How much pocket money should you be giving your child? Help and guidance to parents can be found here!
‘How much pocket money should he/she be getting?’
It’s a question every parent will be facing at some point in their lives, and can often seem far more complicated than it actually is.
A good starting point for pocket money should be at around the ages of 10.
The child will be old enough to understand the value of money, and what it can be used for. It will also be good to introduce the child into the world of saving and spending.
Of course, this process should start in minimal amounts.
I would recommend starting them off with perhaps 50p a week, and seeing how it goes from their.
What you essentially want to do is steadily increase the amount they are receiving over time, rewarding good behaviour, improved grades and any other general improvements they are making.
Remember to highlight the reason why they are getting a pocket money increase.
Once the child reaches the later stages of high school (13-15 years old) the pocket money allowance should be at around £5 ($7-$8) per week. Although this will seem like a huge increase, the teenager will benefit hugely from it. By now, he/she would have learnt the importance and benefits of saving, so the idea of increasing pocket money will be a welcomed one.
Yet again, whenever pocket money goes up, highlight the reasons for why it has done.
Once he/she has reached college, you may want to introduce the idea of them getting a weekend job to be earning more for themselves.
Published in: Family