Within our family traditionally I handle the money. Budgeting is what I write about and think about most of my working days, so it makes sense I manage the cash. Or does it? My children need to learn as they grow to manage things for themselves and my son is now 8 and time for increased responsibility.
I give my little boy f £2 a week pocket money. We (very occasionally) talk about saving it but typically each week it goes on sweets, football cards and a Beano. Nothing really gets saved. Money for birthdays and Christmas goes into his account that I control and if he wants something big I pay for it and transfer the money to me.
What interests me about PKTMNY (an online pocket money scheme for kids involving debit cards) is that it is a way for children, aged 8 plus, to start to manage their own accounts. I can control how much he spends but he can do the transactions online, in shops and even withdraw cash from a machine using his card. He is beyond excited. It’s a step towards managing his own money BUT I get to control it. It’s up to me when and where and how much money he can spend.
At 13 kids are just given debit cards with no controls or limits (though they can’t go overdrawn) PKTMNY feels like a stepping stone between saving in a piggy bank or mummies bank and this financial freedom. It’s kind of like the stabilizers on a bike.
Using PKTMNY has definitely helped me and F talk more about goals, jobs to earn extra money and savings plans. Now he can see his money in the online visuals it seems he is more interested in taking care of it and using it well.
I have a firm belief that if you learn that money is useful and hard won young, you treasure it more. I think money management is a big part of having a happy adult life. People in debit are not happy they are anxious so it is important me to educate my kids about money. PKTMNY feels like a tool towards that, a step in the right direction.
I love that we are talking and being open about money. As I feared he is talking about it RATHER more than I would like at the moment (having the card etc.) but I am hoping this will wear off after a bit and he’ll be back to just annoying his sister and watching Scooby doo as an 8 year old should!!
I’ll keep you posted on how things progress
This post is part of a project with BritMums, sponsored by PKTMNY, highlighting it’s launch (http://www.pktmny.com). The new tool allows parents to easily pay and monitor their children’s pocket money online, whilst allowing their children to earn, save, spend and manage their money in a totally safe and fun way. We have been trialing the service and all thoughts and opinions are our own.