Tips about setting pocket money levels and rules.

In these hard times of spending cuts and wage freezes it might be tempting to follow the government’s lead and cut children’s pocket money. But with craft supplies stores like Yellow Moon stocking so many reasonably-priced pocket money toys, there is no reason not to continue paying pocket money to children without imposing any draconian allowance cuts.

pocket money

 

How to set a pocket money level

According to the Halifax, the average UK kid, aged eight to 15-year-old, has £5.89 worth of coins and notes jangling around in their pocket each week.

Psychologist Dorothy Rowe, author of the Real Meaning of Money, believes it is a good idea to find out how much your children’s friends’ pocket money allowance is by checking with their mums. Once you’ve discovered this you can set yours accordingly.

 

What age should kids be before they start receiving pocket money?

Dorothy thinks that the best time to start awarding pocket money is when your child can grasp that different things cost different amounts. It’s quite a grown-up concept; one which many adults still struggle with!

 

Pocket money rules

The psychologist also suggests that pocket money can be linked to jobs around the house as “even little ones can do this”. She says: “Have a basic rate and then add a bonus for small tasks.”

 

Teaching children the value of money

Rewarding small tasks and household chores, can help your kids learn the value of money. Dorothy believes that “pocket money is a great way to teach young children how to save.”

 

Yellow Moon stocks a wide range of arts and crafts activities which kids will adore; ones which are perfect for rewarding children for good behaviour.

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4 Comments

  1. September 9, 2011 / 9:35 am

    I keep on thinknig to myself my chidlren should start getting pocket money. Instead they have a couple of pounds at home and the rest in the bank and when they want something they ask me to go to the bank for them. I think the system has to change. I like the idea of them choosing what to spend it on and how much to save.

  2. September 10, 2011 / 11:39 am

    Our daughter (6 at the time) wanted a more expensive gift for a birthday present so we gave her the task of doing chores for pocket money so she could save half the money. Never seen a child with such determination as she saved over £65 in 5 months! Really improved her behaviour too as she felt very proud of herself.

  3. September 10, 2011 / 12:47 pm

    Thats is really impressive Jen character building

  4. July 1, 2012 / 4:30 pm

    Giving children pocket money can teach them about money management which is a good thing, as long as they don’t start feeling entitled to it. I think your rules make good sense.

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