You may have a child who is reaching an age where you are considering giving them ‘pocket money’. Giving your child pocket money can provide opportunities for your child to practice their numeracy skills and allows them to understand the importance and function of money in the world in which they live. For my child, who is approaching 3 yrs old, already knows how important it is to keep a ‘coin’ handy for the ‘rides’ dotted around outside shops!
Earning the money
Pocket money shouldn’t be just given willy nilly though, rather you can help instil some work ethic and show them the importance of responsibilities. The completion of little jobs will be much more satisfying and rewarding compared to just giving money for nothing. From my own experience, when I was a child, I used to get about £2 a week, and for that I completed little jobs such as hoovering the carpets, washing the car, washing the dishes, mowing the lawn , etc. I do remember feeling satisfied when each job was completed, and allowed me to better respect my surroundings and be more tidy.
With money, comes many life lessons. Words and phrases such as save, spend, lend, borrow, pay back, invest etc, can all be taught about. The earlier your child understands money, the better they will understand finance as a whole and potentially be more wealthy as they get older! Helping your child to invest, instead of spend their money is perhaps the best habit you can instil into your child from early on.
Below is an infographic I’ve put together that you can show your child on how to earn their pocket money!