lifestyle

Pocket money. When? How much?

Pocket money. It’s s strange one.

Sort of like salaries but for very little people who don’t really work and don’t have any bills to pay. Some of my friends believe pocket money should be earned – chores around the house, making the bed, taking out the bins etc. Each chore or group of chores earns the child his/her pocket money.

Others are appalled at this idea, believing that children should help around the house without expecting “payment” in return.

“There are the children who believe they deserve hundreds of dollars just to “appear” as your child.”

And that is just the start.

There are the children who believe they deserve hundreds of dollars just to “appear” as your child, there are the parents who pay their kids to keep them quiet or to appease their guilt and there are children who pull their teeth out just to get some money from the tooth fairy.

And if and when you decide that you do give pocket money? How much? What do your kids do with their money? Should they be able to spend freely or should you monitor what they are buying.

“What do your kids do with their money? Should they be able to spend freely or should you monitor what they are buying.”

Tessa* writes:

My son has recently turned six and I have noticed that some of my friends have been starting to give their children pocket money at about this age.

I’ve got mixed feelings about this for a few reasons.

Firstly he doesn’t want for anything so is it really needed? Also how much do you give, and what jobs should be required in return for said money.

Should I put it in a bank account for him, or give it to him in cash? Should I regulate what he spends it on, or let go and risk icy poles from the tuckshop every other day?

A system we used to have (which has somehow fallen by the wayside) which I read about somewhere was 3 jars. One for ‘save‘, one for ‘spend’ and one for ‘share’.

So your child is introduced to the idea early of dividing money into spending, saving and donating to charity to help others.

What’s your attitude to pocket money? How much do you give your kids and how old do they have to be? Do they have to do anything for it? How much did you get as a kid?

Want more? Try these:

How should I manage my child’s pocket money: Is $5 too much or not enough?

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