Sunday, 15 September 2013

All Change! - Pocket Money Memories...

I don't know about you but as a child of the seventies I didn't really get pocket money, not in the way of a weekly handout anyway.

I always wanted these but never got them:

My Dad used to run the Christmas 'Thrift' club at our local pub and he put some money away each week for me and my older sisters' - so that we had something to spend on things at Christmas. It was always a lovely surprise and I always really appreciated it. I used to buy prezzies for everyone and something to wear New Years Eve out of it!

I used to earn pocket money as I got older - for washing my Dad's work van or doing the polishing or such like. I used to love saving, but things changed when I got older!

So I made it really important for Evan to save right from really young and he still does. He saves his weekly pocket money of £3.50 from January to July for his summer break and then July to November to do his Christmas shopping.

He earns his money by being in charge of the household recycling and composting. He sorts all the paper, cardboard, and tins/plastics each week and has just added washing up one evening a week.
I also have a list on the inside of one of my kitchen cupboards; of extra allowance he can earn if he is observant (He doesn't earn much this way).

I can always remember my Dad standing in front of the airing cupboard shouting at my Mum that he 'couldn't see his clean hankies' they were ALWAYS in the same place on the top shelf on the left! Always.
So I thought trying to teach Ev to notice things - like bring in the milk or pick up an empty cup and take it to the kitchen, but he rarely notices - it is just not instilled in men!

It's reviewed about every 6 months or so although this was the first increase in a year. He is happy with it and enjoys saving.
In the summer I bought him a Terramundi which he is ONLY saving £2 coins in! So this year he will see a total change in the amount he can save without extras! He is though determined to save the approximate £1000 it will hold in £2 coins.

I don't believe that money should be just handed out willy nilly and I think teaching Ev to earn his pocket money has made him realise value to an extent - he still thinks I have one of these though:

This is my entry into the Tots100/Roosterbank Competition.

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 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!


One thing I do love about Ev's change pot is that he loves to use the Coinstar in a local supermarket. It counts up all your change and gives you a coupon which you can either take to customer services for the notes or take off of your shopping. It also allows you to donate to charity which Ev loves about it. He knows he donates twice a year and it's brilliant!