POCKET MONEY

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Pocket money basics

Giving pocket money to lớn children as young as four or five sầu years helps them start learning about the value of money & money management. For example, when children get pocket money, they have to lớn make choices about spending or saving. And if they’re saving, they’ll learn about waiting for things they want.

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Pocket money can also help children learn about consequences, including the consequences of losing money or spending it unwisely. Letting your children make a few mistakes is part of the learning process.

Children learn a lot about money management by watching how you use money. For example, if your child sees you setting a spending limit or shopping around for the best price, you help your child learn about sticking to lớn a budget.

When to lớn give children pocket money

There are no hard và fast rules about when to lớn start giving children pocket money.

Children might be ready to try managing some pocket money if they can understvà that:

they need money lớn buy thingsit’simportant khổng lồ save sầu money, & not spend it allspending all their money today means there’s no more until the next payment.

How much pocket money?

This depends on your circumstances and what you think is reasonable. As long as your child understands how much they’ll get and how often, they can start learning how to use the money well.

You can base your decision about how much pocket money lớn give sầu on:

what household chores you expect your child lớn dowhat your family budget will allowhow old your child is – for example, you might give a five-year-old $5 per week và a seven-year-old $7 per weekwhat you expect pocket money khổng lồ pay for – for example, if you expect it to lớn cover things lượt thích transport, lunches & savings, you might need to give a little more.

What can pocket money cover?

Pocket money can cover any of the following things:

saving for a special game or toyspecial outings like the moviesgifts for siblings & extended family memberslunch bought at school once a week.

Managing pocket money is a great way for your child to lớn develop a sense of responsibility and independence.

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Pocket money and chores

There are no rights and wrongs when it comes lớn paying children for doing chores around the house.

Some families feel that everyone should help with chores just because everyone is a thành viên of the family, not because they’re being paid. Also, linking children’s chores to lớn pocket money might lead khổng lồ bargaining about how much chores are worth.

On the other hand, some families feel that pocket money should be earned và not just given. And getting pocket money can motivate some children lớn vị chores.

If you bởi decide lớn liên kết pocket money to lớn chores, it’sa good idea for the chores khổng lồ be regular – for example, tidying up the bedroom daily or weekly or putting out rubbish bins each week. This gets your child in the habit of working to lớn earn money.

If you choose to pay pocket money for chores, explain chores clearly so there’s no confusion or bargaining about what needs lớn be done and when.

Tips on giving pocket money

Here are some tips for giving your child pocket money:

Explain khổng lồ your child what pocket money is for và what it isn’t for. For example, if pocket money is lớn cover entertainment, agree on what kinds of entertainment are OK. It might help to write a danh mục.Negotiate guidelines about how much money can go inlớn saving, spending & donating. For example, you & your child might agree that your child puts 50% of their pocket money inlớn savings, 40% into spending & 10% inkhổng lồ donating.Pay what you can afford, regardless of what other parents (or your child!) might say.Pay it on a mix day. You might choose khổng lồ pay weekly, fortnightly or monthly.Deposit your older child’s pocket money directly into lớn their ngân hàng trương mục. This can help them get familiar with digital money and prepare them for using an ATM card.Try not to supplement pocket money or pay in advance. If you vì, consider making a repayment plan with your child to teach them about borrowing & lending money.

Children might feel motivated lớn save if they can see their money ‘growing’. Try putting saved money in a box or jar so your child can watch the màn chơi get higher. Or you can use several jars lớn divide your child’s pocket money – one jar for spending on small things your child wants now, & one for saving towards bigger things.

Learning about money

Your child learns a lot by watching how you khuyến mãi with money. Pocket money can teach children about:

the value of money: the relative price of thingsspending: accepting that money is gone once it’s spentearning: understanding that earning money can be hard work, but usually that’s the only way khổng lồ get itsaving: using short-term & long-term goalsborrowing: understanding the importance of repaying borrowed moneyopportunity cost: understanding that when you use money lớn buy something, you give sầu up the chance to buy something else with that money.