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Why having pocket money is good for your kids

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Do your kids get pocket money - that's great, because there are a few reasons why having it is good for your kids.

Photo Credit: Girl with piggy bank via Shutterstock

 

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.

Helen is a mum to two, social media consultant, and website editor; and this site is (we think) the only Social Enterprise parent blog! Since giving up being a business analyst when juggling travel, work and kids proved too complicated, she founded KiddyCharts so she could be with her kids, and use those grey cells at the same time. KiddyCharts has reach of over 1.1million across social and the site. The blog works with big family brands (including travel) to help promote their services, as well as offering free resources to parents of kids under 10. It gives 80%+ profits to Reverence for Life, who fund a number of important initiatives in Africa, including bringing running water and basic equipment to a school in Tanzania. Helen has worked as a digital marketing consultant (IDM qualified) with various organisations, including Channel Mum, Truprint, Talk to Mums, and Micro Scooters. She loves to be creative in the brand campaigns she works on. Get in touch TODAY!

Matt

Monday 14th of September 2015

Pocket money was such a good memory of mine as a kid - all the better to save up for that photography gear! haha

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