Pocket Money – guest post from Nina Wright

January 12, 2011 in Latest, Life, Money tips, Mums tips

Every week when we go shopping the same questions pop-up again and again.  “Can I have this please mummy, can I have that please mummy, ooh can we buy this mummy, ooh can I have that mummy!”

Unfortunately for my two boys the response is always, “not this time darling, mummy doesn’t get paid until next week and it is not in the budget for that!”

This led to a rather pondering question from my husband, “at what age do we give them pocket money?”

I sat and pondered.  Tilted my head from side to side trying to think of a profound answer when all I could really come up with was “perhaps when they know the value of money”.  To which my husband replied, “But will this not help them learn the value of money?  If they are given 50p and have to put 5p away in savings and 5p away to charity then they can have the rest.  If they want something else then they learn to save for it with a bit of help from us!”

I am continuing to think this through.  Are they too young for pocket money?  At nearly 6 and 5 will it help them to value?

365_258 - Loose Change
Image by Guin’s View via Flickr

I don’t know!  These things I am thinking through.  It will be good for them to have a strong basis to start, and I do so want them to have a good money sense.  One where savings is encouraged but also where they are not afraid to be generous by giving away to those who need help.  I want them to learn to save for things rather than being like my generation and relying on credit!  I would like them to be able to buy upfront after saving rather than buying and then paying back!

The eldest is only just learning about coins at school.  Perhaps that will be a good time to introduce pocket money.  Oh I don’t

know.  It is a hard one!  I want to provide for them, but I want them to understand they can’t have everything!   So I continue to ponder and now begin a parent survey:  Looking for parents who already do this, already give the pocket money.  Perhaps from conversation of those who have already been there, done it I can come to my own conclusions!

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