Pocket money for kids: Spending is good too!

Pocket money for kids: Spending is good too!

Save, save and save some more. Isn’t that what pocket money for kids is meant to be all about, teaching them the importance of saving? Wrong.

According to Dr Elizabeth Kilbey, the resident expert on the All New House of Tiny Tearaways, its actually about the whole process, so spending it is just as important, and parents would do well to remember that and “let go” so that they allow their children to experience the joy of spending their money, as well as saving it.

But surely we should be stopping our kids from buying yet more of those tatty pink, glass bracelet thingies, or those rather annoying, but ever popular, collectibles, including the latest “unbelieveably cute animal in my pocket” or whatever the latest craze is? Again, not necessarily.

If your child is demonstrating that they are able to save money for a period, then perhaps we parents should back off in our control-freakiness, and actually let them spend that money on the latest craze to sweep the nation. Only then will they realise that sometimes its better not to waste money on the plastic tat, and buy the nice silver jewellery instead a few months later. That won’t break, you see?

Our kids learn, and they make their mistakes through their experiences, and why should pocket money be any different?

In fact, thinking about it, haven’t all of us adults learnt rather well from our mistakes with money? Remember that new gadget that you wanted to buy for aerating the lawn; that it was rubbish and broke after a week…well…there you go…

Chatterbox recently used her £1.00 a week pocket money to buy some rather cheep dress up bits and bobs. The tiara broke after a day. The next time we saw something like that, she said:

“Mummy, I’m not going to buy that, its probably going to break because its a bit cheap.”

And you know what, she was right; she had learnt from the last time. Mummy’s strained expression when she let her buy that last piece of tat was all worth it in the end…I think.

There is pleasure in the saving, of course, but the joy in spending shouldn’t be missed out on. Dr Kilbey quite rightly points out that this is really “hoarding” and not actually saving at all. Saving implies you have an aim; for example, my little girl wants to buy herself some Sylvanian Family toys. She has a goal, and there is a pleasure in reaching that goal, and then undoubtedly adding those loveable mice to the clutter in her bedroom.

After the great high of spending, there is the lesson that you need to start all over again for the next big thing…perhaps a nice new top for mummy, yeah? No, the merekat family? Ah well…

For more top tips on pocket money, do pop on to YouTube and see the Britmums chat with Dr. Kilbey (representing pkymny.com) which I had the pleasure of taking part in too. Some excellent advice and discussion on there. Nice to know its not just me that finds pocket money a bit of a minefield.

What are your top tips around pocket money for kids?

Image above courtesy of FreeDigitalPhotos.net

 

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About the author

I'm a mum, a part-time analyst at NelsonHall, and the owner of KiddyCharts, not necessarily in that order, and typically all at once... I have two fantabulus children, Stuntboy and Little Miss Chatterbox, who are the inspiration for my business. They continue to be the driving force of much of what we do in our lives, often when we aren't actually expecting them to be. My long-suffering husband, Brad (ahem), puts up with my rather untidy nature, and haphazard house-keeping (even more ahem) skills. This blog covers my diet coke-induced musings on being a working mum, covering stuff like parenting, reward charts, social media, mummy guilt, which I have a lot of it seems, and anything else that seems relevant or interesting after a shed load of caffeine. I am not trying to be an expert on anything on here, its all about sharing some experiences with a few other people. Hopefully you will find them helpful, interesting, and occasionally they'll bring a knowing smile to your face. So stay for a while, and get to know me, my family and KiddyCharts. Hope you like us all.

4 Responses to “Pocket money for kids: Spending as well as saving is good”

    • Profile photo of Helen Helen

      Hi there, Rodney. My kids are only 5 an 7 so don’t get anything other than pocket money. When they reach an age when they might get an “allowance” as it were, I suspect that I shall ask them to do specific chores so they can earn that allowance for more longer term use. Pocket money is something I had only envisaged would be given for a few years. Beyond this, when they are of an age to get a Saturday job, I would encourage them to do that too, as my parents did me. I think that its important that children learn that money is something to work for from an early age. My expectation, hopefully correctly, that the pocket money they have had from a younger age will stand them in good stead when they reach 14/15 so that they understand about budgeting for a longer term goal. Baby steps now to help with the more “adult” steps in a few years time.

  1. Coombemill

    Great advice in here Helen, pocket money is a mindfield, hoew much, in return for what, how much to save and how much to spend, at the end of the day with all these things it is about getting a healthy balance.
    Coombemill recently posted…The Christmas TagMy Profile

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