Do you give pocket money to your kids? A lot of parents ask me if they should give their children picket money and how much they should give. This is always a hard one for me to answer because I have my own opinions about whether a child should be entitled to “free” money.
I usually respond with a couple of questions. Did you get pocket money as a child? What did you do with your pocket money? What lessons did you learn about money? This then leads to parents identifying what lessons they would like their kids to learn about money and usually the answer that is right for that parent and that family comes out.
Personally (and my choice is not right for everyone), I feel kids should learn the value of money from the very beginning. To me that means they don’t get given it but they have to earn it. For me this means my child having chores that he does that are expected as general muking in and helping with family daily life (ie, the dishes and keeping his room somewhat tidy) and chores that can earn him some cash. I’m a tight penny pinching mum so I don’t pay well, but I will pay him to mow the lawns. Teenagers are motivated by money when they want something. One month I’ll be putting consequences in place so he gets the lawn done and the next he’ll be wanting to mow every three days till he’s got enough cash! He’s learnt that I don’t pay if it doesn’t need to be done, but he’s welcome to do it if he want some the exercise! It was a hard lesson to learn when he did that the first (and last) time.
Some families like to make charts for daily or weekly chores and if the chore isn’t done they don’t get the cash. It’s a tricky way of doing things if your child doesn’t know how money works, so pocket money or earning money has to be paired with learning how to save and or spend.
Some people like to give their kids the 3 ways rule, any money their children receive must be split three ways, some for saving, some for spending and some for charity.
At the end of the day. Whether you give your child pocket money or not and how much you give, is up to you. If you decide what lessons you want your child to learn about money then you can base your pocket money system around that.
If you’d like to know more about some of these ideas me mentioned, here are a few links: