day". Last day of the month is pay day and whatever they have accumulated over the month is tallied on that day. The first day of the next month is shopping day, when they can spend what they have earned. So they "save" all month, and don't often spend the month's worth in one day. Sometimes they'll pay me during the month for a $1 ipod app, which is fine but actually going out and shopping for "stuff" is confined to once a month. This usually means they save up for stuff.

#20 Ice Queen

Posted 20 July 2013 - 09:25 AM

DD is 4 and she now gets $4.  We only just started.

I am often spending money at Smiggle and the shops for small things (not every time but occasionally) so now this is where those treats will come from.  She is in a very 'I want, I want' mode at the moment which drives me mad at the supermarket as I refuse to indulge her every single time I set foot in a shop.  She now can learn the value of how much things cost ad only buying things she really really wants.  So no more cheap rubbish is being bought than before and I am hoping it will actually reduce.

And yes she has to help me more during the week.

#21 tenar

Posted 20 July 2013 - 12:25 PM

We give $4 to our 4yo and $2 to our 2yo (not that the 2yo can use her money, she just wants something to post into her piggy bank.

We got them both a Money Savvy Pig piggy bank when DD1 turned 4.  It has slots for saving, spending, investing and donating.  We are working on DD1's understanding of the idea of spending money vs saving money.  We started when she turned 4 because it's so simple and concrete to give her 4 $1 coins - one for each slot.  

We don't tie money to chores in this house because we believe it's more important to understand how to deal with money once you have it (ie save/spend/invest/donate) and because we think everyone in the household should do chores according to their ability anyway - it's part of the deal of living in a family.

#22 Chocolate Addict

Posted 20 July 2013 - 01:53 PM

We have a chore chart - it is stuff that should be done anyway, make bed, bring plates/cups in, put clothes in laundry etc.. but it is an incentive to get him to do it, he takes after me and is a bit lazy. lol

The chart has about 7 things listed and it is his job to put a tick in each box that he has done. At the end of the week he gets paid 20 cents for every tick.

He has potential to earn something like $20 but the most he has earnt is $10.30 and that was a one off, he normally gets between $3.60 and $5. If he doesn't tick it by Sunday morning then it isn't included, even if he did it.

He hasn't ticked anything this week so will not get paid. He can do what he wants with his money, he doesn't eat 'junk' food so usually buys a small toy or saves up for something bigger.

We also do school banking, which we bank $3 a week.

#23 Perpetual

Posted 20 July 2013 - 02:01 PM

My 3 3/4 year old DS gets $2.50 a week so long as he is good at pre-school.

It is about him learning about money, and the whole currency exchange for products. He knows a lolly-pop costs him the big silver coin, and he can get a car for the little gold one.

Most weeks he saves $2.00 in his money box and just buys the lolly-pop. He hasn't yet worked out saving to buy bigger things, but we'll start teaching that soon.

#24 kazzamama

Posted 20 July 2013 - 02:34 PM

We have a velcro chore chart, with stars to stick on various chores. DD (3 1/2) and DD (almost 2) can both earn stars by helping with putting away clothes, tidying up, helping set the table, etc. This is usually voluntary - I don't expect much from them at this age (although I do generally expect some level of tidying their toys). After they collect 5 stars, they can (and usually do) redeem them for TV time. This way we are minimising TV, which seems to make them quite naughty if they watch too much. Sometimes I let them have 'free tv', if I really need to have some time to myself or need to get something done!
They love to put our spare change in our money boxes, but don't get pocket money yet. I like the idea of giving money for good attitude and initiative rather than for chores, which I think should be expected of anyone living at home. My dad didn't give us pocket money for chores, but would every so often slip me $20 if I happily did the dishes or vacuuming without being asked. So I managed, and learned that attitude goes a long way.
Likewise we don't give our DD a star if she is screaming and carrying on while packing up, but she might get 2 stars if she does it happily and without being asked. She sometimes gives me a big smile as she's putting a toy away and says 'look mum, Happily!!'  biggrin.gif
I think maybe we'll transition to money rather than stars when DD starts school... she's quite happy at the moment with stars and TV for currency!

#25 Madeline's Mum

Posted 20 July 2013 - 02:51 PM

We put at least $20 a month into a high interest saving account for when he is 18+ so when he turns old enough for the concept of pocket money we'll need to look into him putting part of his pocket money into that account so he understands the concept of savings.. I think we'll do $ for age original.gif

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