Negotiate guidelines about how much money can go into saving, spending and donating.For example, if pocket money is to cover entertainment, agree on what kinds of entertainment are OK. Explain to your child what pocket money is for and what it isn’t for.Here are some tips for giving your child pocket money: If you choose to pay pocket money for chores, explain chores clearly so there’s no confusion or bargaining about what needs to be done and when. This gets your child in the habit of working to earn money. If you do decide to link pocket money to chores, it’s a good idea for the chores to be regular – for example, tidying up the bedroom daily or weekly or putting out rubbish bins each week. And getting pocket money can motivate some children to do chores. On the other hand, some families feel that pocket money should be earned and not just given. Also, linking children’s chores to pocket money might lead to bargaining about how much chores are worth. Some families feel that everyone should help with chores just because everyone is a member of the family, not because they’re being paid. There are no rights and wrongs when it comes to paying children for doing chores around the house. Managing pocket money is a great way for your child to develop a sense of responsibility and independence. gifts for siblings and extended family members.Pocket money can cover any of the following things: what you expect pocket money to pay for – for example, if you expect it to cover things like transport, lunches and savings, you might need to give a little more.how old your child is – for example, you might give a five-year-old $5 per week and a seven-year-old $7 per week.what household chores you expect your child to do.You can base your decision about how much pocket money to give on: As long as your child understands how much they’ll get and how often, they can start learning how to use the money well. This depends on your circumstances and what you think is reasonable. spending all their money today means there’s no more until the next payment.it’s important to save money, and not spend it all. There are no hard and fast rules about when to start giving children pocket money.Ĭhildren might be ready to try managing some pocket money if they can understand that: 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 a budget. Letting your children make a few mistakes is part of the learning process.Ĭhildren learn a lot about money management by watching how you use money. Pocket money can also help children learn about consequences, including the consequences of losing money or spending it unwisely. And if they’re saving, they’ll learn about waiting for things they want. For example, when children get pocket money, they have to make choices about spending or saving. Giving pocket money to children as young as four or five years helps them start learning about the value of money and money management.
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