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Pocket Money Lock Rss

we are thinking of giving our 8yo ds pocket money. Is this too young? How much do other parents give? And do you have any guidelines for the money? The only thing we've decided so far is that 10% will be put away in his money box to be banked, as we bank 10-15% of our earnings every week into savings and think its a good habit to start.
All answers/advice will be appreciated. Thanks in advance.
Lis : )

Mum to Jack 8, Zane 3 & Angus born 06//09/07

My kids get pocket money every fortnight depending on the jobs they do.

My DS is 6 and he gets pocket money for feeding the animals (we have a dog and 2 ducks), taking out the rubbish to the recycling bin, he also helps tidy up the house and pts his own clothes away afterthey have been folded. He gets $ 10 a fortnight.

My DD is 9 and she puts the dishes away feeds the ducks with DS and cleans their water and coop, puts her own clothes away and vacuums. She gets $20 a fortnight of which I keep for her mobile phone credit.

If either of them forget to do their job they get a reminder and if its still not done they start to lose money.

There are also ways for them to gain extra pocket money too by cleaning out the car, bringing washing in off the line, putting shopping away and cleaning the bathroom and toilet.

My DS saves some of his pocket money in his money box and spends the rest on Pokemon figurines hes collecting, My DD spends her money but knows she has to surrender half of it if she wants mobile phone credit.

The things I wont pay for are cleaning their rooms and making beds or making their own lunches in the morning for school as this is their responsibilities not jobs.

Mummy to 3 little goblins

Hi, we have 3 kids 13, 11 and 6 and number 4 on the way.

What we do with pocket money is; Always give pocket money everyweek(don't threaten to take it away if jobs are not done) as it teaches kids such important budgeting skills for life.(they really enjoy it and are getting very responsible and thinking about their money and not wasting it).
Our kids get the amount of money according to their age, 13 years $13, ect.
We break it in 3, 70% spending(when they are adults all their living expenses will come out of this).
20% savings, and 10% to charity.
My husband I were never taught how to manage money and we feel it is such a great thing you can do for your kids and for their future, so that they can avoid getting into trouble with money. They don't teach this at school, which really it is so important, all the best.

I dont' think 8 is too young as long as he has jobs to do. We are planning on giving our son pocket money from the age of 5 as he will have house duties from that age - feed the cat, pick up his shoes - that kind of thing. Anyway we want him to learn the value of money from a young age and that you have to work for it. We will also be puting some asside. At 8 I don't think $4 is unreasonable.
Oh no I have just read the other posts and now I feel mean. Maybe go with the age/money idea.
I have a 4 almost 5 year old and just started reward money system he is a terrible eater i have seperate money I bank for savings this is just for spending. I say right 3 meals a day if eat breakfast for eg get 20c same for lunch and dinner. if he does his "homework" with me 20c helping clean up all toys at night 20c etc. makes about $1 a day if he does it all.
today he went shopping and got a toy and was so pleased I think it appears to be working I will chage this as he gets older. money for chores is always the go,

Maree NSW, Oscar 5 yrs and Anton 2yr

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