Today’s hangout with Beckie Whitehouse is all about pocket money! Do we give it to our kids; what for; how much and whether or not it is a good idea. We both have our own opinions and I am sure that you will all have yours ;-)
Areas of the topic that we discuss are:
- What age is the right age to start giving pocket money? Beckie tells us that she didn’t start until her children asked for it but you may decide to do it earlier. Try to work out a system that is fair to each child i.e. maybe 20p per year of their lives. I am sure you will all have differing opinions on this and you may decide to give more (or less). I (Helen) currently give my children £2 each per week. Having pocket money gets your child used to having money and encouraging them to save it rather than burn a hole in their pocket. Some people we know will give an allowance that will last for the month.
- Is giving pocket money an educational benefit? Pocket money from an early age teaches your child how to use money to buy things and that when that money is spent it is gone. This can be difficult for a young child to accept. One of things we do is encourage our kids to give to charity collectors so also teaches them a sense of responsibility.
- Encourage a saving attitude! If there is something special that your child wants to buy, encourage them to save for it. Using a cash book could be a good start as your child can tot up how much they have saved and how much more they need. Encouraging your child to take on additional chores (on top of their usual chores) can help them save even quicker; agree the amount that will be paid for each job they do.
The video below goes into it more and we do hope that you will find it useful:
Do you give pocket money? What is the going rate in your house? What age did you start? Please share your opinions with us below.