My rule with pocket money was no wasting money on online games ( like the things you can buy inside an app – that is one of my pet hates when it comes to wasting money!) However, they do say that the rules regarding allowances need to be clear.įor example, if you require 10 percent to be put towards savings, explain your expectation from the start.Īre they allowed to spend it on whatever they want? The American Academy of Pediatrics takes no definitive position on allowances. POCKET MONEY FOR KIDS 3 – Clarify the rules. If 50 cents per each year of your child’s age suits you better, go with that instead!įor me as a 12-year-old – YEARS AGO mind you – my weekly allowance was $2 a week, while my 10-year-old sister got $1 per week and my 6-year-old sister got 50 cents a week. You also need to consider the financial situation of your family and what expenses the allowance is intended to cover. The current rule of thumb estimates $1 for each year of your child’s age – this is a pretty good guideline, especially if you are encouraging your kids to save. POCKET MONEY FOR KIDS 2 – Determine the amount. That’s usually when they’re about five or six years old. Generally speaking, kids are ready for an allowance when they can understand the different values of currency. I remember for me I was about 12 when I first asked for one (and my sisters were 10 and 6.) Most parents usually instigate a pocket money routine when their children actually begin asking for it (and that can begin at any age!) Giving Your Children an Allowance POCKET MONEY FOR KIDS 1 – Pick a starting age. Whatever choice you make, there are some important principles to keep in mind if you want to give your child an allowance.Ĭonsider these suggestions to help you decide what will work best for you and your family. Others believe that money ought to be kept off the table when it comes to families contributing time and effort to the household (that kids should be helping out for free). Thinking about giving pocket money for kids? Here are the best 14 tips for giving your kids an allowance that is both fair and fun.įor some parents, an allowance is a way to teach financial responsibility to their children.

Pocket Money For Kids – 14 Tips For Giving Kids An Allowance

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