Hot Topic – Pocket Money

6 Aug

So finally the demand/request has come. Nikhil today asked me for regular pocket money. I asked him how much and he said Rs. 100 per week month but he could need some extras…

“Some kids in my class get Rs. 1000 per week” he said… hoping that I would see how “lucky” I was.

How much pocket money should a 14 year old get? I am amazed that some parents actually give their kids a 1000 rupees a week.

So is there a number here? What is too little and what is too much?. We are due to discuss this topic today evening 🙂

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42 Responses to “Hot Topic – Pocket Money”

  1. Veena August 6, 2008 at 6:56 am #

    My GOD.. He is still in school right? Pocket money so early?? I remember getting my pocket money when I went to engg. Anyway that was a different kaala.
    But I remember I used to keep those change like Rs 5 etc, when we go to buy things from shop or when I paid School Day Fees.,

    1000 is absolutely exorbitant I think. My brother (who just finished his engg) used to get Rs 400/- per month and this included the petrol charges too.. My people at home say, ooTa tindi manele, so innen kharchu? That was funny though 🙂

    Nikhil could be given 100 Rs, but not for a week but for a month I suppose. I am beleiving that you take him to movie, bowling and such things and this extra is just for his other fantasies like Friendship bands, those Independance day flags and such things!

  2. Vijay August 6, 2008 at 7:00 am #

    @Veena: Need to correct it.. he wanted Rs. 100 per month…

  3. Xylene August 6, 2008 at 9:33 am #

    100 a month would be well okay. I used to get 1Re everyday when I was in school. I serve myself with an icestick and use the rest for the bus fare (student concession). That makes it almost 30 per month. But then I never get it in one go, I get it in30 different installments.

    I think you could try that, give it in installments, that will help him learn on how to save money as well.

  4. Aditya August 6, 2008 at 1:34 pm #

    May be you should ask him what he plans to spend it on and have him itemize it – do the monthly budget as it were. And then report back every month on how he actually spent it.
    And what is this “extras” business? Either on the budget or it isn’t! 😉

    In Eng, I think my pocket money was 50 bucks a week + petrol money (50-60 a week). Don’t remember getting anything before that.

  5. Madhu Rao August 6, 2008 at 4:14 pm #

    Like Veena’s folks, my parents’ constant chant was ‘No Pocket Money’ — You ask when you need it and if just we will give you — I hated it ! But need to admit they were correct. I used to have a steady Rs.100-200 that would be replenished upon justifying the kharchu in engineering. But that was 92-96, long time ago.. when my annual engg fees was 1500/- :-).

    One thing that may help is to ask him to save a part of it and you matching the savings at the end of the month. If he bites the fiscal responsibility bug early, you could retire sooner Vijay ! 🙂

  6. Rupai Raja August 7, 2008 at 6:56 am #

    Stop telling i was getting that much at that time bla bla bla.. Think about the current.

    I think for age 14, Rs10 per day is required, No weekend pocket money, Rs 200 per month is fair i guess again not in one shot, it shd be daily way..

  7. M O H A N August 7, 2008 at 8:20 am #

    Vijay
    Definetly 100 seems OK but he needs to maintain accounts and give it to you. There are too many distractions which carry the kids away… remember the pinball machine at jayanagar shopping complex 😉

  8. Vijay August 7, 2008 at 8:49 am #

    @Xylene: Daily wages…
    @Aditya: I have asked him to make a presentation..
    @Madhu: Retirement .. If only I could 😦
    @Rupai: Nikhil is your fan for life 😀
    @Mohan: lol.. that was disaster for me…

  9. | Balu | August 7, 2008 at 12:36 pm #

    Just 100 a month? That’s harmless I guess.. I never got pocket money I had to earn them. Grocery shopping, helping cleaning the house vagera vagera used to get me 50 bucks a month at the max.. but well that was enough for extra round of chocolates.

    Rs 100 is enough if we wants to buiy chut-chut items but if we plans to use that money when going out with friends and stuff he deserves more.After all he is in Bangalore — really expensive 😦

  10. mouna August 7, 2008 at 2:21 pm #

    i never got pocket money in school. i don’t get it now too. It’s perfectly fine, i get cash whenever i ask. And it includes everything from stationary to food apart from that of home, which was a daily affair in bsc.

    in fact, pocket money limits the spending, whereas the ask-for-when-required does not. so perhaps, u are safe this way 😀

  11. Aditya August 7, 2008 at 5:21 pm #

    haha, if he’s smart, he’ll settle for just asking for money and taking it when he needs it. this pocket money business is too complex. Even in my case, the pocket money was informal and averaged out to 50 a week. Basically asked daddy for money when I needed it and I don’t remember the request ever being denied! 🙂

  12. ramsblog August 7, 2008 at 9:49 pm #

    Pocket Money? What does it mean? 🙂
    we didn’t have that in our dictionary even after my engineering days. However, my parents were always there to support me if I asked the amount and if I justified what the amount for. Early on, I got into a habit of writing down every paise I spent. I believe when I started working was when I used to keep about 20 to 100rs in my pocket and only for gasoline.

