How much pocket money for 7 yr old?

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Vanillalatte
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How much pocket money for 7 yr old?

Postby Vanillalatte » Sun Dec 11, 2016 11:58 pm

I'd love some tips on pocket money. We're about to start in January with pocket money for our seven year old.
- What amount would you suggest?
- Do you pay weekly or monthly?
- Do you have any rules?
I've read its not always great to link PM with chores, behaviour, school achievement (spelling tests etc) - what do you think?
I'd love to hear what works in your house. I want to help our kids understand the fun and choice that having abit of spending money brings but to do it in a responsible way.

Many thanks.

Yogi Claire
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Re: How much pocket money for 7 yr old?

Postby Yogi Claire » Mon Oct 09, 2017 6:33 pm

Hi

I give both my 9 and 7-year-olds £2.50 each weekend. Initially I did link it with tidying their bedrooms but I've moved away from that. They now understand they need to tidy their bedrooms regardless!
Claire Plastow
500hr Diploma in Teaching Yoga
Founder of Feeling Yogaful

supergirl
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Re: How much pocket money for 7 yr old?

Postby supergirl » Mon Oct 09, 2017 7:42 pm

For us it is £2 and not linked to anything but they can loose 10p each time they misbehaved, are rude, fuss about homework, etc. What is lost is lost for that week.
First few weeks they lost quite a bit, now they ve learnt to stop themselves at the second warning.

misstemple
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Re: How much pocket money for 7 yr old?

Postby misstemple » Tue Oct 10, 2017 1:33 pm

I think pocket money should be a token amount. While I like the idea of losing 10p for very naughty behaviour, I agree it should not be a payment for chores or good results.
A quiet trip to the cinema or toy shop can be a reward for doing well, and it keeps the value of special family time.
It's not easy to know how much to give, I would err on the side of less and increase it a little annually to reflect 1.inflation and 2.the age of the child.
Perhaps when the child is older, say 10 years, you can introduce a savings scheme where they are rewarded with a few £ extra for saving up for something they really want.
Good luck striking the balance x

Brakenkiwi173
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Re: How much pocket money for 7 yr old?

Postby Brakenkiwi173 » Mon Oct 16, 2017 7:15 am

I think it's really important to make our children safe with money and teach them about being canny consumers any savvy savers so generally pocket money should be given not earned.We give our kids swimming lessons in order to keep them safe in water -we don't throw them in the deep end and expect them to swim and so the same applies to naking them safe with money. Great blog post below on this topic that may help.

http://www.theparentpractice.com/blog/teens-and-money

nannyalison
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Re: How much pocket money for 7 yr old?

Postby nannyalison » Mon Oct 16, 2017 4:34 pm

https://www.gohenry.co.uk/

This is also a way to think about it


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