What's The Going Rate For Pocket Money

[Gra]

How many dirty socks in the basket get a bead?
you'll be in trouble when he figures it out

it isn't number, it is what is left on his floor. When he gets changed he must put his clothes in the basket. if he does he gets a bead, if he doesn't he misses out. He is smart enough to figure these things out, so we have to pre-think the loop holes and implement rules without them (we can think like 3 year olds, just ask Watson)

[Vernonv]

... the losing of pocket money works the same as for beads.

You're a hard man Gra.

[Gra]

You're a hard man Gra.

Nah i'm the softie. SHMBO is the hard one....

[weisyboy]

some people never learn

$5 a week is plenty i recon.

[Burnsy]

I have a huge problem with children being given money/beads or whatever else you deem appropriate for what should be normal behaviour or chores. As a primary school teacher I deal with the mentality that this causes everyday and believe me it is a nightmare, so get prepared for the beast you may be creating. Every day I deal with kids that expect and ask for a reward when they have done their work, my answer is you did the work because that is what you are here to do, it is a part of your learning, your other choice is to not do it and spend your time doing it while everyone else is enjoying their time, rewards are for exceptional and consistent effort in my book.

Pocket money is important, it teaches kids to save, but in my opinion should not be a reward, you should set an amount that fits with your household lifestyle and expectations and that should be given to the kid every week. If you need to punish or reward your child find another way to do it. I think if kids come asking for extra money then it should be linked to additional "work" that is not part of their regular chores.

At the other end of the scale is those that get given to much and associate no value with money. To them carrying 5, 10 or 20 cents change is not worth it as it can not purchase anything they want on it's own as such it is simply thrown on the ground (the concept of saving it to add to tomorrows change is just to much effort). I see this far to often as well and considering I work in a low demographic school it really surprises and disgusts me.

The excessive giving is creating a generation of children who have no concept of setting a goal and working for something they want, they need instant gratification and not because they have earned it but because in their eyes they should get it. The lack of values, morals and social responsibility is in part linked in here somewhere and it is sorely missing from a very high percentage of those I see coming through school and the teaching of these ideals in school takes away from time that should be spent on academic education.

Some of what I have said may seem contradictory but there is a feint grey line somewhere in the middle that creates well balanced kids, good luck with trying to find it, I am a new parent so I still have a few years before I need to battle with it myself.

[Waldo]

[funkychicken]

When I was smaller I decided to make a robot with parts that came from a magazine called "Real Robots." It cost me $12 a fortnight and boy did I have to work for it. Sweeping the paths, vacuuming etc. resulted in dosh.

If you just give kids money for just existing then they'll get an attitude of, "Free Stuff for Meeeeee!"

[ss_11000]

"Free Stuff for Meeeeee!"

thats what expo's are for - you know those ones you go to where businesses are trying to get you to buy there stuff so they give you bags full of pens and stress balls and rulers etc

[Lignin]

Wow. Iain,
You're a bit hot under the collar.Not all woodworkers have the benifit of a university education, but it doesn't make their opinions worth any less because of it.
Many posters have been to, and graduated from, the University of Hard Knocks, some even with Doctorates in Experience.
Now, back on topic....................
Irrespective of how much pocket money a kid gets s/he should be taught how to manage it.
As a kid, I got no pocket money, and consequently, when I got a job, I was a hopeless money manager.I've improved with time, but still get the urge to get rid of it before it disappears.
Jim. B.V.Sc., M.R.C.V.S.

[Burnsy]

As a kid, I got no pocket money, and consequently, when I got a job, I was a hopeless money manager.I've improved with time, but still get the urge to get rid of it before it disappears.
Jim. B.V.Sc., M.R.C.V.S.

I don't think you need pocket money to learn how to respect and manage money. I can remember my parents giving pocket money on a weekly basis a few times but it never lasted. If I wanted money I did extras like door knocking to rake leaves or clean gutters but as a kid I was always provided for (three meals and presents on special occasions) at home and did not really need money to buy extras.

I consider myself very good with money and this comes from being taught by parents who were also good with money and were open about finances in front of me. I can remember clearly from an early age that my parents saved throughout the year for family holidays and other things like putting in a pool. As kids we were made part of this through being told that we could not have something we wanted now because the family was saving for ???? My mother also kept extremely accurate financial records of all expenditure in an exercise book and she did this in front of us and explained that it was to make sure they had enough money for food and bills.

Because this was modelled to me it became totally normal to set goals and save for things I wanted as well as looking after what money I had including keeping track of it. The value of modelling to children cannot be overstated, it is the most powerful educational tool that any of us possess.

[Lignin]

Both my kids, about Burnsey's age were given pocket money and had to learn to manage it.They are both excellent money managers , but I give the credit to their Mum, and also to the more modern schooling, but it still astounds me how much a lot of their generation depend upon the ubiquitous credit card and its instant gratification.

[funkychicken]

Just wondering, does constantly spending money on tools count as not managing your money well? Cause then I've failed

Not that I don't know how to save, I'm saving for a metal lathe right now (Yep more tools)

On the flip side I never buy junk food, clothes (especially junk from City Beach type stores), video games, ipods, hats that are made to be worn sideways etc.
I consider myself to be good with money, how I got to be that way-I have no idea, the lack of free money may have had something to do with it. I guess it's more about what Burnsy just said and not whether a child get handouts or not.

[Burnsy]

Just wondering, does constantly spending money on tools count as not managing your money well?

Only if you are buying Ozito, GMC and medalist tools

[tea lady]

I don't know if pocket money actually teaches these things. I remembers seeing/reading (I can't remember which. ) where a child was put in a room with a mashmellow and was told he could eat it, but if he didn't eat it before the adult came back they would get heaps more mashmallows. Some kids ate them, some kids didn't. I'm sure someone will find the gene for mashmallow eating. My theorie is its got something to do with procrastination. Procrastinators put off doing things, but they can also put off spending money. That's my excuse and I'm sticking to it.

[Gingermick]

I procrastinate about doing work but spend money like it'll die if I dont