Pocket money section for parents and children - how to save, how much you need

When do you start giving pocket money?

As early as possible.
Start with a small amount given on a regular basis for a specific purpose
Encourage saving from the start. You might want to have a system of 3 jars/envelopes/money boxes: one for saving, one for spending and one for giving.
Encourage children to keep track of their spending. Time spent counting their money is invaluable. It is also important that they learn to keep track of their money from an early age.
Decide whether or not pocket money will be withheld as a punishment for certain behaviours. This should be agreed right from the start.
Discuss with your child/ren the rules governing pocket money. The more serious money is taken the better children will begin to appreciate the value of money.
Use the activities in the relevant section of this section.
It is never too late to renegotiate the whole area of pocket money. Explain to your child/ren why you want to change the current system.
Discuss money issues with your child/ren in an age appropriate way. Stress is often caused by money worries, and this can be the last thing that people share with each other. 70% of relational breakdowns cite money as the cause.

How much?

What for?

When do you start giving pocket money?

Extra tips for parents

Teaching money skills

Pocket Money ideas for these age groups...