How Much Pocket Money?

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Pocket money has been a hot topic in our house. Until last week, we were just doing sporadic money for jobs/chores, but the time is coming for a more formal arrangement. I was therefore interested when a friend on Facebook asked: Does anyone else’s 8 year-old get pocket money, if so how much?

Pocket Money Habits

She was asking as they currently give £1 a week but were informed by their daughter that ALL her friends got more.

There were a variety of responses including:

  • My two get £2 per week which they can spend on anything they like – if they don’t do their jobs and keep their rooms tidy, it goes down…..
  • Only in return for little jobs like clearing the dinner table, plumping the sofa cushions (!) and making sure he wipes away the toothpaste from the sink bowl
  • My daughter has £3 a week (when we remember!) and has 3 money boxes, £1 each: One for spending, one for sharing and one for saving. But if I’m buying a magazine or something for her brother and she wants one, I’ll substitute the spending £1 for that. She saved £42 of her spending one to buy a suitcase from Smiggle!
  • Emily earns money for good behaviour; she normally gets between £2-£3 a week
  • They only get money if they do extra jobs ie hoover car/stairs. Hence they don’t get money every week!

goHenry

Then someone mentioned goHenry cards saying they found them good as it gives you an idea of what the going rate for certain age groups is.

I immediately looked into it.

We’ve just received Sofia’s card and she could not be more excited. I haven’t learnt the full ins and outs yet, but it’s for children aged 6-18, and essentially you have parental control of a pre-paid card and app. I fund my own linked account and then can automatically transfer a set amount of weekly pocket money on the proviso that chores are done. I can also do one-off transfers and take money out of her account. Sofia can use the card at cashpoints to withdraw money and can use it as a debit card in shops – exciting stuff. I can set a maximum spend per month and transaction, and there are loads of features, such as charting spending versus saving.

We’ve only just started, so we just have a £2.00 balance, but I’ll be writing a review when we’ve been using for a bit…

Pocket money

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About Author

I’m Fran: wife, mother-of-three and freelance publicist. My love for communicating and writing mirrors my passion for trying to be the best mum I can be. I love good food & wine, Italian culture and football and have a keen interest in personal finance. I also blog over on TalkMum and Habyts, and write sporadically for a number of other sites.

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