Pocket Money for Kids
Pocket money can be a thorny issue in a family. When, whether, and at what age, and how much to give are issues that often concern parents.
When it comes to understanding money, it is never too early to start teaching kids about earning money, saving money and budgeting. If you think it's right for your family, giving kids regular pocket money is a great way to develop their money skills, as well as encouraging independence, patience and goal setting.
How old should kids be before they get pocket money? There are no rigid rules and it's really up to you and your family to decide when your kids are ready for it. Every family is different.
How much pocket money should kids get? There's is no correct answer to this. It'll depend on how much you can afford to give them and how the money is to be used. Sometimes, kids get a set amount of pocket money each week and sometimes the amount of money will vary. Most of the time, the amount of pocket money that a child gets would increase as they get older.
Should kids have to earn their pocket money? This again is up to you as a family.You can give kids pocket money without expecting them to do anything in return or you can give kids a set amount of pocket money in return for doing household chores. Make sure the chores suit the age of your kids - like making beds, picking up toys and putting dirty clothes in the laundry. Kids will have to do other chores to earn a little extra pocket money. This can help them learn about the value of money and that it takes time to earn it and save it. Other parents believe doing chores is part and parcel of being a family and choose to give their kids pocket money for other reasons like getting good marks at school, on their birthdays, or as a special treat.
When it comes to understanding money, it is never too early to start teaching kids about earning money, saving money and budgeting. If you think it's right for your family, giving kids regular pocket money is a great way to develop their money skills, as well as encouraging independence, patience and goal setting.
How old should kids be before they get pocket money? There are no rigid rules and it's really up to you and your family to decide when your kids are ready for it. Every family is different.
How much pocket money should kids get? There's is no correct answer to this. It'll depend on how much you can afford to give them and how the money is to be used. Sometimes, kids get a set amount of pocket money each week and sometimes the amount of money will vary. Most of the time, the amount of pocket money that a child gets would increase as they get older.
Should kids have to earn their pocket money? This again is up to you as a family.You can give kids pocket money without expecting them to do anything in return or you can give kids a set amount of pocket money in return for doing household chores. Make sure the chores suit the age of your kids - like making beds, picking up toys and putting dirty clothes in the laundry. Kids will have to do other chores to earn a little extra pocket money. This can help them learn about the value of money and that it takes time to earn it and save it. Other parents believe doing chores is part and parcel of being a family and choose to give their kids pocket money for other reasons like getting good marks at school, on their birthdays, or as a special treat.