Here’s a few differing views about managing pocket money and the art of teaching kids the value of money…..

FIVE Tips from Michael Grose

• Give pocket money to kids on a regular basis
• Don’t give too much – I know a family who give $1 for every year the kid is, a 10 year old getting $10 / week – in my opinion, is too much!
• Increase the amount as they get older, but also increase their responsibilities
• Ask kids to allocate some money each week to save, spend and donate
• Encourage kids to stick to their plan.

Jordan reckons…..

My 7 year old daughter this weekend bought her Nintendo DS from her own pocket money. We pay her $3 per week, to clean her room, and in rotation with her brother, empty the dishwasher, set the table and feed the dog. We made a deal we would meet here half way on her DS ($100 each).
She paid for it with 20c pieces and some notes, she was thrilled and will value that game a lot more than if she received it as a gift. This is a lesson in ownership and responsibility. It’s worked well for us.
BTW – the kids can only watch TV and play computer games etc.. on weekends.

Maverick said…

Kids also need to be educated on gratitude. My partner and I differ on what value ice-creams we should buy the kids.

My view is the kids get $1:50 on the days we decide it’s an ice-cream treat. My wife caves in (when I’m not around) and lets them buy adult treats like Magnums ($3:80).

My view is they get $1:50 and if they want the Magnum they pay the difference themselves. Am I a tight ass or is this teaching the kids value, gratitude and responsibility?

Scrooge said…

Send ‘em out to work

We say to Scrooge !@#$%^&