Tuesday, 7 October 2014

Pocket Money


I don't know whether it is my sensitivity to hearing the 'C' word in recent weeks or whether there has actually been an increase in the number of toy adverts on the television but I have to admit that I am tiring of hearing the never-ending list of toys my children want.  Every day brings a new addition, or three, and in my attempt to filter out what they will actually play with and what they just think looks good, I decided I needed to come up with a plan.

Add into this a recent article I read which said that children as young as 3 years old should be introduced to the basic concept of money and that by the age of 7 most children have already developed their idea of how 'money' works I had my solution: pocket money.

I hadn't given much thought to the age Meg and Eli would be when we started to give them pocket money.  I had assumed it would be something we would do, but that was as far as my musings had gone so the look on James' face when I announced my idea was understandable.  Pocket money, at 3 and 5?!

The thing is, we aren't great with money although we are (finally) learning after some major hiccups, and I really don't want to pass our bad habits onto Meg and Eli.  If we can take the time now to give them some basic principles such as saving for things (my real weakness) then I think this is all to the better.

Initially we had thought to give them £1 for every year they are old, so Meg would get £5 a week and Eli would get £3, however, as we aren't entirely sure how this will work and because James had visions of Meg immediately going out and buying £5 worth of sweets on week one, we decided to do a trial run in which they both get the same amount and we will address it in a couple of months.

This pocket money needs to cover things like sweets, toys and books and anything else they want but don't need and it won't be given or taken away based on behaviour.  Seems easy, right?

Once we had decided this, we then needed to come up with somewhere for them to keep their pocket money.  I had two empty coffee jars just crying out to be decorated which seemed like the perfect solution. 


The decorating was somewhat interesting and I'm fairly sure I developed a twitch in my eye as I sat back and let the kids loose but both Meg and Eli enjoyed it and because the jars are made of glass they can see how much money they have at a glance which I am hoping will encourage them if they want to save for something.



Both have already announced what they are saving for: Meg, a board game which costs £15 and Eli some 'superhero things' which he won't be any more specific about and I have to randomly invent a figure for on a daily basis.

Neither wanted to go out and buy sweets right away, which was great and Meg has even taken it upon herself to root out every spare coin she can find in the house and add it to her jar to help her reach her target faster.  I am particularly pleased about this as James has a habit of emptying the contents of his pockets onto whatever surface is closest to hand but I imagine he will certainly think twice about this now Meg is stealing his spare change!


Ever on the lookout for educational opportunities the other great thing about this is that we can talk to Meg about the different values of the coins and how they all work together which will complement the maths work she is doing at the moment.

Fingers crossed it works!

Do you give pocket money?  How young did you start?

Mini Creations

12 comments:

  1. Louise Fairweather7 October 2014 at 15:34

    I know I should give mine pocket money but can't stand the thought of them buying sweets and pointless toys :-(

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  2. I love this - giving them responsibility for their own wants is only a good thing. Maybe they would want sweets etc, but when the perishable item has gone or the cheaper toy broken they will learn to save for something more worthwhile!

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  3. Ooh I really love this idea. We haven't broached the idea with Z yet but its something I think its a great thing as it teaches them budgeting (well, hopefully!) from a young age. Maybe next year he might be ready

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  4. This a lovely idea. We have just started doing pocket money for 'chores' and have a chore chart. They tick the things they have to do each day to get their pocket money at the end of the week if the chores are done. They aren't big chores just little things for them to have responsibility for.

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  5. We were always very hit and miss with pocket money, until recently. We now give them £1 per week for every year old they are (as you suggested) but it's called an 'allowance' rather than pocket money. Out of this, we expect them to buy presents for other people at christmas and birthdays, anything they would like other than basic clothing, money for going out with friends. I think it's a great idea to start it sooner though :)

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  6. The Mothers say - What a fab idea and a great way for kids to learn the value of money. We would love to see this post linked up to our Wednesday linky #minicreations #sharewithme

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  7. Lovey idea. We haven't started this yet, as I still think my girls are a bit young... For for thought...

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  8. Sara (@mumturnedmom)10 October 2014 at 14:47

    We've recently been working on getting the boys to save up the money they are given for birthdays etc. to buy 'big' things rather than lots of small random things... although we don't give them pocket money yet, they occasionally get something for helping with a big chore. Love the jars, the wee girl just saw them and said, I want to make one! Guess I'll be going to buy some jars (I'm too efficient with my recycling!) x #minicreations

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  9. I didn't have any pocket money until I was about 12, but then it was called an 'allowance', as Suzanne suggests, so it couldn't just be spent on sweets! I had £20 a month xx

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  10. The Mothers says - We've had to come and comment again and say a MEGA thanks for linking this up to #minicreations. We think this is a fab idea.

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  11. Great idea! Although I tend not to 'give' pocket money as such. I buy a comic/magazine and little bits and bobs if they have been good. I may give this a go though after reading it,it sounds a good idea :)

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  12. Thanks this is a fab idea and will be getting my boys making one for themselves. My twins are 5 and they get £1 a week and more if they do any jobs around the house

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