The pocket money guide

Last updated 05:00 27/03/2014

Parents need to teach their kids how to manage their pocket money, as well as earn it.

Relevant offers

The best way to get kids saving

Kids' savings: Keep it simple, visual Star charts form good habits Kids' savings: Make saving fun Kids learning to save and spend Kids and saving: The spend and save jars The pocket money guide Help their savings habit Manny the Money Magician Earning a dollar a day Pictures a good motivation

I view pocket money as a learning tool. As such, my children do not have to do 'chores' to receive pocket money, (although they do participate in chores as being part of our family).

You can't learn to drive, play an instrument or sport without having the equipment to learn, and money is no different.

At five, my boys received half their age in pocket money. Their $2.50 was then divided into share, save and spend. At five that meant 50c to donate, $1 to save and $1 to share.

Delayed gratification started right back at that tender age. Back then they had to save for two whole weeks before they could go to the $2 shop to spend their money. They also had to make choices about their $1. Would they spend it on that moving car ride outside Pak 'n' Save, a kiddies icecream at the lake or that $1 movie on Cheap Tuesdays.

Now my twin boys are 11 years old, and they receive $5.50 a week. The learning is the same, just with bigger items (last year they bought cameras each, and recently an ipod).

After many requests from friends for help around pocket money, I have just published a book called "The Pocket Money Guide - everything a parent needs to know".

It is my hope that parents will give their kids pocket money so that they can learn this vital skill. This way, they are more likely to not have to give their kids economic outpatient care when they are older.  

Let's face it, prevention is better than cure!

View all contributions
Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content