Rather, it's best to think twice about what they need and what they want – and learn the difference. Explain that having pocket money does not mean they should immediately satisfy their urge to buy things. Spending: After setting aside enough for essential expenses and savings, they could use the remainder for personal spending.Explain this can be used to achieve goals. Encourage them to first set aside some of their pocket money for savings. Savings: Ensure your children understand the importance of saving.Essential expenses: Let them pay for their own bus fare, breakfast and so on, so they understand how important money is for the basic necessities of life.Offer guidance as they decide how to use their pocket money. Q: What expenses should pocket money cover?Ī: You can plan this with your children. Pocket money = Essential expenses and personal spending + savings + donations You could also ask her to set aside an amount each week for donations. Include enough for essential expenses, some for personal spending and a certain amount to save each week. When determining an amount, consider how you want her to use the allowance. You should first lay down some rules with your daughter. There is no need to compare the amount with other families. Q: How much pocket money should I give my daughter?Ī: You can decide how much to give according to your family finances. They need to spend money in their everyday life.They have learned about coins and notes.They have a basic understanding of money, such as what it's used for.They start asking you where money comes from.When you note one of the following signs, you can start giving your child pocket money: Q: At what age should I give my child pocket money?Ī: There is no fixed age, but you could decide according to their ability and attitude towards money. This can help him learn a few facts about money management. For example, you could sit down together and set a budget for his pocket money. To understand more, you may want to try giving him pocket money as a family activity.
It's a good idea to tell him about this and the importance of money. But he may not be aware this money comes from all your hard work.
Do I need to give him pocket money?Ī: Perhaps he doesn't have his own money yet, but he probably knows you take out money from an ATM or buy things with a credit card. The following Q&As provide some suggestions and guidance on how to hand out pocket money, whatever your financial circumstances.
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