Giving kids pocket money

Pocket money is a great way to teach young children how to save. Find out how much their friends get by checking with their mums and then base yours accordingly.

You can start as soon as your child's old enough to understand that different things cost different amounts. But be consistent. If the rule is that they have to save up for a certain thing, don't give in or you'll be defeating the object of the lesson.

Link pocket money to jobs around the house - even little ones can do this. Have a basic rate and then add a bonus for small tasks. As they get older, increase the amount they receive.
Dorothy Rowe, psychologist and author of The Real Meaning Of Money

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By Dorothy Rowe

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Barnie, 8 months [Offensive? Unsuitable? Report this comment.]

Good idea

Tracy, 11 months [Offensive? Unsuitable? Report this comment.]

My children are 9 and nearly 7, and they both have a rota for jobs around the house and if they complete all jobs they get £5 per week, if they dont do all jobs i deduct 50p per job. I have found this a good way of teaching them the value of money and how to save up, and i think it also gives them a taste of how life is when they are working, they will have to work to get money. They do simple jobs like setting the table, emptying the dishwasher, tidying their rooms and any others i might decide on at the time, My daughters fave extra job is sorting out the socks and knickers from the washing.

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