Children : Pocket Money / Allowances

• Set a chores list and include such things as washing dishes, tidying their room, putting away their toys etc. If they do these things then they can get paid their pocket money. If they don’t then they don’t get any pocket money. 
• Work out what you consider to be a fair amount of money to give your child as pocket money. This will depend of what you expect your child to do with this money. If you expect them to budget and buy their clothes, pay for all outings etc from their money, then you will obviously need to give the child more. 
• When you give them their pocket money, insist that they put some of it aside into a savings account. Help them to do this – so this means you need to take them to their bank / building society each week and help them to fill out the deposit slip and pay their money into their account. Keep your children motivated by showing them the balance as it grows.
• Encourage your children to put their spare money into their piggy bank so they don’t spend all of their pocket money all at once. They can use their piggy bank as short term savings for things that they want to buy. 
• Don’t encourage your children to borrow money off you under a loan or payment in advance scheme. This is just teaching them bad money habits and getting them used to the world of buy it now and pay for it later. 

To view more Saving Money Tips on Children : Pocket Money / Allowances click here to become a Money Detective Member.