What's The Going Rate For Pocket Money

[echnidna]

What's The Going Rate For Pocket Money for 10 & 12 y.o's :)

[weisyboy]

how amny chores do they do?

[Papa]

That is a wide open question. For everyday, $5 should be enough. If they are going to
a function, what ever is required plus a small pad.

This is really a "how much do you trust the child" thing.

My grandkids have a credit card with a fifty dollar limit. This prevents them from
dealing with unknowns. But if they want a snack or something like that they have the
money. They are closely supervised and are held accountable for every penny they
spend. They are 8 and 11 BTW. Also if lost or stole the cards are useless with out
the pin.

This also helps when they need something at school and they pay for their lunches
with their cards.

[RufflyRustic]

I'd hazard a guess between $5 and $10 a week, with a couple of qualifiers. The amount would depend on what they will do with it. Fritter it away? Save it for something special, or is it so they have a bit of money in their pocket if they need it to say call home?

Mum and Dad gave my brother, sister and I pocket money according to our ages, from 4 years old - starting at 20c a week back in those days:D. It went up every year by 50 cents until we started getting Austudy or we got a part time job. It was never enough to buy lots of stuff, but it taught us to count our money and to save.

cheers
Wendy

[Wongdai]

Depends if they are doing their chores or not. I would say $5 on good behaviour.

[ss_11000]

i'd say no more than $10 per week unless they need to spend money on a daily basis for lunches or bus fare etc.

[Steve Fryar]

$10 for mowing the lawns,$5 for lesser work.That way it is up to kid how much he wants.That is, if he wants $20 he has to work for it.

[Howdya do that]

I believe they should they work for it. I used to work on $5 an hour but they now have part time jobs and earn about $12 an hour. So guess who washes the cars, mows the lawn etc etc:rolleyes:

[Jim Carroll]

Dont worry about pocket money, notice everytime you go out they do not dip into their pockets, it is always you who has to pay.

By giving them pocket money you are paying twice.

Set them up with chores you want them to do and see if they stick with the program if they do then work out a gratitude from there. As little as possible at first so they do not get too greedy and see if they save or splurge.

[Sturdee]

What's The Going Rate For Pocket Money for 10 & 12 y.o's :)

Nothing.

Teach them about the real world and tell them if they want money to spend to get a part time job to pay for it.

Meanwhile they would be expected to do their chores as part of living at home wher you provide the basics. If they fail to do their chores then they don't eat either.

Once you give them money they start to live on the "give me I deserve it" principle rather than the "I need to earn this" principle.


Peter.

[weisyboy]

where exactly is a 10yo gunna get a job?

if they do stuff ontop of tere normal chores like mowing the lawn then give them some money but not just a set amount each week.

[Alastair]

FWIW my 2 were getting $20/month at that age.
Upped to $30 at about 14/16

Now with my eldest starting Uni, I will probably up that a bit again.

What comes out of it?

Things they want for themselves, which do not fall under general family living.eg if I book for a footy match, for us, I pay
Same for movies
If want to see extra movies----theirs
Sons XBOX games
Daughters extra books, outside of gifts
Xmas and birthday gifts, (the small personal ones)
Snacks/junkfood etc
Clothing etc which doesn't fall into "general apparell"

Generally fairly flexible.

Kids are expected to help with chores, etc, but no specific rosters. I throw a tanty if they are slacking too much.

Their principal "jobs" are considered to be their studies and sport.

regards

[Papa]

Their principal "jobs" are considered to be their studies and sport.

regards

Same with the grandkids. They have a lawn service and a housekeepper, so the kids
are to keep their rooms neat,and make life for Mom as easy as possible.

[astrid]

They should keep their own rooms clean without being paid, your mess, you clean it.

I give my daughter (15) pocket money for doing stuff that helps me out over and above here own mess, $20 bucks pw, this is for her to spend on her drawing hobbies, reading, and anything else she likes that are personal goodies.

I still pay for necessary clothes, tampons etc

Ditto my son age 11, he gets $10
I dont think it's a very good idea to introduce kids to a credit card paid for by someone else.
let them manage a piggy bank first :grin

[Papa]

let them manage a piggy bank first

They went through all that.

[fenderbelly]

My nephew worked with a guy who sat down with his kids and they worked out how much each chore was worth.

if they did a chore they got an IOU for the agreed amount.
If they wanted to buy something for themselves he asked if they had enough IOUs , if the answer was yes they cashed them into him.

He reckoned that way they learned the value of money better and that you worked for what you wanted in life.

seemed to work OK.

When my lad was 14 he went to work with his mum for 2 hours a night after school for $20 a week.
Cheers Fred

[funkychicken]

What's The Going Rate For Pocket Money for 10 & 12 y.o's :)


Zip, if they want money they have to earn it

[astrid]

How much money you give your kids i suppose depends on how much work they do and what you expect them to buy with it.
If I asked the teenagers to pay for their own pimple cream, deodorant (they need lots) sanitary napkins or other items of personal use. Id have to pay a lot more, then they would spend it on something else and I would have to buy said products anyway:cool:

[Wongo]

My older one is only 7. When she gets to 9 or 10, I might give her $1 a day. Does it sound fair?

