When do I give my children pocket money and how much? (UK)?

Question

They are 5 and 6 and very good usually. They both do a very small amount of housework (hoovering and tidying toys away) and are good at tidying their rooms.

Answer 1

Eh. Just enough for kids spending. They usually don't buy anything major. Toys and sweets usually. So just enough for them

Answer 2

Your Tiddly-peeps are exceptional if they do these chores at such a young age.

Well done you.

Instead of giving them money to waste,

why not give them money to put in a piggy bank.

Then when they have saved enough they can buy something they like.

This teaches them the value of money as well as the importance of saving.

Answer 3

I have two children (10 and almost 5 year old). We started to give chore money to my son when he was about 6 years old. My daughter (almost 5) will start getting chore money when she is 6 at well. Right now she has the concept that with money you can buy things, but does not have the value understanding of what a dollar means.

When I started it with my son I made a chore chart for him. Nothing that was really difficult, but more age appropriate. He learned that when he did his chores and completed tasks, at the end of the week he got a dollar. I have increased this with his age. Now, at 10, if I gave him a dollar a week he would look at me a little funky because he can easily do the math that it only equals $4-5 per month. He gets $3 a week right now. Also when starting it what I did with the chore chart is I told him since he earned this money he can choose how to spend it, but I tried to explain the importance of saving it so if he wants a "big" tag item he would be able to. He has also learned the value of money this way-- when you have to work for it you appreciate the value of money to a greater extent.

That is great that your children are well behaved and helpful! I would use your best judgment as to when they are able to understand the concept of doing chores to work for money.

Answer 4

I got $2 at that age (australian dollars) I used a converter and thats 0.93 pounds. Sorry I dont live there so thats the best conversion.