Pocket money: Every family approaches it differently. Some give a set amount every week with no conditions. Others expect chores to be completed before pocket money is paid. While some offer pocket money as a reward for good behaviour.
Of course, children are always very happy to receive cash and it can provide a range of benefits and opportunities for them to learn.
Pocket money offers the chance for children to learn about accounting and money management. It lets them see the benefit of working hard or behaving well and it can give them a sense of independence as they take responsibility for their own money.
But before you dole out your hard-earned cash to your little ones, here are some things to consider when setting pocket money rules:
Treat everyone fairly
Will you give siblings the same amount of money each, or give a different amount depending on their age? Or maybe, the pocket money will be given based on behaviour in which case, siblings could regularly receive different amounts.
Payment for chores
Parents are divided on whether pocket money should be given as a reward for completing chores around the house. Some see it as a good opportunity to teach children about the world of work and the concept of receiving a ‘wage’ for completing a job. Meanwhile others believe that helping with chores is simply part of family life and shouldn’t be completed simply to earn cash. There’s no right or wrong approach but it’s worth thinking about what you believe before setting rules for earning pocket money.
Save or spend
What do you expect your child to do with the money given to them as pocket money? Are you happy for them to spend it exactly how they choose, even if that means they buy frivolous purchases? Or would you rather they save it in a bank account for a bigger purchase later in the year? Talk to your kids about your expectations before giving them pocket money to avoid arguments later.
Rewarding good behaviour
If your child has been disruptive or argumentative, you might be tempted to offer a financial reward to encourage good behaviour. This tactic can work well and can be a great way to turn bad behaviour around. But beware; you don’t want a child to be good just because of the monetary incentive. It’s always better if they can take responsibility for their behaviour based on the feelings of others and the impact it has on their own wellbeing and prospects.
Big purchases
It’s worth letting your child know in advance what you expect their pocket money to cover. For example, if your teenager wants to buy new things ever so often, do you expect them to pay for that out of their pocket money or will you provide additional cash when they want to buy things they can’t afford?
Don’t be influenced by others
Your child may try to make you feel guilty about the amount of pocket money you give, claiming that a friend’s parents pays double or don’t expect chores to be completed in exchange for cash. But remember, the way you approach pocket money should be based on what works for you and your family; not on what others are doing.
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