We sometimes get asked how we manage pocket money with five children. We have tried a few systems over the years, but currently have found one that works well for us and we are able to stick to.
1. We pay the children monthly.
This solves two problems for us, firstly, it's much easier to have the cash ready once a month that once a week- we were constantly forgetting and then ending up in debt to the children, who then wanted to buy things, we used our card, they kept track and it felt like they always had more money that we thought they should! Paying monthly solves this problem- they have the money and are in charge of spending it, or paying us back when we get home if they've forgotten to take it. The second problem it solves is helping the children to save and budget better. When they were getting pocket money weekly it was hard for the little ones to resist spending it every week, and then complain that they weren't able to buy the toys they wanted. This way, they are able to have a bit more money at once, but have to understand that when it's gone they have to wait a month before the next 'pay day' so far it's worked well.
2. We start giving the children pocket money when they begin school. Again, we have just found that this age works well, they start to appreciate the value of money, and are able to work out some simple maths.
3. The amount will differ for every family. We give their age in £, so a ten year old gets £10 per month, but we 'enforce' a £3 a month per child savings. So a 4 year old gets £1 a month, a 7 year old would get £4 a month and so on. The £3 goes into their own savings account for the future. This will teach the children to save every month, and hopefully be something they carry on once they start working.
We have been using this system for a couple of years, and so far it works well for us :)
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