Pocket money

Parents speak about how they speak pocket money and how they monitor what their child buys...

Pocket money can be the cause of many arguments; as children list the names of friends that get more than they do or look for ways to earn more. We spoke to parents to ask how they set pocket money, and if or how they monitor what their child buys…

• Some parents allow their children to earn extra pocket money by doing chores, especially if they are saving up for something special. But make sure you are not paying for chores you would expect them to do anyway – any chores they get more pocket money for should be above and beyond what they are asked to do around the house. Remember to set a limit of how much extra they can earn or make it a one-off opportunity, otherwise you may get caught out!



• Try not to overcompensate for a recent separation, or bereavement with more pocket money. Non-resident parents say it is a trap they were aware of as they battled with the guilt and sadness of not seeing their children every day, or of not knowing how to entertain the kids when they did see them. Keep reminding yourself your children love you, and over indulging them won’t help in the long run.



• If you have a separated or extended family make sure you are all on the same page. Grandparents may well feel they have a right to spoil their grandchildren but make sure this doesn’t undermine your decision if you have said no. Warn relatives that you are dealing with pester power at the moment and that you are helping your child see the value of things and how you have to save for more expensive toys or gadgets.



• You may want to monitor what your children spend their pocket money on. Some children buy lots of chocolate and sweets on a Saturday morning with their pocket money. But if you’re getting in treats for the kids in the weekly shop and want to manage their diet, then you could encourage your children to buy magazines, CDs, DVDs and toys instead and set a rule that pocket money isn’t for chocolate and sweets.



• It is important that children learn the value of money, so it’s a good idea to let them manage it themselves.

• You may allow your child to borrow from next week/month’s pocket money if there is something special they would like which might not be available by the time they have saved for it e.g. a sale item. Although try not to let this be a regular thing otherwise they will never catch up.



• Giving pocket money and treats for good behaviour so your children earn treats is another idea.

• Make sure if you do try this reward system that you are consistent so your children know where they stand and what you expect from them.



• If you get the old ‘such and such gets more money than me’ line don’t feel under pressure. Every family does things differently and whilst talking to other parents may give you an idea of how much other children are getting, it doesn’t mean you have to match it. Your children may get less pocket money but it balances out with other things you give them.



• It’s also worth thinking about special events and times such as holidays or days out. Encourage them to save a little each week if you are planning a holiday so they have money to spend, otherwise it is likely you will be pestered for more.

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