How Much Pocket Money to Give to Kids?

Findo on 15/08/2016 - 11:33
Last edited 15/08/2016 - 14:27 by 1 other user

I am trying to work out how much pocket money to give to kids. The two children in question are 11 and 8, with the 11 year old turning 12 early next year and going into high school. When I was a kid I was given $5 a week, with $2.50 put into savings and $2.50 for me to spend. However, I think the rate has lifted a little and I'm not so sure what's an appropriate amount anymore.

Would linking pocket money to homework be a good idea, or should they be seperate? Would $7 a week for the older one and $4 a week for the younger one be sufficient?

Edit: They aren't my biological kids, nor am I their stepfather - I'm more of a close family friend of a single mum in a somewhat father-like position at the moment.

Financial

Comments

  • geek001 on 15/08/2016 - 11:45
    +3

    My older kid is 10, there are a list of things he needs to do each week. If he completes all of them, he gets $5. If he misses one, he gets $2, misses two tasks, he gets $1, more than 2, he gets $0. He is still in primary school, so the things he asks for are still quite achievable if he saves them up for a few weeks. I guess larger value presents are limited to special occasions. I am no expert at parenting, but it works for my little family.

    I guess you decide what works for your family. :)

    • Findo on 15/08/2016 - 12:37

      I think that is a great idea. I've been thinking long and hard about motivating the older one to do better at school, and to take more care in all her work. All she thinks about is netball and that stupid app 'musically'. For the younger one, his mind keeps jumping from things to things and it seems he finds it hard to save.

      You reckon $5 for completing all tasks, $3 for missing one and $1 for missing 2-3 and $0 for > 3 tasks missed for the older one, and $3 for all tasks, $2 for 1-2 tasks missed, $1 for 2-5 tasks missed and $0 for > 5 for the younger one? I don't see them every day and I see them probably 5-7 times a fortnight, so they'll need to be honest in filling out the charts.

      • geek001 on 15/08/2016 - 13:48
        +1

        You can try to motivate them by actually being there helping them with their homework. My kids tend to finish their homework to a higher standard if I sit there and help them with it. I do try to motivate and inspire them to do better in the basics, English and Maths. The rest is kinda optional. Just be aware that not all kids are meant to go into higher education, but all kids should be able to read and write and do basic primary school maths. I don't tell them they must be good at science or sports, I tell them that whatever they choose to do, be the best even if it is just folding their clothes or keeping their things after playing. Whatever they choose, they must also REALLY want it(because equipment is not cheap!) and I will help them in whatever way I can. My older kid loves music, I don't know much about music, so I just sit there and listen while he plays his instruments.

        In terms of pocket money, it really depends on what they want to do with their pocket money, my kids generally want to use it to get treats or lunches from their tuckshop(in addition to their packed lunches). So the amount really depends on what they can buy from their tuckshop. The school my kids go to, you can get treats for a lot less than $5. I know some schools have banned "unhealthy" treats from their tuckshop and only allow kids to buy healthy "treats" which I assume would cost more than $5.

        • Findo on 15/08/2016 - 14:42

          Thanks geek001! I do try to be there for them when they do their homework, but it's hard because they don't want to do their homework when I'm there. I want to support them as best I can and give them the best shot at everything, despite their circumstances.

        • geek001 on 15/08/2016 - 15:39

          @niggard: Good on you. I can't imagine what it would be like if the kids weren't mine. It would be infinitely harder for them to listen to you. Have lots of patience(and some wine!), eventually your well wishes will shine through. Good luck.

  • ChillBro on 15/08/2016 - 11:49
    +3

    Give them pocket sand instead. They will have something to play with at all times and will even be able to defend themselves against bullies.

  • mick123 on 15/08/2016 - 12:16
    +19

    I have 2 kids and I have put a chart on each kids wall labelled "inheritance".
    Every time 1 of them does something good, I raise the movable line on their chart higher and lower their siblings' one by the same amount.
    I do the opposite for when they do bad/naughty things.

