When to start giving pocket money?

Ben was given £5 last week by his Grandad and I put it in a money box for him, later we were at the shops and he NEEEEEEDED a Chuggington set, it was reduced from £26.99 to £6.99, so a bargain and he had been a good boy (fill in here with more reasons why I felt it was ok to buy it)

Anyway…

I told him if he wanted to spend the money that had been given to him on it that was ok, but that was it, no Finn McMissile with wings (from Car 2… obviously) that he had NEEEEEEDED 2 days before.

This has led me to thinking should I start giving him pocket money, even £1 a week that he can save up to buy things, either the magazine with plastic crap on the front that never gets opened once the toy is ripped off as there are not enough hours/days in the week at the moment, or the next Cars 2 car that he manages to find that he doesn’t have.

I am not the best in the world with money and I would love to install better ideas in him.

So is giving pocket money the way to go to give a sense he has to save up and wait for things?

What age did you start giving pocket money?  How much did you give and was it dependent on their behaviour?

 

 

3 Comments

  1. Andie Pandie
    25 April , 2012 / 6:27 pm

    Thomas and Rose both get pocket money from Grandad when he comes round every week…I probably wouldn’t be giving it yet if it was up to me….however, saying that, Thomas is certainly starting to learn the value of money and the value of the things he wants to buy.

    At the moment he’s saving for when we go to legoland in a couple of months, so when he’s asking me in Tesco’s for a lightsabre I’m reminding him that if he spends his money now he won’t have any money to spend in legoland…and he’s getting it :o) He’s also getting good at understanding the cost of one thing compared to another by me telling him that he could afford 2 Cars cars for the same price as some lego model etc.

    So I do think it’s a good age to start the lesson. I would also add however that my brother and I used to have pocket money from a young age and had to save for the things we wanted. I’ve grown up to be good with money and my brother is a disaster…the difference is that when we were little I always wanted stuff….magazines, make up, hair stuff etc. whereas my brother never really wanted anything….i don’t think he practiced even though he was treated the same. that’s my theory on it anyway ;o)

    Andie x

    • 2 Stars and a Swirl
      Author
      26 April , 2012 / 9:03 pm

      thanks for your reply – I am leaning towards the £1 a week and he has to save to buy stuff. And he does have a vague concept of buying and selling after we sold his Thomas trains to buy a chuggington set.
      Just something else to work on I guess!

  2. guest
    19 September , 2012 / 7:34 pm

    i would give ben depending on his age im guessing 3-8 i would give him doulble his age so if ben is 3 years old he gets 6 pounds week.

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