Pocket Money
Pocket Money—what age is right?
I was once asked if three years of age is too young to receive pocket money. The question was posed as the child concerned had friends that age who were receiving pocket money. I feel that three years of age is too young to receive pocket money. Children this age have very little understanding of money and until that understanding is in place they are too young to understand & appreciate it.
One of the reasons given for considering pocket money was the friends the same age receiving it. For this parent I suggested this would be the first of many instances where as a parent she may need to say to no to the child and not be influenced by external influences to the family unit.
There are many different schools of thought on this subject. It is important to decide with your spouse/partner what sits best with your values and then make the decision.
Once you have decided tell the children. Use language such as “in this family you get pocket money when you are 10, or 12 or 8 (or whatever you & your spouse/partner decide). Similarly “in this family we turn TV off for dinner.”
It is necessary to make the decisions that sit comfortably with your core values and not to be influenced by your friends. Core values are important & you need to use these as a guide.
I have heard of three systems regarding pocket money that I think would work well for some readers. Have a money box/container divided into three sections. When the child receives the pocket money then it is divided equally between these sections. The sections are labelled: spend now, saving, never spend. The first one is obvious and can be used for ice blocks, and small things the child may like. The second section is encouraging a child to save to buy something, such as a piece of Lego, a surf board or skate board. The third section will be banked and once the child has accumulated a larger amount then it will go into an investment account and parents teach the child this is never to be touched.
The second is based on the first with a fourth section labelled “charity”. When people come door knocking children can choose to give to that charity or keep it for their favourite charity. They may have a cause at school and choose to donate some of their own money. This is encouraging children to care for others in the wider community, to be a contributor and to develop feelings of empathy and caring.
The third involves placing a small bag or box in the kitchen. Inside are small laminated cards you have made with relevant daily tasks designed to help your family get out the door! eg open blinds, turn off lights, make Mum’s bed, wipe down sink, empty kitchen rubbish, feed dog, empty dishwasher etc.
Once children are ready to go to school having dressed, eaten breakfast, brushed teeth, made bed and packed school bag; they may take one card from the special bag. They may only choose the same job three days in a row. When they have completed the task the card is placed on a chart beside their name. The parent then can see who has done the job and comment at the end of the day if necessary. (Well done the sink was sparkling, or perhaps you could take a little more care next time). The child is rewarded by the parent who places a shell in the child’s jar. At the end of the week the shells are traded for coins!
Not only does this allow the children to receive pocket money, it motivates them to get ready quickly in the morning so they can choose their special task. If they are slow getting ready then they miss out!
If children need more money then they can tackle some larger tasks. A list is displayed with larger tasks and a $ value beside it. So if your child asks for more money or “needs” more money for something special they can be directed to the Special jobs list! e.g., mow lawn $7.00, wash car $5.00, and sweep driveway $4.00.
I love this last one! It was devised by a busy Mum who has 6 kids!!
All these systems would work with children from say six or seven years of age. Parents would need to decide if there are conditions attached to receiving pocket money.
It is important that young children learn to contribute around the home in small ways without receiving a reward. This way they are learning to co-operate, to be helpful & considerate, to take responsibility and to be a member of a wider community.








