10/13/2023 0 Comments For pocket money![]() ![]() “My kids never really valued how much toys cost and just thought my credit card was endless. Within these boundaries, however, it’s important to let your children have a degree of control in how they choose to spend or save their money, so that they can begin to learn its value. For example, if you’re managing a healthy diet for the family, you may want to encourage your children to buy things like magazines, CDs, DVDs or toys instead of chocolate and sweets. You may want to monitor what your children spend their pocket money on. ![]() Warn relatives if you are dealing with pester power at the moment and explain how you are helping your child to learn the value of long term financial planning. Grandparents may well feel they have a right to spoil their grandchildren but make sure this doesn’t undermine your decision if you have said no. If you have a separated or extended family make sure you are all on the same page. Keep reminding yourself that your children love you, and that the time you spend with them is worth more than the money you give them. Non-resident parents say it is a trap they were aware of as they deal with the guilt and sadness of not seeing their children every day, or of not knowing how to entertain the kids when they do see them. Try not to overcompensate for a recent separation, or bereavement with more pocket money. Remember to set a limit of how much extra they can earn or make it a one-off opportunity – clear boundaries will ensure you remain in control of what you give them. However, do make sure you are not paying for chores you would expect them to do anyway – any chores they get more pocket money for should be above and beyond what they are usually expected to do around the house. We spoke to parents to ask how they set pocket money, and if or how they monitor what their child buys…Chores: Some parents allow their children to earn extra pocket money by doing chores, especially if they are saving up for something special. Pocket money can be the cause of many arguments as children list the names of friends that get more than they do or look for ways to earn more. ![]()
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