Thursday, 5 January 2012

How much pocket money should you give your child?


I'm currently spending my morning in negotiations with my mini-Lord Sugar. As he is getting bigger and noticing what his peers are up to, I have decided it is time for regular pocket money. He already gets pocket money from his aged Great-Grandmother who we tell him saves it up for him. In reality, she is getting a bit on the forgetful side and forgets to give him it for weeks on end then throws £50 his way every few months. I don't agree with him having lump sums, especially given that he is really bad with money so I put it into his savings account.

A doesn't really understand money like most children on the spectrum. Part of his social skills programme this year at school will involve the kids who have the same support needs as A going out into the real world and having to negotiate financial transactions for themselves. We do this already with him but it's something that we will continually have to work on. So to help him try and learn more about money and managing it yourself, we're going to start a pocket money system.

He already has friends who a shrewd financial handlers and seem to get the most out of their pocket, saving bus fares for days out, goodies etc. A on the other hand, would walk into a shop with £10 and pick something that is £15 and expect me to pay the rest or spend £5 and walk off without the change. Add to this the complication of how I do implement a system that he understands? How do I make him understand what he has to do for this money and how best to spend it?

This is something that I'll have to think about myself but I need advice. How do your children earn their pocket money and what do you think is an acceptable rate. 

12 comments:

  1. Ours get £1 a week, but as no.1 is awful with money in his hand, I put it in their bank accounts weekly. We're encouraging them to do a budget planner, and they're not allowed to spend any money without showing us where the money is coming from. Not an easy one though, and I'm sure we'll be asked for more soon. But if they can't manage it, then I think it's a waste - wait until they can manage a small amount well, then increase it....
    Good luck! ;)

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  2. My son expects people to give him the extra. But when he asks me he gets the response, "earn it" in the next few days we'll be doing charts with him as he's getting lazy with doing anything he currently gets about £13 a month as he has a cheap phone line i pay for (better than spending credit weekly)  and is expected to earn anything else he wants. 

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  3. When I started giving my now a teenager pocket money (he is nt) we worked out a plan... he had three small tins. One tin was for savings, the other tin was for spending and the third tin was for charity. Each week we gave him the equivalent of his age!

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  4. We don't link pocket money and chores. Everyone does chores in this house anyhow, as part of the family. The kids all get their age in pounds every month. So the four year old gets £4 a month, the 10 year gets £10 a month. They can spend it on whatever they want.

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  5. Thanks Di. Trying to figure out weekly vs monthly... xx

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  6. You're a hard man, Paul! Lol. x

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  7. Excellent advice T-J. Thanks. xx

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  8. Mine get £2.50 every Monday morning. That way it's less likely to get squandered immediately. My AS 12YO will almost instantly lose his but his brother NT 9YO saves his. 
    My 12YO hasn't a clue about money and its worth and I've no idea how to change this. He is currently making up a shortlist of holiday destinations for this summer. He throws out things like "Caribbean cruise", "New York" and "tour of Italy". I don't want to give him money related anxiety but tent in granny's garden is the most likely destination the way things look at the moment. 

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  9. Hello Fran, long time no see.  Happy New Year.

    JJ is 8 and he gets £2 per week but from this we expect him to make a contribution at Church.  He can choose how much, normally 50p. By giving him pocket money it means I expect him to buy himself something if he wants it rather than me getting it, ie comic, book at the charity shop etc. I still buy sweets or food out etc and obvioulsy all his clothes.

    We have found it makes him realise how far money goes (or does not go!).

    No idea how you tackle it when your child has additonal needs, good luck. I am sure your consistency will pay off.

    Mich x

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  10. Thanks Ellen! I'm on the same boat with A. I'm sure I'll figure out something in the end. 

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  11. Happy New Year to you too Mich. I hope those gorgeous kids of your are well. It's being a bit of a complicated process and one I think, given his complex needs, will take a while to sort out. Thanks for commenting. xx

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Thanks for taking the time to comment!