Pocket Money Guide
The use of pocket money teaches kids a great deal about saving, budgeting and making wise choices. It’s an excellent way to develop real independence in kids; to develop real life skills such as goal setting and budgeting; and to promote success characteristics such as impulse control and personal responsibility.
Pocket money has become more important than ever for children, as parents now use less cash in their daily lives. It’s through the use of real money that children and young people will learn how to use money wisely.
It is in this spirit that this guide has been written. At Parentingideas, we recognise that there are ‘many ways to be right’, so not everyone will agree with our approach to allocating pocket money. Wise parents cherry pick the ideas and strategies that work best for them. Regardless of whether you agree philosophically with our approach, there’ll be enough great ideas here to help you develop your own approach to developing good money habits in your kids.