    I am nominating myself for father of the year 2017

    • Findo on 15/08/2016 - 12:21

      I like that idea! Except I'm not their biological father, so they don't really have much to do with my (little) estate :)

      Maybe further down the line I'll include them in my will.

    • tomsco on 15/08/2016 - 13:50

      Hahaha. Good as.

    • geek001 on 15/08/2016 - 13:52
      +4

      I wouldn't do that. Getting them to focus on their inheritance will only make them wish you kick the bucket sooner. Lol.

    • Ryanek on 15/08/2016 - 13:59

      Ah yeah nothing like a bit of Hunger Games style sibling rivalry.

  • Adz81 on 15/08/2016 - 14:26
    +4

    Bah! Pocket money. In ol' country, "pocket money" was earned and directly proportional to hours spent in the local potassium mine.

    As my grandfather used to say, "Old enough to spend it, old enough to earn it… Now back to the mine, you little bastard…"

    • itajac on 15/08/2016 - 18:30
      +1

      I liked the old enough to spend it, old enough to earn it bit. Not too keen on the mine and swearing part :D

      • Adz81 on 15/08/2016 - 18:32

        Dear old grandad, the potassium mines left him with a rather select vocabulary :-D

  • altomic on 15/08/2016 - 15:45
    +4

    $0

    though occasionally we'll go shopping or be overseas and I'll give them some cash. $5 - knock yourselves out.

    they get money for birthdays, christmas, grandparents.

    last week they held a garage sale and sold (tried to) all their excess stuff so that was their "pay"

  • [Deactivated] on 16/08/2016 - 10:09

    Just put them in charge of the family finances. They have to learn some time.

  • Sensiekatie on 16/08/2016 - 10:37
    +1

    Our neighbour has a 13 year old boy with a tendency to be lazy. If he doesn't do all of his chores, there is no pay on Thursday. I heard his father explain that when he (the father) doesn't go to work, he doesn't get paid. Same rules for the kid.

    Your idea of saving some is good. They also need to acquire budgeting lessons and being responsible for menu somehow. The older one with more responsibility than the other and the younger in smaller ways. Eg, if they have expenses such as bus, train, tuck shop once a week - they get that money too And they have to not spend that. Start gradually - if they don't use it for the purpose, then they do without. So perhaps basics like getting to and from school shouldn't be included on otherwise they will spend it and not go to school.

    • Findo on 16/08/2016 - 17:50

      I tried to introduce YNAB to them but they weren't interested :(
      Nor were they interested in the stock market.

  • [Deactivated] on 06/03/2017 - 13:38
    Merged from Kids Pocket Money: How Much Is Enough?

    Similar to the other post: https://www.ozbargain.com.au/node/295421

    For kids that go to school, should I give them money? If so how much?
    What about when they are teens, should I give them money for the weekend?
    What if they save the money and use them all at the same time to buy drugs?

    Do they need money? What if I pack them lunch?

    • ronnknee on 06/03/2017 - 14:00

      $1000/week.

    • [Deactivated] on 06/03/2017 - 14:04

      give mine 10K per month

    • psyren89 on 06/03/2017 - 14:11
      +1

      What if they save the money and use them all at the same time to buy drugs?

      At least they'll know how to budget…

    • cypher67 on 06/03/2017 - 14:18
      +3

      I read an article that says you shouldn't give pocket money to kids for doing things that they need to do just to function in normal life, like the dishes, cleaning their room or mowing the yard. It teaches them that to do these basic things, they should be rewarded and in older/adult life, there is no rewards. They should do these chores because they need to be apart of a functioning household. Instead give them 5 dollars for every book they read & produce a report on or school assignment they complete early, healthy lifestyle choices etc. The sorts of things that will lead them to a better career that they will get paid for. Not saying its right for everyone, but it's something to think about.

    • Clear on 06/03/2017 - 14:23

      When I was in high school 10 years ago my parents would give me $5 every weekday. I didn't get extra until I was 15-16 and could get a job. Had to save all the Christmas/Bday money for something good and still managed to live. No Centrelink either.

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