Pocket money - your thoughts

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Forums › Finance and wealth management › Pocket money - your thoughts

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Geektastic

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#1639319 23-Sep-2016 11:51

tdgeek:

Geektastic: My father used to give us 50 pence or so if he remembered.

At boarding school, we had no money as there was no use for it: we weren't allowed off school grounds on pain of expulsion.

We did have tuck shop on Thursday and Friday and we were allowed to spend 5 pence and 7 pence respectively, but that was paid for as part of the fees every year.

So, in todays purchasing power, you got paid 10 x the tuck shop meal?

So.... todays meal is $8 at the tuck shop? That makes $80 pocket money?

Maybe. It's hard to reconcile what you could buy then. Tuckshop was sweets only and I recall 7pence was enough to buy half a Mars Bar at that time (last half of the 70's) so 50p was not much really, although at that time five quid seemed like heaps to me!

According to the Bank of England, 7 pence in 1977 is the equivalent of 39 pence today and 50 pence is the equivalent of GBP2.80

Geektastic

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#1639320 23-Sep-2016 11:56

tdgeek:

Geektastic: My father used to give us 50 pence or so if he remembered.

At boarding school, we had no money as there was no use for it: we weren't allowed off school grounds on pain of expulsion.

We did have tuck shop on Thursday and Friday and we were allowed to spend 5 pence and 7 pence respectively, but that was paid for as part of the fees every year.

I had to pay 10% of the annual service fee for my Lambo which really annoyed me...

But when I had my licence for a year they paid it

I'm impressed you could drive at that age; I preferred to use my parents as chauffeurs. No point in having a dog and barking yourself, as they say!

JoshWright

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#1641104 27-Sep-2016 10:20

I'm 17, never have had any allowance or pocket money growing up, the expectation is that I do my chores and help out and my parents pay for the things I need, not want.

I now have a part time job working weekends making coffee to save for uni next year, and this in itself has taught me enough about saving money and working that I've successfully saved almost $7000. I manage my own bank accounts and pay all the costs to keep my car on the road (~$50 week for reg,wof,fuel,maintenance,insurance). As a 'geek' I've always worked for the money to buy anything expensive like a new phone or computer, sometimes my parents helped out a bit but I think I understand the value of money having worked for what I have.

I think this has worked well for me, because there never was any real 'need' for me to have money of my own, any time I wanted something special I either did extra chores for other family members, or waited until it was my birthday.

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