What to give Pocket Money for?

• Young children need clear guidelines as to what they are allowed to spend their money on. Agree with them and write or draw the items, displaying the rules on a board in their bedroom or in the book where they keep a record of their spending.
• Older children also need to know what their pocket money is supposed to cover. They can be involved in the negotiating process by asking them to complete the activities in their section, this will encourage them to do some market research into the cost of the items to be included. This way they can see begin to budget and work out what they will need to save in order to buy the things they want.
• Don't bale them out if they make mistakes in their early budgeting. Support them in the process, but encourage them to work through the deficit.
• You may need to renegotiate the amount on a more regular basis but try and stick to at least 6 months, and, where possible, let the first suggestions come from your child/ren. They will need to provide concrete evidence for the increase.

See the individual sections for children where you will find help sheets and ideas.

How much?
What for?
When do you start giving pocket money?
Extra tips for parents
10 tips for money education
Teaching money skills

Pocket Money ideas for these age groups...