Pocketmoney

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 šŸ™‚  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.

Thoughts?

2 thoughts on “Pocketmoney

  1. Introduce simple chores for stars (tidying their rooms, perhaps)? So three stars for general “being good”, one for the chore, and one for the spelling test. Gives them the idea that work => money.

  2. At their age it seems like a reasonable figure, enough to be able to save up to get something ‘big’ but not too much that it all becomes too easy.
    I had to do chores to earn my pocket money, actually by the time I was 12 or so I was cooking tea and getting my family allowance in recompense. I have a highly developed work ethic which may or may not be as a result *&)

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