Do you give your kids pocket money?

Question

If yes, how old are they and what do they have to do to earn it?

I have a 7 and 4 year old ( as well as a 2 year old, but he is a bit little.) I am thinking of giving the older 2 pocket money at the end of each week as long as they keep their rooms clean and pick up after themselves. I am sick of asking them a million times, and this may give them a little incentive. I was thinking $5.00 a week each.

Any thoughts? I have tried taking away toys and privledges but this hasn't helped. They like saving money so this may well be my answer.

Answer 1

I strongly believe that children should earn pocket money.

I suggest for the seven year old, earning pocket money by keeping room tidy and perhaps doing dishes 3 times per week (not after full meal, but after quick tea).  About £2.50 - £3 seems like plenty.

If you can afford it, additionally put £10 per week (or whatevery you can afford) into savings for the future.  This money they would not receive until they buy a house.

Nick

:)

Answer 2

I think you should give pocket money! and I personally don't think the 4 year old is to young. It is a perfect age to start teaching them about money. What we have done is... We give our children allowance but we make them pay us back for not doing what they are suppose to do.

Example:

We give them $5.00 a week

If they don't pick up their room on a daily basis they have to pay us back $0.50

If they forget to turn of lights they have to pay us back $0.10 and so on. Make up your own rules and dollar amounts. Believe me this works cause they don't want you to take their money back! I also bring them to walmart at the end of the week and they are allowed to spend a portion of their money and the other portion goes into their savings. Hope I gave you some ideas and hope this helps. P.S. let me know what you decide to do.  

Answer 3

OMG, That's so funny!  My son just asked me a couple days ago if he could get allowance.  I told him he'd have to do something to earn it and he asked what his chore would be.  I told him cleaning up his room/toys each night before bed.  He asked how much I would pay him (& his 5 yr old sister) & I told him how about $5 each.  He thought for sure it should be at least $10, but I told him $5.  That's $40 a month between the two of them.  That's plenty!  My thoughts anyway.  I think you've got a good idea there!  I was wondering the same thing.  :)

*EDIT* After reading the other answers, I don't think 4 is too young.  Maybe $3 a week would be enough.  They would still get like $12 a month & they would have to decide if they want to spend that on a small toy or save up to buy something more expensive the next month.  I think it would teach them money management.  The 4 yr old might not get it at first, but it's only fair.  The 2 yr old won't even know what's going on.  Again, only my opinion.

Answer 4

yes not the 4 year old  i would just take em out on treats it works for us

Answer 5

The 7 year old, yes.  4 year old, probably not.  I got an allowance starting around the oldest one's age and it did make me want to clean my room a little more :D

Answer 6

The 7 years old, is ok. I think $5 is a little to much. Does he/she spend in school??

Answer 7

Give them pokemon and food.

I didn't get an allowance until I was like 15.

Honestly, what is a 4 year old going to do with money? Tell him you have money saved up for him, but don't give him pocket money.

Answer 8

Well me being 15 and have never getting allowance. 'pocket change' for chores sounds like bribing think about it? Its the same thing as saying Oh you can have a cookie if you pick up your toys? Shouldn't your kids do what you say without things like that? I think if they don't do what you say the first time you take something away. Then i saw this on super nanny. For every time they do their chores when their suppose to start a jar for each and put tokens in their. Then they can save up 'tokens' for things like you can take them out to a movie of their choice. THey can change in their tokens every week or save up. THis way they also begin to understand money and how saving up is rewarding. Just start a chart so they know how many tokens for each. Because i don't think a 4 year old is definitely not going to be able to take care and keep track of money and 7 seems a bit young too.

Hope I helped :)