pocket money, bank accs, cash cards...

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boosmummy
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pocket money, bank accs, cash cards...

Post by boosmummy »

I didnt know where to post this so apologies if its in the wrong group.

The kids get pocket money, well no the kids should get pocket money but they dont do their chores so they dont get it, but they get money anyway. Honestly, its a scream...

Anyway, as part of my get organised january (which by day three is going very well, day one was led on the couch suffering haha) i want to get the household finances as well as pocket money thing organised. Boo has a bank acc, with nothing in it. but has access to a card if i want her to have one. mr b doesnt but i can easily open one for him and attach it to my acc. Im thinking if they have a card (with strict instructions) they can control their money with bank statements etc.....

I want to know your thoughts on card, pocket money etc... not for my situation for in general xx
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Scrambled
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Re: pocket money, bank accs, cash cards...

Post by Scrambled »

Not really sure about this, but only because I don't have kiddwinks so no experience etc etc

However, if you do decide to go ahead, how about making sure that they know that part of the deal is to keep a record of all the transactions they carry out and to reconcile that to their statement each month - so that they understand that (for example) just because the statement says they've got £30 in the account they may not necessarily have that available to spend if the £10 they withdrew on the day the statement was produced hadn't cleared the account.

Does this make sense?? >coc<

They could do this on a spreadsheet, or even in a little book. They keep a running tally and reconcile to the statement.

Anyway, just a thought - hope it helps if you do decide to go ahead.
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boosmummy
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Re: pocket money, bank accs, cash cards...

Post by boosmummy »

Scrambled wrote:Not really sure about this, but only because I don't have kiddwinks so no experience etc etc

However, if you do decide to go ahead, how about making sure that they know that part of the deal is to keep a record of all the transactions they carry out and to reconcile that to their statement each month - so that they understand that (for example) just because the statement says they've got £30 in the account they may not necessarily have that available to spend if the £10 they withdrew on the day the statement was produced hadn't cleared the account.

Does this make sense?? >coc<

They could do this on a spreadsheet, or even in a little book. They keep a running tally and reconcile to the statement.

Anyway, just a thought - hope it helps if you do decide to go ahead.


Absolutely makes sense,it was part of my thinking too x
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Mo
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Re: pocket money, bank accs, cash cards...

Post by Mo »

Well, from the age of 3 mine had a small amount of pocket money - starting as the cost of a bag of crisps.
Later there was pocket money and job money - all jobs had a time and there was a chart in the kitchen so that they could claim jobs done at so much / minute.
Then from 11 they has clothes money with a book to jot down spendings (more a clothes account with the Mo-bank), so much a week and they were allowed to overdraw for school clothes / shoes etc but any extras came out of what they had left.

I think I was fairly tight with them. Their Grandparents gave them cash (one set instead of Christmas & Birthday presents to spend, the other set bigger amounts for 'future) so they learnt about bank accounts and interest - this in the days when interest rates were worth having. At 15 my daughter bought a pony from what she had saved of her birthday cash - and kept it on what I would have spent on riding lessons and riding holidays.
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Gwenoakes
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Re: pocket money, bank accs, cash cards...

Post by Gwenoakes »

Think I would go 50/50. 50% cash and 50% in the bank, that way they would learn about bank statements/cards etc and also have hard cash in their hands. The money in the bank they could save for larger things and the money they have in their hands could be spent on smaller every day items they may want. So its teaching them about handling money and handing the correct amount over/making sure they get the right change etc, but also teaches them about bank accounts/cards too. You could maybe even suggest that any 1p pieces they get out of the cash they are given could be saved until they get £1 then a trip to the bank to deposit, which gets them used to going into the bank.
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boosmummy
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Re: pocket money, bank accs, cash cards...

Post by boosmummy »

Gwenoakes wrote:Think I would go 50/50. 50% cash and 50% in the bank, that way they would learn about bank statements/cards etc and also have hard cash in their hands. The money in the bank they could save for larger things and the money they have in their hands could be spent on smaller every day items they may want. So its teaching them about handling money and handing the correct amount over/making sure they get the right change etc, but also teaches them about bank accounts/cards too. You could maybe even suggest that any 1p pieces they get out of the cash they are given could be saved until they get £1 then a trip to the bank to deposit, which gets them used to going into the bank.


Good ideas there gwen. I'm definitely going to take them on board x
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barkingmad
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Re: pocket money, bank accs, cash cards...

Post by barkingmad »

My daughter is 15 and I have just helped her open her own bank account.
She has a debit card NOT a credit card. So she can only use what is in her account.
She also has online banking on her mobile so she can get up to date balance.
I do a bank transfer as and when she does do her allotted chores.
I have found if she sees money going in to her bank she is more likely to do her chores.
I think all children should help around the house.
obviously age depending for there age.
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