Pocket Money Dilemmas

Last week Olivia asked if she could have pocket money. Fair enough request you might think and I said I would think about it. OK she said and that was that, for a few days. ‘Did you think about it mum?’ I had and I still wasn’t sure so we had a little chat. What did she need pocket for and why did she ask?

Turns out the reason was someone at school had mentioned saving up their pocket money to buy something and she thought this sounded like a good idea. But I feel a bit apprehensive still about this mainly due to my insecurities about money not about her, although she is the same as me a spender not a saver, not a good combination no one to reign us in when we go shopping!

I remember when I was younger we didn’t really get pocket money. My mum was a single mum to 4 girls so obviously it would of been a bit of a stretch giving us all pocket money but then as we got older and she went back to work we had this chore chart. If we completed our set chores daily without being told to we got our pocket money but for the life of me I cannot remember how much. But you are talking over 20 years ago when your money went a lot further and I was happy enough with my quarter of choc nibs, showing my age here.

So what to do about Olivia? Do I? Don’t I? I’m just not sure. Am I denying her important financial experience by not physically giving her pocket money or is she still to young to understand? Decisions decisions.

How much is a suitable amount anyway? A couple of pound, fiver? Should she get it for free or should I encourage her to work for her money? A lot to think about here but it definitely something I need to sort out for her soon and to be honest I think it will work out better and cheaper for me too. It will stop all the last minute bargain gifts I pick up to ease my guilt for working horrible hours. Stop the magazines we pick up when I have just popped into the shop for a pint of milk. If she has to save for it herself maybe it will stop her asking for so much all the time, make her realise that the odd one pound here, two pound there really do add up.

So for now I will give it some thought and maybe give it a try for the summer holidays and I’ll let you know how we get on!

Super Busy Mum
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  1. This came up on my Twitter feed this morning. It was so difficult with my two girls to know what to do. In the end I stuck a list of chores with a monetary value attached. If they wanted money, they could pick the chores to do

  2. I started getting a small allowance at age six. I was expected to do chores to earn it, and if I wanted something on an outing to the store I had to open my own change purse to buy it. I feel like it was a good exercise in learning about the relationship between work / time / money.

  3. Tough one! Carson's a saver but in the way that he would like treats bought for him but not out of his money lol. Whatever you decide – I'll just copy when the time comes for me to face that !! Xx

  4. There are definite advantages to giving pocket money, particularly teaching the value of money. My son is always after something, usually quite expensive, that he's seen on the TV. I am considering pocket money in the hopes he will understand that some things cost considerably more than others!

  5. It's a really difficult decision and only you can make that call as you know how much you can afford financially. I was lucky that my mum and dad had a pretty good job when I was younger and rather than giving me pocket money, my mum would take me on a fun girls day shopping once every 2/3 weeks. When my parents got made redundant a few years later, my 'pocket money' was dramatically cut and I was given very little, however having been through both situations, it made me appreciate the value of money.

    xxx

  6. This is a really tough decision to make. I don't envy you! But it sounds like you have the right attitude and you plan to teach Olivia about the value of money. I'd be really interested to hear how you get on. My daughter is only 13 months old but I know these days will come soon enough. Good luck. #mmwbh

    Hugs

    Mrs H xxxx