[astrid]

I think pocket money should be given as a reward for work, So they can buy their own fun things, not stuff you'd usually buy:rolleyes:

[astrid]

Believe me there are some things kids buy with their pocket money you just would'nt think of.

blue tac, string, balloons, placticine, vaseline, lip gloss and tissues.
I'm not going to fork out for this stuff but they apparently need it.:oo:

[Jack E]

Pocket money :oo: You were lucky.

I got $5 a week to mow the lawns, it was an acre block too, although I did have a ride on :)

[Gra]

Pocket money :oo: You were lucky.

I got $5 a week to mow the lawns, it was an acre block too, although I did have a ride on :)


Ride on mower, thats not a job, thats fun.....

My daught started prep this year and gets $5 a week. She has to make her bed, have her breakfast before 8:00, feed the dog and some other stuff. It teaches her she has to do jobs to get money (work) and it teaches her the value of money (I want that,
well that will take x weeks pocket money to earn.
Oh.
is a regular discussion at the moment)

the younger (3Yo) on is on a bead reward system, if he does something we think deserves a reward he gets a bead, if he misbehaves he loses a bead. He can then trade the beads for rewards (Thomas trains, books, rides on puffing billy etc). agin they learn to save, a ride on puffing billy is about 150 beads, a thomas book is about 20 beads. The way we have set it up he can get a thomas book a week if be behaves himself. Behaving himself will include putting his dishes in the sink, his dirty clothes in the dirty clothes basket, etc

[Vernonv]

the younger (3Yo) on is on a bead reward system, Best be careful, those beads could be a choking hazard. But I guess if he knows what they are "worth" he ain't going to eat them.

[astrid]

Gra, you give your kids beads for pocket money?
What you trying to do, buy their bedrooms.:U

[Gra]

Best be careful, those beads could be a choking hazard. But I guess if he knows what they are "worth" he ain't going to eat them.


They get placed in a jar, we have two jars, a "bank" and his jar. When he earns a bead it gets transfered from the bank to his, and it also works the other way. He only handles them to count them and then only under close supervision

[Gra]

Gra, you give your kids beads for pocket money?
What you trying to do, buy their bedrooms.:U

nah, just creating hippies

[Vernonv]

They get placed in a jar, we have two jars, a "bank" and his jar. When he earns a bead it gets transfered from the bank to his, and it also works the other way. He only handles them to count them and then only under close supervision
Sounds like a good idea. :2tsup:

[astrid]

a thomas book is about 20 beads. The way we have set it up he can get a thomas book a week if be behaves himself. Behaving himself will include putting his dishes in the sink, his dirty clothes in the dirty clothes basket, etc

How many dirty socks in the basket get a bead?
you'll be in trouble when he figures it out

[Gra]

Sounds like a good idea. :2tsup:

It has worked for us, the threat of losing a bead is a real incentive for the kids to pull into line. the eldest has just gone from beads to actual money and the losing of pocket money works the same as for beads.

We decreed that starting school was the time to do the switch, but that was just an arbitrary decision we made based on the fact the other kids were probably getting pocket money.

[Gra]

How many dirty socks in the basket get a bead?
you'll be in trouble when he figures it out

it isn't number, it is what is left on his floor. When he gets changed he must put his clothes in the basket. if he does he gets a bead, if he doesn't he misses out. He is smart enough to figure these things out, so we have to pre-think the loop holes and implement rules without them (we can think like 3 year olds, just ask Watson:D)

[Vernonv]

... the losing of pocket money works the same as for beads. You're a hard man Gra. :D

[Gra]

You're a hard man Gra. :D

Nah i'm the softie. SHMBO is the hard one....

[weisyboy]

some people never learn:no:

$5 a week is plenty i recon.

[Burnsy]

I have a huge problem with children being given money/beads or whatever else you deem appropriate for what should be normal behaviour or chores. As a primary school teacher I deal with the mentality that this causes everyday and believe me it is a nightmare, so get prepared for the beast you may be creating. Every day I deal with kids that expect and ask for a reward when they have done their work, my answer is you did the work because that is what you are here to do, it is a part of your learning, your other choice is to not do it and spend your time doing it while everyone else is enjoying their time, rewards are for exceptional and consistent effort in my book.

Pocket money is important, it teaches kids to save, but in my opinion should not be a reward, you should set an amount that fits with your household lifestyle and expectations and that should be given to the kid every week. If you need to punish or reward your child find another way to do it. I think if kids come asking for extra money then it should be linked to additional "work" that is not part of their regular chores.

