Pocket Money

[Nuit]

Can I get some feedback on when you started to give your child pocket-money here (age & how much)?

My SO thinks ours is too young, but she’s already a good counter and has passed the 7-11 test (going in alone to buy a bottle of Supau while I watched from outside).
Yesterday I found her trying to fill her ‘purse’ by emptying the piggy bank.

Is 5 (and a half) too young for pocket-money? If not, how much a week?

[Chris]

For the benefit of Americans, “pocket money” means “allowance”.

[asiababy]

My kids are turning 6 and 8 this week. They get 50NT a week each. They are supposed to do chores and lose 10 NT per chore/responsibility not fufilled, but I admit it’s been hard to keep up with the schedule we keep. I give them the 50NT in 10’s and get them to “save some, spend some”. My daughter actually saves all and manages to pick up stray coins from around the community to save, too (not stealing, just like finding 1nt in the car or on the road). My son gets great pleasure out of spending his money on other people so never manages to save anything. We’re working on it at both ends of the spectrum.

[Nuit]

@asiababy

My kids are turning 6 and 8 this week. They get 50NT a week each. They are supposed to do chores and lose 10 NT per chore/responsibility not fufilled, but I admit it’s been hard to keep up with the schedule we keep. I give them the 50NT in 10’s and get them to “save some, spend some”. My daughter actually saves all and manages to pick up stray coins from around the community to save, too (not stealing, just like finding 1nt in the car or on the road). My son gets great pleasure out of spending his money on other people so never manages to save anything. We’re working on it at both ends of the spectrum.

50NT is bang on the figure I had in mind (& a good idea to give it in 10NT coins). Thanks.
Now to persuade my partner.

If nothing else, it would give us another bartering tool when Kid throws up her hands at having to tidy her play area.

[ksidnas]

Reading this post really brings a smile to my face.

[Celeborn]

@Nuit

Is 5 (and a half) too young for pocket-money? If not, how much a week?

From centsables.com/parents/parent07.html)

Begin the process early – Most experts agree that parents can begin teaching financial skills to kids as young as 5. As soon as your children can count you can show them different coins and their relative values. Make change together. When shopping, if an item costs $3.50, explain why you give the clerk $4.00, and get 2 quarters back.

I heard about the Centsables from listening to Bloomberg Radio. I consider both to offer sound financial advice that is at least worth considering

[Elegua]

I think we started around 6 or 7. The children could earn stars by doing things like chores or helping out or whatever was deemed sufficient. These stars could then be exchanged for hard currency at an egregious exchange rate determined by the central bank (me, Papa). It was fun watching the different habits develop. My son never wanted to spend anything and amassed a small fortune. My daughter didn’t want to earn much and spent everything she earned.

We also asked them to do things like buy groceries and the like when they were able to manage money. Once or twice a shop keeper in China tried to cheat them, but my son caught it.

When they got to old for this system, (ie saw through the inherent exploitation ), we went a fixed allowance and set of responsibilities. Now they have debit cards.