Do you give your child/ren pocket money
Yes, we do give them pocket money.
If the answer is yes ……………………
When did you start? Did you and your partner agree on this?
For our older daughter who is now 8 we started allowing her to earn money when she was 6 ½ . We both agreed at the time. She wanted a DS for her 7th birthday and the deal was, she could have one if she paid half. She earned money from us and from grandparents, through chores and being well behaved each week. She managed it in around 5 months!
How much do you give?
Now we give each of them £1 on a Saturday and they have the option to earn more through individual charts. The charts include things like making their bed, getting ready for school, tidying their room and being nice to each other.
Why do you give it?
We give it to teach them the value of money and to foster a sense of independence. They need to understand how it doesn’t come easily and has to be earned. I guess we also use it as a tool for managing behaviour and it certainly works well in that respect, particularly with the older one.
What do your children spend it on?
They spend it on sweets, Moshi Monster cards for their collection and, treats when they are away on holidays. The eldest even gave her Dad £1 in his Father’s Day card this year from her money, ‘as a treat’!
Do they save any ?
Yes, they do save it, particularly the 8 year old. They have money boxes from their naming day, and their own purses too. I must say, I do find it scattered about the house sometimes. And it comes in useful when I need money to pay the window cleaner.
Did you get pocket money?
Yes, we did get pocket money, but not until I was much older. I think, because children live in a much more consumer driven society these days, it’s important they learn the value of money from an early age.
Jen blogs at Love Chic Living