Most of the time, the amount of pocket money that a child gets would increase as they get older. For example, if you have a 7-year-old, they could get seven dollars a week. You could choose to link the amount of money to your child’s age. Sometimes, kids get a set amount of pocket money each week. It will depend on how much you can afford to give them, and how much you think is a fair amount for what the money is to be used for. There’s no secret mathematic equation that’ll give you the answer. Ideally you don’t want to be giving a child pocket money to spend until they are aware of the value of money. It’s really up to you to decide when they are ready for it.
How old should kids be before they get pocket money? If you’re able to, take your kids to your work so they can see where you go and what you do to earn money to pay for things like food, clothes and petrol. If you want to give pocket money to your kids, there are a few things you may want to consider before you begin. They can also learn about budgeting, spending and saving. It can teach them about being rewarded for work. Some kids will receive pocket money to teach them about earning and managing money from a young age. Some kids get money whenever they ask for it. Most of us need to earn money to live – unless we’re counting on a big Lotto win! Money certainly doesn’t grow on trees, nor is there an endless supply of notes in a machine in the wall at the bank.
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