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Pocket Money

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Is the pocket money debate raging in your household? It’s a well known fact that having children can be expensive and once you have past the stage of paying for nappies, nurseries and all things baby related, your child is at the stage when they are asking for pocket money! Do you want to give them a weekly allowance or would you prefer to give them money as and when they need? How much money should you give and how often? If you start to give your children pocket money, expect to stick to the deal for the foreseeable future so you want to set an affordable amount and maybe come up with a few ways your child can also contribute to the home for their cash?

Benefits of giving pocket money

Pocket money can be a great way of introducing your child to the concept of money and budgeting, giving them responsibility over their money and the choice of how and where they spend it. The lessons that can be learnt in these early stages can set the foundations for their attitude toward their finances in the future, teaching them the value of money and helping them understand that it really doesn’t grow on trees!

Save save save!

Children that learn about money from an early age are more likely to develop good spending habits and be more inclined to save. If you give you child pocket money, be consistent and stick to a regular amount on a regular basis so they can get into the habit of budgeting. This will teach them what its like as an adult receiving a wage and they should understand that if they spend it all at once or run out, you won’t be giving them any more until the set date. It’s important for kids to understand this valuable lesson so that when they are older they learn to cut their cloth accordingly and be less inclined to take out credit cards to tidy them over until the end of the month.pocket money

Average pocket money amounts

The average amount for pocket money is £4.92 per week for children aged 7 to 10 and £8.22 for 11 to 15 year olds, but the amount and regularity is ultimately your decisions.  Try and encourage your child to put aside some money each week into a piggy bank or savings account. They will be able to save up for larger items they might want and teach them the importance of having savings in later life.

You might want to consider giving them chores in the house in order to ‘earn’ their pocket money. Things like emptying the dishwasher, setting the table or hovering are great easy to do tasks in the home that will help you out and also teach them that you have to work to receive financial reward. Add extra chores where they can earn extra money and try and reward them if they do something extra special.

Earning their own money

When kids are older and more responsible, you might want to encourage them to take on a paper round to earn more cash? For many, paper rounds are the first real introduction to working life and a great basis to build a good work ethic, but only encourage this if your child is old enough to do a paper round and you are happy with them being out by themselves. Other ways of earning could include washing cars or carrying out chores in the garden or home for friends, relatives or neighbours – try and encourage their entrepreneurial spirit and you might have another Alan Sugar or Richard Branson in the making!

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About Rebecca Robinson

About Rebecca Robinson

After spending the last 8 years juggling life as a mum of two, wife and working full time as a Project Manager for a global telecommunications company, Rebecca Robinson made the decision to follow her love of writing and took the plunge; turning her passion into a full time career. Since becoming a full time writer, Rebecca has worked with various media and copy-writing companies and with the ability to make any topic relevant and interesting to the reader, now contributes to The Working Parent on articles ranging from credit cards to teenage relationships. Ever the optimist, Rebecca's dreams for the future include a house in the country filled with children, dogs and horses in the field!

Website: Rebecca Robinson

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