When is the best age to start giving pocket money? – Mummascribbles

This is a collaborative post

Pocket money. It seems to be a top parenting discussion because there are no rules as to when it should start and how much you should give. My boys get pocket money from their Nannie every month, although she usually tries to buy something for them instead of giving them the actual cash. And if she does give them the cash, it either ends up in their bank account or they get to choose something themselves (under a watchful eye to make sure they aren’t wasting it!). But in terms of when we parents should start giving them pocket money – that’s a whole other conversation.

If your child wants to earn a bit of money for something they need to save for, you might be trying to think of things they could do around the house that are age-appropriate. For example, sorting out the laundry for those under 6, and filling or emptying the dishwasher from 7 or 8. However, apart from the reward, earning pocket money is all about teaching your child how to handle their money from a young age. It is never too early to start teaching your little one the value of money, and that they have to work to get it.

 

What age should you start? 

The age you start giving your child more responsibility around the house and earn pocket money is a personal one. To many, between 6 and 8 is a good time to start – however, this is entirely up to parents.  

It is important that children understand the correlation between how often jobs must be completed, and to a good standard, to deserve being paid. This will instil a good work-ethic into your children, which they will hopefully carry through school and the workplace too.   

To help younger children appreciate money, when they are young it is worth purchasing a money box and make a big deal out of giving them the occasional piece of silver to add into the bank. With older children, making a habit of putting any money received for birthdays or Christmas, or selling any unused items they do not want – such as old toys via eBay or a sell my phone compare website – into their bank account gets them used to the idea of saving money. 

What chores? 

Handing out pocket money for helping around the house is a good idea, as it can really help your child to build self-confidence and is helpful for the days when you haven’t got a lot of time on your hands. There are plenty of little jobs to choose from, including the following: 

• Tidying their bedroom 
• Filling up and emptying the dishwasher/doing washing up and clearing the dishes 
• Being well behaved 
• Doing homework and practice/revision 
• Hoovering 
• Looking after pets 
• Cleaning a room (other than their bedroom) 
• Doing laundry 
• Putting out recycling and rubbish 
• Washing the car 
• Setting the table each evening for dinner 

By getting your child to complete these chores, when you have a day out, your child can take along some of their pocket money and buy themselves something special, as a reward for all of their hard work. As well as this, it is said that filling out a reward chart is also a beneficial way of getting your child to feel proud of their achievements.  

How much pocket money do your children get and what jobs do they have to do to earn it?