Now that some of the children in our social circle have children that are old enough to start getting a bit of pocket money, the subject has arisen in the playground amongst the mums.
The children’s ages range from 7 to 16, and we all have different ideas.
One Mum gives her son £2.50 a week, but then negates the point (I think) by buying all the expensive toys (iPod Touch, lava lamp, book, toys) whenever they are requested. What is the point of teaching your kids to save and buy something, and by doing so teaching them the VALUE of what they bought, if the money you give them never gets used to buy something of value, and you never have to save up for months to save for it? My value rating : 0/5
Another Mum gives her girl £5.00 a week, but makes her daughter buy all her ‘extras’ such as make-up, nail polish and accessories. Movies and such things are agreed ahead, and are not ‘overdone’. If she wants to go to etxtra movies, then she has to pay for that too. I quite like this one. Value rating 4/5.
As for my little ones, they get £1 a week. At age 7, it was 50p, but has risen to £1 now. This is sufficient to buy their weekly ice cream at the ice cream truck that comes past every day. Note that I say the truck comes every day, but they are only allowed to buy one ice-cream a week –which means they have to wait a whole week to buy that Flake 99. I am sure it tastes amazing when they finally get it, because they have heard that van every night, teasing and tempting them, and when they finally can go out and get it, they really enjoy the whole experience. Value rating 5/5!
Sometimes I buy the ingredients, get her to make recipes, (like Banana Muffins) and let her sell them at a school cake stall when they have them. Any profit made is hers, but the cost of the ingredients ( subsidised by me of course) is paid back first. Value rating 4/5
I understand that the amount will have to increase when they begin going to movies with friends, and wanting popcorn and other things, but for the moment an ice cream it is. For larger purchases, I agree an amount I will contribute, and they agree to work for the rest. The work involves washing the car (very badly) and helping with the gardening. They are encouraged to come up with ideas to make further funds (last week we did a car boot sale). My daughter has some amazing ideas, but lacks the follow through. She’s pretty good at getting her brother to do the grunt work, and hoping to profit by that, but I tend to wade in and get her to share the spoils if she does that. After all, work must be rewarded; it’s not just about the ideas!
Where would Richard Branson be without the people keeping the company going while he has the great ideas? So whilst I encourage the idea, I also encourage the hard work and saving, hoping that in later life, it’ll benefit them no end. I am not sure I have it right, and if you have any advice, I am more than happy to have it!! Please ?????