Pocket Money Profiles: Stacey Ross is our guest today!

Hi What’s you name?

I’m Stacey and I have 2 kids

 

Do you give your child/ren pocket money?

Yes, they earn it.  We make a monthly trip to the bank and they each
have bank accounts.  They rarely withdrawal money from it, but I think it is a
good practice to have them save!

Did you and your partner agree to this?

Yes, my husband and I want the kids to have choices and make
decisions about how they will earn and spend their money.  They make extra money
by doing additional chores around the house and even had a lemonade stand
recently. That was lucrative!

When did you start? Did you and your partner agree on this?

Since kids were three-years-old we have permitted the them to carry
money, but also put a percentage in their piggy banks.  They like having a bank
account, now, which they both know will be their savings for college!

How much do you give?

They get $5 a week, but can earn more if they
wish.

Why do you give it?

We give them money to reward them for work they do, but also to
instill them with budgeting skills.  I appreciate when they go shopping and have
to put something down they can’t afford.  It teaches them
discipline!

What do your children spend it on?

They spend it on coins, clothes, hobbies and extra school supplies.
I have found that kids grow wiser when they spend and save money that they
earned, themselves.  It was so cute when not too long ago, my girl placed a
shirt back on the rack when she say it was priced at twice the amount another
store charges.  “What a rip-off mom!” she shared.  I do not think that it would
have had the same impact if it were not her money.

Do they save any ?

They save about 40% of their money.  My son even rolls his coins and
saves pennies he finds.  He loves his trips to the bank.

Did you get pocket money?

Yes, from ever since I can remember.  What kids don’t love coins and
fresh dollar bills?

Stacey Ross has a website San
Diego Bargain Mama.com and a consultancy that spreads the buzz about local
value for both online and offline businesses.

 

Thanks Stacey!