Pocket Money & Your Child- 5 Do’s and Don’ts

Parenting is always about debates and conflicting opinions, and some aspects are subject to more debates than others. Giving your child pocket money is one of those. Should I give my child pocket money? How much? When should I start? These are perhaps some of the questions that run through your mind. Pocket money allows your child to learn by doing. While money in one’s pocket is empowering, giving pocket money depends on your financial circumstances and values.

When Should I Start Giving My Child Pocket Money?

Before you start, ask yourself these questions.

1. Does my child understand that money is necessary to buy the things she owns?
2. Does she understand what it means to save and not spend money all at once?

If the answer to both is yes, then you can start! Starting too early with pocket money can result in your child not valuing money. She might just think that she can get money any time for no reason. Age 8 to 10 might be a good time to start giving your child pocket money.

Things To Keep In Mind About Giving Your Child Pocket Money

If you’ve decided to give your child pocket money, here are few things to keep in mind.

1. P