Pocket money...it's not just loose change. It's a way to teach children some life lessons about money. But what age is right? How much is too much? When should money be given for jobs around the house? And should we set rules about how kids can spend their own dollars?
Like any issue that involves money, it's never really the money that's the problem. No, it's the way the money is earned (or not) and spent (or saved) that might raise some issues.
Every family differs when it comes to pocket money. Your child may tell you how much every other kid in her class gets, but it's up to you to decide the right amount for your budget and your child. It's also up to you to set any other boundaries that seem right. For example, when you give pocket money, will your child be expected to pay for expenses such as tuckshop, bus fares or some entertainment?
Will you link getting pocket money to doing chores? For example, will there be an exact number of jobs that need to be done or simply an expectation around helping when asked? Some children will be more motivated than others by different approaches.
Here's what a few Brisbane parents had to say about pocket money:
"My son's just not very motivated by money. He can take or leave getting tuckshop money. He does get birthday money from his grandparents which he enjoys spending at the toy shop. We do give him a reward of a good gift for his efforts at the end of school term. Perhaps $5 a week would be a starting point. It sounds like a lot but I guess it's not these days. It might only buy him one comic a week and I reckon a kid should be able to buy a comic with their pocket money. Although $5 does buy a lot of lollies!"
"My daughter is almost 9 years old and I reckon $5 a week is fair. She has to keep up with her homework and keep her room tidy and it's her responsibility to make sure those jobs are done each week. She doesn't get money every week, but most weeks. She can spend it on whatever she wants. At one stage she'd saved and saved all her birthday money and had $130! Now she's spent it on dolls and a toy dog and other junk. She doesn't have a bank account, yet."
"My child is a very literal girl. At eight, she loves to know the rules and regulations around everything. I don't think it would work to say to her 'just help around the house and you'll get pocket money'. I can imagine it leading to arguments. I'm going to try to give her a choice of 10 jobs a week, asking her to do at least 5 - things like emptying the dishwasher and brushing the dog. I'm not sure whether to set the same pocket money rules and amount for her younger sister yet, who's only six."
"At the beginning of grade 1 we started our child on $2 a week. He's expected to make his bed, set the table most nights and put his dirty clothes in the washing. In our house the rule is 'you do your tasks and you get your pocket money'. He has a piggy bank and every Friday we'd go to the lolly shop for a treat. He can spend it as he wants and last Christmas he decided to spend some of his own money on gifts, which was really lovely."
"We don't give pocket money to our 12 year old. She gets occasional gifts of money, which is how she's learning to spend or save. She's expected to do work around the house but not for money, just because that's part of being a family. She's never directly asked for pocket money. I don't know what we'd do if it became an issue."
How does your family handle pocket money? Please share your comments and experiences with other Brisbane parents! We'd all love to know...
I give my ten year old son ten dollars a week and my seven year old $7. We give our kids a dollar per year of age. And they've got a school bank account which they use to save a dollar or two a week. I think kids need to learn responsibility with money and this is the best way to do it.