Are you debating whether to offer your child or adolescent pocket money? Pocket money, often known as an allowance, is a terrific way for your youngster to learn about money. Continue reading for tips on when to start giving your child pocket money and how to figure out the appropriate amount. Let’s get started!
Is it wise to offer your children pocket money?
To begin with, it’s crucial to emphasize that it’s not required—roughly half of the French parents give their children pocket money. Pocket money allows parents to do more than just make ends meet.
- Take a practical approach to the topic of money management.
- Allow their children to utilize the money in any way they please.
- Assist children in comprehending the value of money.
Some parents reward their children for high grades at school or for doing domestic duties (such as washing the car or gardening). But use caution—up it’s up to you to decide what youngsters should “earn money” for. If you believe that certain domestic activities (such as dishwashing) are an inevitable part of living together, then rewarding your child for accomplishing them can be counterproductive.
Instead, look for tiny tasks that your child can perform that are above and beyond what is required of them. This will vary from family to family, but it may include extra housework, caring for younger siblings, and so on.
When should children begin earning pocket money, and how much should they earn?
Do you want to know how old your child should be before giving them pocket money? Remember that providing children pocket money might be beneficial as early as 6 or 7 years old when they can count, add, and subtract.
You could, for example, offer your youngster £1 every week to spend on a treat or save up for a larger purchase later. Our recommendation is to offer your small child pocket money weekly rather than monthly, because their limited patience may not be able to withstand such extended periods of time.
If you’d rather wait a little longer, you may offer your child an allowance when they start high school as a symbol of their growing independence.
If you’re unsure how much you should give your child each month, here are a few common figures to consider:
- From £10 and £30 per month for children aged 11 to 15.
- Between £30 to £50 per month for those aged 15 to 18.
Here’s the average amount per age group from a 2015 CRIOC research to give you a better idea:
- Around £7 every week for 14 years
- Around £9 every week for 15 years
- £10.50 per week for 16 years
- Around £12.50 per week for 17 years
As per the 2020 Poll&Roll study, 12 to 18-year-olds in France receive an average monthly stipend of £33. You’ll need to identify which expenses you’ll cover as well as which areas the budget should cover to determine your specific budget. In general, parents are still responsible for:
- Books and school materials
- Clothing and footwear
- Hobbies and extracurricular activities (like sports or cultural activities)
Your kid gets to choose where and however they like to spend their pocket money once you’ve decided what expenses you’ll cover as a parent. They may spend it on things like a new video game, movies, fast food, or shopping.
Learn how to establish a family budget for more information on how to manage money as a family. Also, make use of Alex And Alexa voucher code or My1st Year discount code for some great deals to save money.
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