Skip to content
ENExplore Calculators

Pocket Money Calculator

Work out pocket money instantly with clear inputs, formula shown and shareable results.

About Pocket Money Calculator

A common convention is a fixed amount per year of age, so pocket money rises automatically with each birthday, plus a bonus tied to agreed chores. Splitting off a fixed share for saving builds the habit before the spending decision is made.

Formula

Pocket money

weekly = age x rate per year + chore bonus; saved = weekly x savings share

Worked example

With the default values below, Pocket Money Calculator returns Weekly pocket money of $10.25. Change any input above and every figure here is recalculated in your browser.

Inputs used

Child's age
11 years
Amount per year of age
0.75
Weekly chore bonus
2
Share to be saved
25 %

Results

Weekly pocket money
$10.25
Free to spend
$7.69
Saved each week
$2.56
Annual total
$533.00

Step by step

  1. 1Values used
  2. 2Pocket money
  3. 3Weekly pocket money= 10.25
  4. 4Free to spend= 7.69
  5. 5Saved each week= 2.56
  6. 6Annual total= 533.00

Assumptions and limits

  • The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
  • In particular, this calculator does not take inflation, tax or fees or charges into account.
  • Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Frequently Asked Questions

Why link pocket money to age?

It scales naturally, avoids annual negotiations, and matches the growing cost of a child's independent spending.

Should chores be paid?

Opinions differ. A common compromise is that basic household duties are unpaid, while extra tasks earn a bonus.

Related Calculators

Pocket Money Calculator – Calculate Weekly pocket money