Extras

• Encourage your child/ren to earn extra money as early as possible.
• Negotiate the price for different tasks, and make the amount earned relate to the difficulty of the task.
• Explain that as they get older they will be expected to do some of these tasks 'for free'. But you will provide opportunities for them to earn money doing other tasks.
• Support them as they reach the teenage years and encourage them in earning money supporting others - neighbours and friends may be amenable to helping with this. Once they are 14 they can begin to earn money doing various jobs. Support them in the process.
• Once they are earning their own money allow them to spend this on whatever they want. Remind them of things they may need to save up for, or want to purchase as extras. In some instances you may want to negotiate paying half e.g. you provide half the holiday spending money and they save up for the rest.
• Be realistic. If you know how much things cost and can explain how you budget the household accounts, they will understand the need for doing the same with their own money. They will also understand why you can only afford a certain amount for them.
• Don't be put off if they suggest ways you could cut down on your own spending. This might well form some of their arguments for more money. Children learn through parents modelling behaviours. If you are modelling good money management (and you can do this even if you are in debt) then they will see the decisions you make in a positive light, and understand the situation as regards money.
• If you are short of money for a period of time, explain this and the reasons for the deficit (obviously this depends on the age of the child/ren). Negotiate a cut back in their allowance if necessary, although this should only be in proportion to the amount you are cutting back as well. But be prepared, if necessary, to stop their money for a period if this is going to help a crisis or debt situation. Again do this in discussion with them and find ways of enabling them to earn the difference, supporting them with lifts etc.

See the individual sections for children where you will find help sheets and ideas.

How much?
What for?
When do you start giving pocket money?
Extra tips for parents
10 tips for money education
Teaching money skills

Pocket Money ideas for these age groups...