Talking about money can create strong opinion and is often avoided for that very reason. Personally I find it absolutely fascinating to hear people’s views on money and how they value it and how they use it.
I think it is really important that we do talk about money actually, in education and especially within our families.
Do you talk about money much?
I am really hoping you’ll enter into this conversation with me because I am really interested what other people do about this.
I’m talking pocket money and chores. For some families the two are inextricably linked, for others they are totally separate.
What’s your opinion?
Do you think pocket money should be linked to chores?
I asked my two children what they thought. My 12 year old felt that you should get pocket money anyway but that you should get more pocket money if you do chores.
My youngest, aged 9, felt you should get it anyway and that chores were a completely different thing.
My opinion is pocket money is a really useful way of educating children about finances and that I would not take it away from them if they were refusing to help out (they would lose their screen time instead!)
I expect my children to do chores every day. Not lots, but some. They help load the dishwasher, bring clothes downstairs for the laundry, they are expected to help lay the table for dinner, clear away the dishes and keep their own bedrooms tidy. I expect them to do this as they are part of a family and IT’S NOT JUST MY JOB!
Sorry did I just shout that!
However, sometimes there are bigger jobs that need doing in the home ‘extra to the norm,’ so I may well ‘incentivise the kids to help out, with money’ This usually involves proof reading something I’ve written by my grammer perfect son or helping me tidy out the car (my least favourite job ever) For these jobs I’ll offer anything from 50p to £1.50, not much but enough to get them to go that extra mile.
When I was a child no chores were linked to pocket money. We were expected to help a lot as my granny was disabled and a lot of my mum’s time and care was taken up with her. I never resented this or expected payment for it and in some ways I suppose I have carried that through.
On the other hand I want my kids to understand that hard work brings financial reward. I want them to learn to save up, be motivated and not just expect hand outs.
We have been using RoosterMoney to help educate our kids.
Have you heard of RoosterMoney?
It is an app with a really simple mission – they want to help parents teach their children the value of money in a digital age. It’s basically a digital tracker for kids to keep track of their pocket money. They can also work towards their money saving goals and earn rewards,
Kids do love their apps don’t they and RoosterMoney is really straightforward and visual.
You get to oversee what money goes in and out of their account (and you remain the Bank of Mum and Dad without making any actual deposits).
RoosterMoney provides a good step towards independent money management, encourages goal setting heard work and tracking money. All great skills for the future. I think its a great app as it educates, motivate and empowers kid on the road to financial independence. Here is my son working out how much more he had to ‘earn’ to reach his goal ( a PS4 virtual reality headset!) This may take a while but he is really enjoying working out how to earn it!
I’ve a feeling he is going to be begging me for extra chores now.
So please tell me in the comments below what you think.
Do you think chores should be linked to pocket money?