Pocket money is an interesting one in our house.
We’ve introduced it before, years ago, but it sort of ‘fizzled out’. More recently the
children have been asking to buy various sweets and treats regularly and I’ve missed
the ability to say, ‘you can buy that with your own money’, so we’ve introduced
pocket money again.
I think it’s really important for them to have that little bit of independence and start to
learn about making choices. This time, I’ve also linked pocket money to some of the
very basic family contributions that they need to do, as part of the team – things like
setting the table, clearing it, making their bed and taking their packed lunch out of
their bags when they get in from school.
The one thing that I found very tricky last time, was having the right change in the
house each week when it was time to pay the children and keep on top of who was
owned what, depending on the chores and contributions they’d made. I made
elaborate check lists and did my best to go to the bank regularly to get the correct
change – but to be honest, it was hard to keep that going!
So, this time, I’ve signed up for the Natwest Rooster app. It’s been fantastic to keep
track of the chores, and I am able to transfer the money each child is owed each
week directly into their accounts. They also each get a Bank card that they can use
in the shops to buy the treats they want to.
In terms of ‘how much’ – I think this is something that each family has to figure out –
we’ve gone with £1 per age of the child – so £11 a month for Josh, £7 for Isla and £6
for Rupert. I then split this allowance into weekly payments that they get every
Saturday in time for going over to the corner shop, toy shop or the pet shop to get
treats for themselves or their Gerbils.
The app also allows for the children to create different ‘sub pots’ so that they can
save up for something bigger if they want to or put aside money for certain interests
or activities. The app then gives me a reminder each Saturday to ‘sign off’ the
contributions the children have completed that week, so that their pocket money can
be released into their accounts.
We all sit down together and talk through what each person managed to contribute
that week and whether they think they should get the full amount, or whether they
are aware that they’ve not quite managed to do certain tasks that week. It allows for
us to agree together what we think is fair and is a gentle reminder that it is important
to contribute to the family team chores each week. So far, it’s worked really well, and
the children have very much enjoyed having their pocket money to spend – and I
have enjoyed a simple method to keep on track! To find out more about the Natwest
Rooster app you can go to: https://roostermoney.com/
If you are a Natwest customer already, you get this for free, too!
Another thing that’s been fascinating, is the children’s thoughts about getting
Christmas gifts for friends and family. They are starting to wonder what they might be
able to afford on their respective budgets, whether they want to start saving for a gift
for others or for themselves, and whether they want to pool their resources.
It’s been wonderful to watch! One thing we’ve started to do is to regularly pop into
our local charity shops to see what deals they might have – it not only allows the
children to feel that they have enough money to spend, it also helps us all do our bit
to recycle and reuse products and do our bit for the environment.
How do you do pocket money in your house? What works for your family? I’d love to
hear about it!
Anika x
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