How much pocketmoney is a good amount and how much should children have to earn it?
The scheme we run for T&B is as follows:
They get a star for being extra good, they can claim 4 stars a week. The fifth star comes from getting 5/6 in spellings. For every week they get 5 stars they get 5ukp in pocket money (4 stars = nuffink). The rate has recently changed (from 1ukp to 5ukp, an above inflation rise !!) but for as long as they have been recieving money they have kept ‘accounts’ a book showing income and expenditure we have been trying to train them to understand money, make the mistakes we made at age 20 at age 4-7 🙂 I will have them running a budget pretty soon.
My question to anyone who reads this is should we pay more or less to them, the reality is they get the same amount of money either way. The more poket money they get the more control they have over money that is spent on them but the figure does not change. The more money they get in pocket money the more I will expect them to pay for activities themselves (eg next time we goto the fair they can pony up some cash). where before we would pay for them. The more money they ahve the more money they have control of .. the more responsibility they have but I am concerned about devaluing money to them by giving it to them too easily.