Money for the Kids

I have failed at the pocket money thing. Ask our kids and some of them may recall various different schemes we have had to distribute pocket money over the years. The bottom line is that we need to be consistent and I forget. We don’t encourage the kids to spend a lot of money and we have a framework of sorts in place for purchasing big ticket items. But is is holidays and the kids will have the opportunity to travel and see new things and no doubt want to purchase a trinket or treasure, a game or a book.

So I have been thinking about pocket money again. Some things I know need to be foundational. We are a busy, large family and there are a lot of chores and household jobs to do each day. Again we are not good at implementing a routine on this, but in essence pocket money should not be linked to doing chores. We all need to regularly contribute to how our household runs. I also know that pocket money needs to be age appropriate and that as parents we need to make suggestions for how it is to be used.

I love the SAVE SPEND SHARE approach that Michael Grose advocates. With  little and big people it would seem that having three jars (not boxes, piggy banks or purses) that are clearly labelled works best.

Giving children pocket money is an opportunity to encourage kids to save – for a range of larger items that they need to contribute to like a bike or a new basket ball, to spend – a sweet treat, a new book or some Smiggle stationary and share – contribute to the the family’s sponsor child, charity or missionary friend you support doing work overseas.

The aim is to encourage children to be independent and to understand that having money is an opportunity to exercise responsibility. Being given pocket money is not an invitation to spend more, want more or have more. In fact it should have the opposite effect. We want to reduce covetousness and create opportunities to communicate with our kids about how money works in this world – for good and bad.

The BIG question is how much do you give your kids? This is one area where being fair seems unfair. The four year old should not get the same amount as the 13 year old.

So what do you do? Mums, Dads, Grandparents, friends …….. share your wisdom.

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