Parenting & kids - Pocket money

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Pocket money is one of the first ways for children to learn the basics of managing money – a skill they'll definitely need for life – and it makes children feel independent. Equally, if your family finances or values mean you’d rather not give pocket money that is also an important lesson for your children.

Pocket Money is a cash for day-to-day spending on incidental expenses.
This is very nice and informative post about pocket money.

Quote:

Originally Posted by Welches (Post 506667)

I thought I'd try and generate a debate or two as this group seems to have
gone fairly quiet barring the spam.
I'm going to raise a couple of senarios, that I've been in as a child or a
parent or a friend.
This one is about pocket money.

Three children, two born at the start of the academic year, one born towards
the end.

Pocket money could either be raised (and started ot be given) on birthdays,
starting at age 5yo. However, assuming that all children go onto university
and then get a job and are then self supporting, this means that the one
born at the end of the year gets almost a year less of having pocket money
as they will be just 18 when they leave home, and the others nearly 19.

Alternatively: You could raise pocket money (and start giving it) when they
start school. This means that they will have the same number of years having
pocket money, but the one at the end of the year starts getting pocket money
at only just 4yo rather than nearly 5yo.

I can see that either could raise resentment. Or neither. Which do you think
is fairer, or have you an alternative (not giving pocket money at all
doesn't count!!!)
Debbie

Hey buddy, Pocket money is one of the best way to learn the children's how to manage the money in their live's... That is the best way to taught them that how to save for bad time's and how to manage the expenses..... How to spend the money in right way......
Oakland Personal Trainer

very nice & very very pleasant discussion is going on here.
I absolutely loved it.
I am still weeping by remembering my school days.

Pocket money means just that. You have money in your pocket that you can spend. It may be that your parents and caregivers give you money every now and again, or you may get a regular amount of money, for example every week or once a month.

I like it alot.
I always remember my school life & childhood whenever someone talks like this.

this is very best post
i also wait that day when i get pocket money

I always remember that day when i was in school & my parents give me some pocket money. :)

Quote:

Originally Posted by Welches (Post 506667)

I thought I'd try and generate a debate or two as this group seems to have gone fairly quiet barring the spam.
I'm going to raise a couple of senarios, that I've been in as a child or a
parent or a friend. This one is about pocket money...

Which do you think
is fairer, or have you an alternative (not giving pocket money at all
doesn't count!!!)
Debbie

I try to tie pocket money to allowance or good grades. I mean, younger kids (up to age 10) aren't usually around places they need pocket money, unless with adults. They're usually in school during the week.
I give my kids allowance (not too much) and have them break it down into several savings jars. Play, giving, big purchases. It builds a discipline of saving and budgeting early in their life.