How and why kids receive pocket money is different in every family. Today I would like to share with you how pocket money works for us.
Why give pocket money
We learnt early that each of our children had a different currency. If they were in trouble Miss 8 was always devastated to be banned from TV. Mr 8 loved finding and saving money, which made me realise pocket money would encourage him to start helping me around the house. At the time they were 6 and ready to have some responsibilities. We included then Miss 4 but didn’t have ‘big’ expectation of her to do tasks around the house, but wanted her to be included.
I don’t purchase my kids lollies or toys when visiting the shops they only receive them as gifts on their birthday’s, at Christmas or using their pocket money through the year (however I am happy for them to be spoilt anytime by other family members). I want to teach them the value of money, responsibility to earn it and to be grateful for what they receive. Also fact is I can’t afford to buy items when shopping and give them the expectation that if they ask they will receive each trip.
Earning pocket money
My kids have a responsibility each week to keep their bedrooms, wardrobe and bathroom tidy, be kind to each other and complete their household tasks.
If they do this they will receive their pocket money, however if there is a day that I am not satisfied I deduct 50c.
How much pocket money
My kids started receiving pocket money when the twins started school, aged 5. We began by giving them weekly 50c for each year of their age. However now the twins, 8 years old they receive $5 each week and Miss 6 receives $4. We give pocket money on a Sunday night.
Organising pocket money
The kids each have their own piggy bank and reward chart to keep track of each of their tasks. I will go into more detail about this tomorrow.
Hubby and I keep a jar filled with gold coins specially for pocket money. Once the jar is low we give the kids a $20 note in exchange for $20 in coins.
Do you give your kids pocket money? If so, how much, when and why did you start?