Your pocket money quiz

Tips on giving pocket money

Here are some pocket money tips:

  • Explain to your child what pocket money is for and what it isn’t for.
  • Pay what you can afford, regardless of what other parents (or your child!) might say.
  • Pay it on a set day.
  • Set up some jars to help your child divide his money – for example, one jar for smallthings he wants now and one for saving towards bigger things.
  • Put saved money in a dedicated container, like a money box. As the level grows, it highlights the achievement of being a good saver.
  • Try not to give payment in advance.
  • If pocket money is to cover entertainment or food, agree on what kinds of entertainment are OK.
  • Try not to supplement pocket money – it’s all about teaching your child to live within her means.