    At times we used to earn entaane, naalkaane here and there, just for keeping the sofaset and in general house cleaner all the time. the day my parents noticed the sofaset messy or the TV table messy, we didn’t get that nalkaane for that day. Areas/Tasks were allocated to me and my brother so we didn’t compete on the same task. 🙂

    Anyways, that was past. Things have changed now. I believe it is good to teach him finance. It is ok to give him pocket money. and at the same time, he needs to send certain percentage for savings and some percentage for charity (helps understand the importance of giving). Also, would be a great idea to help him learn the power of multiplication with incentives on remaining amount at the end of the month or have him chart out some sort of investments. It doesn’t have to be banks or stocks; but could be even at home like playing a role in minimizing the expense; looking for areas where the redundant expenses be eliminated; etc..[viz., saving energy, saving fuel considering cover multiple places/tasks at once instead of making round trips, etc) just a thought…

  13. Daisy Blue August 8, 2008 at 9:53 am #

    What did u finally give him?!?

  14. Veena August 8, 2008 at 10:07 am #

    So finally what happened? Share the Meeting Minutes pls 🙂

  15. Vijay August 8, 2008 at 10:15 am #

    @Balu: I think its for small ticket items like the tuck shop at school… he did mention that this did not include Movies, Eat Outs etc
    @mouna: as Aditya mentioned it works better when you “ask when its needed”
    @Aditya: You were always a cunning bugger
    @Ram: Agreed… I have suggested a “work for pay” method
    @Daisy Blue,Veena: Negotiations underway….mainly because I have been busy at work…

  16. | Balu | August 8, 2008 at 12:03 pm #

    Then Rs 100 is vokay! 😀
    PS: 50 extra in case he scores “AWESOME” in his school 😛

  17. megcloud9 August 9, 2008 at 10:58 am #

    lol 🙂 i find this topic very relevant ! i was just suggesting the idea of a hike in pocket money to my parents ! 🙂 i’m in final year engi n there r way too many outings which we go on…i save money on travelling since i walk to n fro to coll 🙂 but the eat-out n other expenses add up to a huge sum!

    btw my parents still dont give a fixed amount.i only prefer taking money if there is an outing scheduled 🙂 100 rs sounds reasonable 🙂 for a 14 yr old !

  18. praneshachar August 11, 2008 at 12:32 am #

    give him what he has sought as it seems reasonable but ask him to save something out of this and you will contribute same amount saved when he completes his II puc so this gives some message and importance of saving opea a bank account for him he learns banking too if u have not done. as mohan says ask him to keep account in a dairy and note all expenses however small it may be. it gives accountability to him.
    negotiations seems to be like one with US by Man mohan singh postponed indefinitely or what !!!!!!
    believe him at the same time keep watch.
    those who are giving Rs.1000 or more as indicated are spoiling their child. everyone in spite of being rich and affordable should not let loose. each one has to understand the value of money. that will be known when u start earning. once u restrict the pocket money and ask accounting for it it is first lesson of value of money

  19. Vijay August 11, 2008 at 6:24 am #

    @Balu: Point noted…
    @Meg: This “tactic” of taking when required is better.. hope Nikhil doesnt realize this.. but I agree 100 is reasonable..
    @Pranesh: Agree with you sire..

    UPDATE: A sum of Rs. 100 and a Rs. 50 bonus has been agreed on (per month).. the bonus is entirely up to my discretion (meaning I wont have to pay it 😉 )

  20. Nikhil August 11, 2008 at 7:39 am #

    Give him what he asks for! Please! 😀
    Don’t do what my dad did.. He wanted me to work for my own money and now look at me! I’m a nervous wreck! 😀
    Besides, I share your son’s name! have mercy!

  21. Vijay August 11, 2008 at 8:30 am #

    @Nikhil: he he.. Nothing wrong with that right? …. and whats this? Just because you guys share the same name…. partiality…

  22. My3 August 13, 2008 at 11:29 am #

    Back from good ole Bangalore/Mysore 😦

    Eating Srinivasa Bakery rusk and reading the comments. I don’t usually give a lumpsum amount to my son(he is 16), slightly older than your Nikhil. He usually asks for money when he has to submit cash for the outings. Those come from me. Otherwise, I usually make sure that he has atleast 5 dollars in his pocket. Not more. Why give in to temptation.

    BTW, I am known as that pain… mom 😉 so I have told him to use that in case anything bad is going on around him. His easy excuse would be, My mom told me to get home by this time, or else you know what a pain she can be 🙂 Also, another trick I have told him to utilize is when things are not going according to what he thought it should be at some party, then to make a missed call to me and that one of us would be there to pick him up.

    sorry to go off-topic. but these are trying and terrible times. Once they get older then we can all have a bloggers meet and wipe our brows and say what a great time we had as parents of teenage boys 😉 and give lots of unwanted advice to Veena as she brings up her little angel. 🙂

    ps:5 dollars for here and 100 there sounds about right for this age group, where almost everything is provided for by the parents.

  23. Vijay August 13, 2008 at 11:46 am #

    @My3: From your IP address I see that you are back in the USA… did you buy Congress Kadalekayi as well? Anyway now that you have gone back, I think stocks in Gandhi Bazaar will replenish itself… hope you had a good trip…

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