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doris
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| Posted: March 03 2007 at 2:15am | IP Logged
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Ooh, exciting, love the new colours!
I have a quick question. I've suddenly realised that my dc operate in a quasi-feudal system when it comes to money, ie they don't use it! We don't give them pocket money, and I do most of my grocery and book shopping on the internet after they're in bed.
So this prompts the question: at what age did you start giving your children pocket money? How much? Were there any limits on what they were allowed to spend it on? (I'm concerned that if I start giving it to my kids they'll just stuff themselves with sweets [candies] and buy rubbishy magazines which I disapprove of anyway...)
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Home educating in London, UK with dd (2000) ds (2002), dd (2004), ds (2008) and dd (2011).
Frabjous Days
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Paula in MN
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I started giving them an allowance when they were 4. It is tied to expected duties around the house. When we go to the store (monthly?) they are allowed to bring a few dollars with them, but they can't buy candy or toys that will break before we get them home. So far, it has worked well. They both want big ticket items, so they are saving for them.
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 Paula
A Catholic Harvest
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Rebecca
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| Posted: March 03 2007 at 7:40am | IP Logged
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A few months ago, we began giving our children money each week. For the first two weeks, they spent the money quickly. After that, the novelty wore off and now they have quite a nice bit of savings set aside. My 10 year old receives $10 a week and my 7 year old receives $5. That is not all for spending, however. They are expected to tithe each week at Mass and consider where else God would want them to give. We did not specify an amount but they have been more generous than we expected in their tithing. They have each chosen a charity that touches their hearts.
We also told them that we expect them to set aside a bit to go in their savings account each week, though we did not specify how much.
I really have been quite amazed at how wisely they have used (or not used) their money (after those first two weeks passed). When we go to the store, they always have money in their pockets to spend but more times than not, do not spend any. I have heard my 7 yo. say "I could buy that but then I will not have any money left."
It has also all but eliminated the constant barage of "Can you please buy this for me?" when we are shopping. Now, all I have to say is "Do you have enough money to buy it for yourself?"
Regarding the choices they make with their money, only once did I have to intervene and say no to what they wanted to spend their money on. In this circumstance, my seven year old wanted to buy packs of gum. After allowing one pack, which he ate in one day, I put the kibosh on the gum buying.
All this being said, if we were not expecting them to both tithe and save part of their weekly money, I would give only half the amount mentioned for each child. I do think, for our family, that giving a more generous amount but expecting generosity towards the Church and others in return has been a good choice.
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momwats8
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| Posted: March 03 2007 at 7:49am | IP Logged
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We do not do allowance but they do get money from different things like Christmas and birthdays. They also get money if they do a big job that was not normally expected of them.
My kids still want to run out and spend it but we do set limits. I try to get them to tithe some, to save some and then they can spend some. I try to get them to buy a toy they like or a good book rather than all candy. I do let them buy a candy bar or something but some of them would spend it all on candy if I let them. I also try to get them to save for bigger things they may want like a specific movie or video game.
Last time they were given money the older boys pooled their money and bought a video game and controller for their Play Station 2. They also put some in the poor box at church. I just try to gently guide them so they make wise chioces as they get older.
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Mary- Wife to Mike and Mother to Austin(92), Mikey(95), R.J.(97), Benedict(98), Kolbe(00), Ignatius(02), Christian(03), Margaret(05),&4 angels in heaven
http://www.momwats8.blogspot.com
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Kathryn UK
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| Posted: March 03 2007 at 1:19pm | IP Logged
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Elizabeth, our eldest dd started getting pocket money when she was 4 because she had a thing about the 20 pence slot machines at our local swimming pool (think sweets and plastic jewellery!) and we got fed up with her asking everytime she went for a swimming lesson. We told her she could only have anything from them if she bought it with her own money. She had 40 pence a week (10 pence for each year of age), and for the first few weeks it all went into those machines. After that she very rarely bothered with them again. Since then 10 pence per year of age has been our rule of thumb, starting at four or five. We haven't limited what they spend it on, and they seem to go in phases. Sometimes they will have a spell of spending it all on sweets or harmless junk; other times they will save up for something they want. Occasionally they have bought magazines, but not often as they seem rather expensive when they cost two or three weeks pocket money  .