At the other end of the scale is those that get given to much and associate no value with money. To them carrying 5, 10 or 20 cents change is not worth it as it can not purchase anything they want on it's own as such it is simply thrown on the ground (the concept of saving it to add to tomorrows change is just to much effort). I see this far to often as well and considering I work in a low demographic school it really surprises and disgusts me.

The excessive giving is creating a generation of children who have no concept of setting a goal and working for something they want, they need instant gratification and not because they have earned it but because in their eyes they should get it. The lack of values, morals and social responsibility is in part linked in here somewhere and it is sorely missing from a very high percentage of those I see coming through school and the teaching of these ideals in school takes away from time that should be spent on academic education.

Some of what I have said may seem contradictory but there is a feint grey line somewhere in the middle that creates well balanced kids, good luck with trying to find it, I am a new parent so I still have a few years before I need to battle with it myself.

[Waldo]

:whs: :2tsup:

[funkychicken]

When I was smaller I decided to make a robot with parts that came from a magazine called "Real Robots." It cost me $12 a fortnight and boy did I have to work for it. Sweeping the paths, vacuuming etc. resulted in dosh.

If you just give kids money for just existing then they'll get an attitude of, "Free Stuff for Meeeeee!"

[ss_11000]

"Free Stuff for Meeeeee!"
thats what expo's are for - you know those ones you go to where businesses are trying to get you to buy there stuff so they give you bags full of pens and stress balls and rulers etc:D

:roll:

[Lignin]

Wow. Iain,
You're a bit hot under the collar.Not all woodworkers have the benifit of a university education, but it doesn't make their opinions worth any less because of it.
Many posters have been to, and graduated from, the University of Hard Knocks, some even with Doctorates in Experience.
Now, back on topic....................
Irrespective of how much pocket money a kid gets s/he should be taught how to manage it.
As a kid, I got no pocket money, and consequently, when I got a job, I was a hopeless money manager.I've improved with time, but still get the urge to get rid of it before it disappears.
Jim. B.V.Sc., M.R.C.V.S.:B:B

[Burnsy]

As a kid, I got no pocket money, and consequently, when I got a job, I was a hopeless money manager.I've improved with time, but still get the urge to get rid of it before it disappears.
Jim. B.V.Sc., M.R.C.V.S.:B:B
I don't think you need pocket money to learn how to respect and manage money. I can remember my parents giving pocket money on a weekly basis a few times but it never lasted. If I wanted money I did extras like door knocking to rake leaves or clean gutters but as a kid I was always provided for (three meals and presents on special occasions) at home and did not really need money to buy extras.

I consider myself very good with money and this comes from being taught by parents who were also good with money and were open about finances in front of me. I can remember clearly from an early age that my parents saved throughout the year for family holidays and other things like putting in a pool. As kids we were made part of this through being told that we could not have something we wanted now because the family was saving for ???? My mother also kept extremely accurate financial records of all expenditure in an exercise book and she did this in front of us and explained that it was to make sure they had enough money for food and bills.

Because this was modelled to me it became totally normal to set goals and save for things I wanted as well as looking after what money I had including keeping track of it. The value of modelling to children cannot be overstated, it is the most powerful educational tool that any of us possess.

[Lignin]

Both my kids, about Burnsey's age were given pocket money and had to learn to manage it.They are both excellent money managers , but I give the credit to their Mum, and also to the more modern schooling, but it still astounds me how much a lot of their generation depend upon the ubiquitous credit card and its instant gratification.:~:~

[funkychicken]

Just wondering, does constantly spending money on tools count as not managing your money well? Cause then I've failed:rolleyes:

Not that I don't know how to save, I'm saving for a metal lathe right now (Yep more tools)

On the flip side I never buy junk food, clothes (especially junk from City Beach type stores), video games, ipods, hats that are made to be worn sideways etc.
I consider myself to be good with money, how I got to be that way-I have no idea, the lack of free money may have had something to do with it. I guess it's more about what Burnsy just said and not whether a child get handouts or not.

[Burnsy]

Just wondering, does constantly spending money on tools count as not managing your money well?

Only if you are buying Ozito, GMC and medalist tools:D

[tea lady]

I don't know if pocket money actually teaches these things. I remembers seeing/reading (I can't remember which.:doh: ) where a child was put in a room with a mashmellow and was told he could eat it, but if he didn't eat it before the adult came back they would get heaps more mashmallows. Some kids ate them, some kids didn't. I'm sure someone will find the gene for mashmallow eating. :rolleyes: My theorie is its got something to do with procrastination. Procrastinators put off doing things, but they can also put off spending money.:D That's my excuse and I'm sticking to it.:cool:

[Gingermick]

I procrastinate about doing work but spend money like it'll die if I dont

[Jack E]

Procrastinators put off doing things, but they can also put off spending money.:D That's my excuse and I'm sticking to it.:cool:
I put off doing things to justify the purchase of tools or equipment to complete them.

If that's where it stopped I would agree with you but once I have spent the money I still procrastinate.

I think your theory is flawed :)