The pocket money dilemma for parents

pocket money dilemma

A guest post from Linda Crimmons – The pocket money dilemma for parents

Do you have a pocket money dilemma?

There comes a certain time when every parent has to take the plunge and start giving their child pocket money.

That realisation that your little one is no longer a baby brings you to the start of a moral maze to negotiate around and leaves you pondering a couple of interesting questions. How do you decide how much to give? When does the amount increase?

If this is something you’ve been thinking of ever since pregnancy then you’ll probably have already made your mind up. If not, read on for a few suggestions…

 

Don’t fob them off with foreign currency they will know!

When is the right time to dig deep?

How do you know when it’s time to start giving your kid pocket money? Ah – this is our first pocket money dilemma. Can you remember how old you were when your parents started giving you hand-outs on a regular basis? As a general rule of thumb, if your child is able to count, has a vague idea of what the different coins mean in real terms and identifies items they want to buy then it’s probably time to start dishing out pocket money.

What’s the right amount of pocket money to give my child?

Of course, as with most of these questions, there are no definitive answers, but the amount you give will differ depending on how old they are. Ask other parents to see what they are giving their kids because this may act as a useful guide. Weekly pocket money of around £2 is probably a fair amount to give a child up to the age of, say, seven or eight, £4 between eight and 10, £5 between 10 and 13 and £7 if aged between 13 and 16. Again, these are only rough guides. You may want to reward them for good behaviour (doing chores or achieving good school grades) or punish them for acting poorly.

Good cop, bad cop

Once you’ve decided on an amount you want to give you child, tell other family members so that you avoid a scenario whereby grandparents, uncles, aunties, cousins or any other relatives decide to give your kid money as a treat and it undermines your system. Learn to be disciplined as well because there’s bound a be a time when your kid asks for extra money and turns on the charm. 

I hope this has solved your pocket money dilemma?

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1 Comment

  1. May 21, 2012 / 12:54 pm

    I’ve been thinking about this recently, wondering when is the right time to start giving my nearly 4 year old pocket money. This is really helpful, thanks!

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