At 11 we started giving our eldest an allowance of £20 per month from which she has to buy her own clothes (everything except decent shoes and dance uniform) and top up her mobile phone, as well as including an element of pocket money. She has her own bank account and cash card, and gets her allowance paid into the bank by direct debit. We have been very pleased with how well this has worked in helping her to learn to manage money. She shops very carefully and is developing an eye for a bargain. We haven't had to lay down any specific rules - she knows what wouldn't be acceptable and so far nothing has been an issue. At 13 we plan to increase her allowance to cover paying for more things herself - trips out, toiletries and so on. Her bank card will also become a debit card so she will be able to use it in shops and online - more practice in managing money. We anticipate doing the same with her sisters when they reach 11.
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Dh Michael, Rachel(3/95) Hannah(8/98) Naomi(6/06)  (11/07)
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Mama Moon
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| Posted: March 04 2007 at 12:54pm | IP Logged
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Hi Kathryn,
I grew up with the same sort of allowance that you are now giving your 11 year old and it really worked well form me. I intend to do the same thing. I also like your reasoning about the pocket money - but when I work it out that means one pound a week for the 10 year old. My daughters are not there yet in age so I probably have a bad idea of 10 year olds, but I had thought that, if they wanted, their pocket money should cover a paperback book maybe once a fortnight. Did you ever have thoughts like this?
I also know 10 year olds living around here who get loads more pocket money (not that there is much more than a pounds worth to show for it after it's spent). It appeals to me that your child went from 1 pound to taking the responsibility of her allowance. I was just wondering if any of these things went through your mind and what your response is.
Blessings
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JodieLyn
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| Posted: March 04 2007 at 6:12pm | IP Logged
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I haven't done this yet.. but I have a good friend who gives money for extras to the kids to decide how to spend it.. so for instance, instead of buying the treats for the kids, my friends give the kids the money and the kids get to decide where to spend it.. if they'd go out to eat.. the parents buy the basic dinner and milk.. if the kids wanted a soda, they had to use their own money, dessert the same.
I thought that was a great idea because it's the money they'd spend on the kids anyway but the kids get the control and get to learn. And if they chose to save their money for something else instead of getting treats.. that was fine too.
I like that it gives a portion of the family budget to the child.. rather than adding more into the budget. I mean.. if I was to keep buying the treats for my 7 kids and then give an allowance on top of that.. ouch.
Jobs are done here because we're a family and we all live here so we all do a portion of the work. But jobs above and beyond can be done for pay.. I have a standing offer of 5 cents for every 2 weeds pulled
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All men who have turned out worth anything have had the chief hand in their own education.
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Kathryn UK
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| Posted: March 04 2007 at 7:28pm | IP Logged
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Mama Moon wrote:
My daughters are not there yet in age so I probably have a bad idea of 10 year olds, but I had thought that, if they wanted, their pocket money should cover a paperback book maybe once a fortnight. Did you ever have thoughts like this?
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I remember as a child getting sixpence a week and having to save up for a month to buy a paperback, so I guess she was in a similar position. We just went with the flow - at 10 she seemed happy enough with a pound a week, but she also usually ended up with some money for birthday and Christmas so we knew she could handle larger amounts responsibly. Eleven just seemed the right age for her to make the jump to an allowance and more responsibility, rather than just having a little bit of fun money, and it turned out to be the right call.
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Kathryn
Dh Michael, Rachel(3/95) Hannah(8/98) Naomi(6/06) (11/07)
The Bookworm
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Topic: Pocket money
