As yet, my sons haven’t asked for Pocket Money, so we haven’t introduced it. But they get plenty of treats and each have a Savings Account. And we have a stars reward chart where they receive different coloured stars ranging from 1 – 10 points for good behaviour and being helpful. 30 points can be cashed in for a £5 treat or they can continue to accumulate points on a sliding scale, so that 50 points can be cashed in for a £10 treat. They always get given the small change out of my purse to put in the charity collecting boxes on the street and in the shops. Having stood there on a street myself several times on behalf of The Meningitis Trust, I know how nice it is to experience the smile of a young child as they put some money in the box and get a sticker. And of course, The Tooth Fairy always visits our household, even on the multiple occasions, when I assume a tooth has been swallowed.
This topic set me thinking about my own pocket money as a child. I can’t actually remember what age I started getting pocket money, but I kept nagging my parents for some. My dad finally relented and introduced weekly pocket money for both me and my younger sister at a rate of 1p per each year of our age, so 10 years old would equal 10p. I suppose it was better than nothing, but I was too embarrassed to tell my friends, who received much more. With hindsight, I now see that my parents paid for everything at the time, so this pocket money just went in my moneybox.
In my teens, one set of my grandparents started giving me £1 a week pocket money. I thought I was rich. I was able to start buying little Christmas and Birthday presents for my family, rather than just making gifts. Although maybe they preferred homemade gifts to some of the cheap stuff I bought. Also I could afford to visit the school tuckshop. I remember the joys of buying a caramac.
But the real break-through came when I started my first Saturday job, a few weeks before my 16th birthday. I earned £9.25 a day. And after my first two pay packets, I was able to treat myself to a pair of black high-heeled boots which cost £18. There was no way my mum would have ever bought me those.
However the one thing I’m still waiting for is a win on my premium bonds. I have £51 in premium bonds. £1 since I was a baby and a further £50 that I was given from a great aunt on my 18th birthday. I don’t dare cash them in.
This post is my entry into the Tots100/Roosterbank Pocket Money Competition.
Roosterbank makes it simple for families to manage pocket money and gives children the skills and confidence to look after their money responsibly.
Pocket money on Roosterbank.com is virtual, so no real cash deposits are required. Parents use the site to keep track of pocket money transactions, set up regular weekly pocket money payments, make ad hoc ‘boosts’ and approve spending.
Children can view their balance and make decisions about what to do with their pocket money. That may be saving for the future, donating to charity or building a nest egg to pay for a favourite treat.
There are also fab competitions and rewards to encourage them to get into a saving routine, including Roostie Interest which children earn on savings and can be redeemed for prizes!.