Pocket Money for a 6 year old ?

iMax

Just wondering what people's opinions are on this & how much it should be ?

We want to start teaching our six year old (at end of month) about money as right now she hasn't got a clue, it's just "ask & mostly get".

We also want to start teaching her about earning more or losing some based on behaviour - do a chore, earn extra, have a tantrum, loose some etc.

We were thinking €3 a week with 25¢ increases/decreases on behaviour.

I want her to know she has to earn things (e.g. - ice cream man comes round here at least once a day & one of the kids on the road gets money EVERY time & usually gets one of those "boat" things - it must be about €3/4 a time. This is EVERY day (co-incidently the child almost constantly snacks on junk, is allowed out until 9.30 (at age 4/5) & is also very overweight, but this isn't a thread about bad parenting). Our daughter sometimes gets an ice-cream, if all the other kids are getting one, these cost about €1 each & it could be a couple of times a week, in addition there's all the other stuff she gets bought.

We need to let her know there's a cost to all these things & that not all are affordable all the time.

How Strange

I personally don't think a 6 year old is mature enough to fully understand there's a cost to things. IMO a 6 year old wants, wants, wants and while they understand no I think giving money as a reward or taking it away for bad behaviour is inappropriate.

I may be very old fashioned but a 6 year old should have no need for money and shouldn't be given pocket money. If she wants an ice cream and it's a reward for good behaviour or doing chores then you as the parent should buy it. Similarly if she wants a new toy and you want her to have it then you should buy it or not as the case may be.

I also don't agree with literally buying good behaviour. It's very materialistic. There are lots of ways to reward or discipline that don't involve money.

Just my opinion though!

CrazyRabbit

Pocket money is fine...but only to teach the value/skill of saving. I wouldn't use it as a method of behavioural control...that just doesn't seem right.

Neyite

I started getting pocket money when I was about 6 -7. It was enough to buy me a bar, crisps and maybe a 5p chewing gum for the week, which we got before mass on Sunday and spent it in the shop afterwards. That to me is plenty for a small child.

It wasnt linked to behaviour - if we were naughty we were punished, or to chores - we just had to do them otherwise we were not allowed out to play until they were done.

It was to teach us the value of money, and if we wanted a toy, we had a "meeting" with the Bank (Dad) whereby we laid out our case, our reasons for needing said item, and if dad was agreeable, he would meet us halfway on the cost, but only ever halfway. If we didnt save our part, he never caved and got it for us. A lot of the time we ourselves would source a cheaper alternative. As we got older we would have gone more for clothes, even for bikes or other such items but again, only ever halfway.

I remember being about 9 and sweating for weeks on how to negotiate a pay rise from 20p to 50p. I finally worked up the courage to state my case: I stated that I had been on that pay level for 2 years, why I deserved it (chores had increased) why it was fair (brother and sister got it by the time they were my age) etc. It was the first time I ever negotiated a pay rise, and I got it. (I must have given him and mum a good laugh)

SlimCi

Yes we've just started that with my son he's aged 7. He has to make his bed, get dressed himself in the morning quickly, put his clothes in the laundry and do a bit of washing up at the weekends and make sure he does his hands face and teeth morning and night. He's well able and boy is it teaching him the value of money! Sorry we didn't do it sooner. Now we give a fiver. Too much maybe but we were in the toy shop last week and he found that he didn't have enough to buy anything really and that in two or three weeks he can buy something if he saves. A real eye opener for him now.

RedXIV

Hmmmm I've a 6yr old in the house who'll be 7 in 3 weeks and to be honest, he really needs to learn how to save. He's a child who really believes money will burn a hole in his pocket. I've been watching him on the moshi monsters website where you earn "rocks" as a currency and he keeps complaining he hasn't enough for a new "room" but he has plastered the one he has with the cheapest stuff from the game's shop.

We tried the same with real money, saving up for lego stuff etc but he'll always cave and buy moshi monster cards or the tiny 2.50 packs of lego men.

I would like him to learn how to save but I think maybe he's still a bit too young to see the long term benefit.

Well just going from what my childhood was like, I think pocket money is fine at 6, but I wouldn't go above €3. Obviously bad behaviour should cause a decrease (25 cent sounds perfect), but I don't think you should be adding money for good behaviour. There should be a clear limit, and while good behaviour needs to be praised, it shouldn't be treated as something extra to normal behaviour. Also, increasing for good behaviour means there's no sense of budget, which I gather is something you're trying to teach your child. If they can always earn 25cent more, then there's no sense of budgeting.

CrazyRabbit

RedXIV wrote: »

Hmmmm I've a 6yr old in the house who'll be 7 in 3 weeks and to be honest, he really needs to learn how to save. He's a child who really believes money will burn a hole in his pocket. I've been watching him on the moshi monsters website where you earn "rocks" as a currency and he keeps complaining he hasn't enough for a new "room" but he has plastered the one he has with the cheapest stuff from the game's shop.

We tried the same with real money, saving up for lego stuff etc but he'll always cave and buy moshi monster cards or the tiny 2.50 packs of lego men.

I would like him to learn how to save but I think maybe he's still a bit too young to see the long term benefit.

Start low, and increase his pocket money for each week that he doesn't spend it. Every time he spends the money, it resets to the smallest amount per week. He'll quickly learn that saving is a far far better option.

ChoosySuzie

My 6 yr old has been getting pocketmoney since he started school.
He gets his clothes out, gets himself dressed, packs his bag with afterschool clothes in the morning. In the evening he empties his bag of uniform, puts the relevant clothes down for the wash and empties his lunch box. At meal times he helps set the table and clears his own dishes afterwards. He is also supposed to keep his room tidy.
For this he earns €2 per week which he puts into his money box. During lent he puts some in the Trocaire box, but the rest of the time, he saves it.
For his brother / father / my birthday he "buys" a present. We take €4/5 and get something with it (not necessarily of that value)
He has a good respect for money and knows that he needs to do his jobs. If he has been bold (with respect to the jobs he is required to do) he doesn't get any that week. If he is bold in any other respect, he doesn't get a bedtime story / if there is a treat (family movie / icecream) he doesn't get that.
My 4 yr old has started negotiating for pocket money now too - a very reasoned argument on how he does jobs too ... I think we're in for trouble with that one:rolleyes: