Money!

When my girls were little, whenever they saw anything in the shops or on the telly that they liked the looked of, they didn't ever say 'I want that' or 'Can I have that?'.  They always said 'I've got that!' and pretend to grab it from about a foot away if we were in a shop and that was that! 

As they got a bit older they started asking if they could have something and I started saying that they should save up, but since they didn't have pocket money at the time that effectively meant waiting for Christmas or birthdays, whichever came next.  As the only grandchildren on both sides, they do get given quite a substantial amount of money from various relatives and although some of it goes in the bank they do get some of it to spend.  However, after the occasion when I said 'Save up your pocket money' and it was pointed out that they didn't have any, we did agree that it was time to start.  So from the age of about 5 and 6 K & M have received 10p per week for each year of their age.  So that's currently 70p for M & about to go up to 90p for K. 

For quite a while that worked fine, but it's not really enough to save up for anything of any value before a birthday or Christmas came around again!  Also we still paid for occasional treats like ice creams, gave them some extra money to spend on holiday, paid for rides when the fair came, helped them out for money for birthday and Christmas presents etc. etc.  So at the beginning of this year we decided to try something new.  They still get their weekly (currently less than a pound) pocket money, but now we also give them £5 per month at the beginning of the month.  From that they now pay for most things themselves, treats, fair rides, birthday and Christmas present for our 'little family', holiday spending money and so on.  I try to remind them when birthdays are coming and when fairs are coming, so they can make sure they have enough money when they need it.

To start with K in particular found that it burned a hole in her pocket, but that does seem to have calmed down.  We've often talked about value for money as well as how much things cost when doing shopping, and while they sometimes, as most children I imagine, have different ideas from me about what consitutes value for money, I think they are learning more from having control of their own money.  I do express opinions on what might be a sensible amount of money to take to a fair for example, but let them know that it is up to them.

I don't think either of them is saving up for something in particular at the moment, but both of them had what I would consider a lot of money for their age and each of them took over £5 to the mini fair that always comes around K's birthday (at the same time as Goose Fair on the other side of town).  On the way I suggested we walk all round first and they could see how much things cost and what they thought they might like to go on and whether it would be good value for money.  In the end they each went on two things and spend £2.50 each.

K & M on the roller coaster

M on the little aeroplane ride

K on the little aeroplane ride

Of course the one thing I haven't mentioned is what if anything they have to do to get the money.  Well for the £5 to be paid their bedroom has to be tidy (ish) and vacuumed.  They get the weekly pocket money anyway, it's not linked to any particular chores, but they do have to help tidy and generally help out around the house anyway.