RetireJapan

Hi everyone.

I have an 8 year-old son, and would like to start giving him pocket money weekly.
I have no idea how much to give!
Inflation has no doubt changed the picture entirely! And parents values will have changed too!
So guys….what are your policies or amounts?

A few hundred yen a month to buy some candies at the supermarket. It forces him to budget and ration his scarce economic resources.

I like the idea of linking pocket money to chores.

Children can come understand that money comes from providing value.

Of course if you get it wrong you end up with my granddaughter, who gives me an invoice every time she passes me the salt

Yeah I like that chores for cash thing too, but my spouse regarded that negatively. People in the house should keep the house tidy because they are family, rather than for money. An understandable viewpoint I thought.

Our kids get those otoshidama, and then cash at birthday time - so that is it. We put most of it in their bank account (learn saving), and give them a fraction to spend

I tend to agree with Ben (linking money to work). I give my kids a monthly "allowance" but also require them to help around the house. I believe they should help out anyway as they are part of the family but giving them a little cash every month keeps them from asking me all the time.

My parents used to pay a cleaner to come to our house each week to do the bigger cleaning items like mopping floors, cleaning showers and toilets. Once I became an early teenager they offered the same amount to me to do it instead. It was a good lesson for me that I had to work for money. My dad around the same time gave me the book 'The Richest Man in Babylon' which looking back now I'm very glad that he did that. It got me on a good savings path at a young age and learning the basics about interest. I started full time work at 17 years old then by 19 I went on a 7 month trip around Europe and Morocco (on a shoestring budget) but I guess it was the savings habits and working a full time job and part time job that let me do that. I'll have to say thanks to my folks next time I speak to them

When I first saw the subject of the post, I thought this was about how much pocket money Japanese wives give their husbands, which would be an equally interesting topic for discussion. If it happens at all to anybody following the forum.

Wales4rugbyWC19 wrote: ↑Fri Apr 21, 2023 10:50 pm When I first saw the subject of the post, I thought this was about how much pocket money Japanese wives give their husbands, which would be an equally interesting topic for discussion. If it happens at all to anybody following the forum.

Exactly what I thought when I clicked the link. Part and parcel of the "allowance for husbands" system seems to involve two things that should rub anyone on this board the wrong way: 1. a blinder where the husband has no idea how the rest of the money is actually spent, and 2. a lack of trust and openness between partners. As such, I assume nobody on this board would be so foolish as to be in this situation.

mighty58 wrote: ↑Sat Apr 22, 2023 9:26 am

Wales4rugbyWC19 wrote: ↑Fri Apr 21, 2023 10:50 pm When I first saw the subject of the post, I thought this was about how much pocket money Japanese wives give their husbands, which would be an equally interesting topic for discussion. If it happens at all to anybody following the forum.

Exactly what I thought when I clicked the link. Part and parcel of the "allowance for husbands" system seems to involve two things that should rub anyone on this board the wrong way: 1. a blinder where the husband has no idea how the rest of the money is actually spent, and 2. a lack of trust and openness between partners. As such, I assume nobody on this board would be so foolish as to be in this situation.

This is really interesting for me. I have a Japanese wife but there has never been any suggestion that she should control the finances. She spends what she likes and so do I (within reason). Then again we are both earning. I wonder how ubiquitous the ‘allowance for husband’ system is?

mighty58 wrote: ↑Sat Apr 22, 2023 9:26 am

Wales4rugbyWC19 wrote: ↑Fri Apr 21, 2023 10:50 pm When I first saw the subject of the post, I thought this was about how much pocket money Japanese wives give their husbands, which would be an equally interesting topic for discussion. If it happens at all to anybody following the forum.

Exactly what I thought when I clicked the link. Part and parcel of the "allowance for husbands" system seems to involve two things that should rub anyone on this board the wrong way: 1. a blinder where the husband has no idea how the rest of the money is actually spent, and 2. a lack of trust and openness between partners. As such, I assume nobody on this board would be so foolish as to be in this situation.

It really is ridiculous in the 21st century that Japanese retail banks don't offer joint bank accounts. I know it is due to gift taxes. When I talk about this to my female married students, they all say they actually prefer separate bank accounts.... This is at the same time they are paying for the class by a bank transfer in their husband's name. Never quite worked that one out.