Pocket Money for Children – What to consider?

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bigstock-Kid-singing-and-playing-guitar-28881164 (Small)It can sometimes be difficult to decide if and when you should give your child pocket money. You want to teach them the value of a dollar, but it can be tricky knowing the right amount to give. There are several ways to approach this subject, just keep in mind that ultimately you are the parent and you have the final say.

The first thing you want to look at is what is your child’s age? Many parents who give their child money will give $1 per year of the age, for example: a 5 year old child would get $5.00.  You can choose what the appropriate amount to give your child is depending on what your budget will allow, there really is no right or wrong answer.

Often times when parents give their child money, there are chores involved. You can have your child do household chores that he\she is capable of doing over the span of a week and if they complete them all the reward is some pocket money. This helps a child learn that they work for their money, not just having it handed to them. It gives them a little more value and appreciation for hard work, and knowing they can’t just sit around and expect to get paid which is a good lesson to learn young in life.

Many parents use a chore chart. They have the chores that the child needs to do each day, and the child either earns stars, points, ticks or stickers. By the end of the week the child needs to have so many points, and they will get a set amount of money or reward, and if they don’t get the points, they have to try again the following week.

It really is all up to you if you decide to give your child pocket money or pay them to do chores; you know what’s right for your family. There is nothing wrong with teaching a child that they don’t need to be paid to do everyday household chores as well. You may decide that some chores are unpaid and non-negotiable and others are attached to pocket money.  This is something they will need to learn as life goes on, it will teach them responsibility, and not to mention that mum and dad don’t get paid to do their chores.

Good luck 🙂

Written by the School Mum Team

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Being a mum to 3 kids (one of them full time at home with me) and trying to juggle everything became pretty crazy.

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