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Pocket Money - a parents guide |
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Extract:
At first, when amounts are small, pocket money will be paid out in cash. You should fix the “pay day” and stick to it to reduce the inevitable arguments about whether the pocket money has been paid or not this week. You should provide your children with somewhere to keep their money. In the Netherlands it was the custom to give children a ceramic piggy bank. There was a slot in the top for the money but no way to get the money out without breaking the pig. The idea was to encourage the child to save most of their pocket money. Of course it is just possible to use a knife to tease the money out in an emergency!
A more practical solution is to give your child a toy safe or money box, preferably with a key, to give them a feeling of security and to help them to think twice before spending their money. Walking around with their pocket money literally in their pocket is just too tempting for most normal children.
You should expect them to often wonder where their pocket money has all gone. A way to help here is, the first time this happens, encourage them to keep a little book in their money box to record ins and outs. This will also help with their mathematics.
As the children get older and the amounts get larger, an alternative to paying cash is to keep a “pocket money book” where you record the weekly credits of pocket money and the cash you give them with the balance. This gives them their first taste of managing a bank account.
As they get older still you might want to change to paying pocket money monthly. This becomes almost essential when pocket money includes an allowance for buying clothes.
In their teens your children naturally want to be more independent. At this stage you should open a bank pocket money account such as the one mentioned above. You can now set up a standing order to pay the regular pocket money into their account. That will really help them to feel they are in control of their money.
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