Parenting

Pocket money

Parentune Support
7 to 11 years

Created by
Updated on Jan 22, 2014

Hi all, My son is now 8 years. Can I start giving him pocket money now? If yes, how much money I should start with?

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Ishta

| Jan 23, 2014

Dear Nishtha, I also started giving my son pocket money when he was 8 yrs old. Nw it's been 2yers n he has learnt to spend his money wisely. I wld advise u to start with Rs10 a week n see hw he spends it

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Meenambigai Rajesh

| Jan 23, 2014

Hi Nishtha, I go with Shikha . U can ask him to save in piggy bank rather than giving it as a pocket money. U can give freedom to spend when u take him out. It will be real fun to watch his choice, priorities and calculative approach. U can enjoy the tint of a mini you, or a mini papa while he shops with his own money.

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Anurima

| Jan 22, 2014

Dear Nishtha, you may also find some suggestions in the following blog. Please copy and paste the link on your browser bar: https://www.parentune.com/parent-blog/teaching-our-children-the-value-of-money/228

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Shikha Batra

| Jan 22, 2014

Hi Dear Nishtha! Pocket money once started will become a habit n its difficult to do away with habits. So rather than introducing the idea of pocket money u cud buy ur child a piggy bank n ask him to put whatever money u give cud be saved in this n once in a year may be on his birthday u cud buy him a gift of his choice. Or this money cud be used as and when the need arise with ur permission. In case he needs money in between for buying something from canteen he cud ask u beforehand n it can be given separately. This will help u in two ways ONE : he will learn to save money. TWO: he wud share with u what he is using for n wud ask for it when needed. I believe pocket money will put burden on him as he will be taking care of money at such a tender age. Hope this helps!

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Parentune Support

| Jan 22, 2014

Hi Nishtha, You may have a look at the below links to parent talk that you may find relevant: https://www.parentune.com/parent-talk/pocket-money-for-a-6-yr-old/804 https://www.parentune.com/parent-talk/value-of-money/861

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