Pocket Money No comments yet

Pocket money is a valuable tool in teaching your children the value of money and can also be used as a way of controlling them. Children gain an interest in money from a very early age as they know that’s what they need to get sweets, lollipops and toys. So when should you start giving your child pocket money?

Most people start to give their children pocket money from the age of six or seven, at this age the amount does not have to be very much say £1 to £2 per week, as age increases so should the amount as the things they’ll want to buy will be more expensive and inflation will mean our money is worth less.

Pocket money should always be dependent on good behaviour! Bad children should not be paid or should be reminded that if they don’t behave they’ll lose their money. This will teach them a lesson they won’t forget as they won’t be able to join their friends in the tuck shop. A great way of keeping them in check is to start the week at pocket money of £5 and for every time they miss behave or don’t do their chores you can subtract £1, so they may get lots of money or get nothing.

An awesome way of teaching children the value of money and get them saving early is to give them a small weekly amount of about £2.50 and tell them if they save it for 4 weeks and not spend any of it you’ll give them interest making their £10 into £15 (very good interest rate). This will give your child a valuable lesson in saving money and thinking about the future.

If you have any techniques of your own or tips on giving pocket money then please share them with everyone.