Pocket Money, To Give Or Not To Give

This is a topic that I find can cause a little controversy between parents that do and those that do not give pocket money. I am only expressing my opinion and what I have found to work with my children and those families that I assist.

Children need to have an understanding of money and the value of money, not just in a mathematical or monetary terms but an appreciation of how all that they have costs money, that money does not grow on trees or you just go to the bank to get more money. This is a life skill that we all use daily and a life skill that needs to be taught to our children.

Both my children appreciate that mum and dad work very hard to, pay for our house, our food, our clothing and so on.

With our technological advances and debit and credit cards being used at the shops, Internet banking, children are not even seeing real money exchanged hands. Therefore not  even getting an realization that goods cost money. Mummy just hands a card over and hey presto we have our shopping.

I introduced pocket money to my children at the age of four, prior to this we played shops at home, with toy money, and I would let them hand over cash at the “real shops” to the sales assistant and take the change , to put back in my purse.

For their pocket money, my children have their own chores around the house, emptying the dishwasher, helping in the laundry, feeding the dog, laying and clearing the dining table etc..

The lessons learnt at home with Pocket Money

On the introduction of pocket money, I explained that they would need bank accounts so they could save for any items they really wanted.

I chose a bank account that gives them interest if they deposit every month, every month without fail they have their savings ready to deposit as they like to see their savings increase.

Mr Five wanted  a toy car he saw in  a shop, I said “no” but that if he really wanted he could pay for it out of his pocket money. Mr Five  agreed straight away to use his pocket money. I explained the car really did not look any different  to his other cars at home but he was adamant he wanted to pay for it. At home he handed me over his fifteen dollars, played with the car for all of five minutes and said “it was a waste of money”.  Mr Five does not impulse shop anymore and learnt to really consider his purchases.

Miss Fifteen wanted a new laptop and because she has been saving since the age of four was able to purchase one of her choice and we paid half.

Both children take better care of their items as they comprehend what they cost.

They are able to make choices, whether good or bad on purchases and learn from their mistakes.

Miss Fifteen, also started part time work, to continue saving as she would like to take a gap year.

They both yearly donate to charity as they know that not everyone is a fortunate as them.

They follow through on their chores, because pocket money is a privilege and can be reduced or not paid at all if the chores are not done.

The both understand that although money is important it is not everything.

Would love to know what your thoughts are on this

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