Kids and Pocket Money
It was time.
I could feel it.
The questions. Oh my the questions. That. Wouldn’t. Go. Away.
“Can I have some money Mum?”
“Why does she have some and I don’t?”
“I want *insert donut/toy/ice cream/lolly of choice here*”
So I caved.
And assigned pocket money. They’re too young to have a real concept of money, so I kept it simple.
“M&M, how old are you?”
“4″
“Here’s 4 coins” (I gave her 4 x 50c pieces)
“Kiki, how old are you?”
“3″
“Here’s 3 coins” (I gave her 3 x 50c pieces).
“Now, here’s the rules. Each Saturday I will give you 4, or 3 coins. You each must put one coin in this bag as savings. I will keep them in my desk until we have enough to bank. With your other coins, you can spend them on donuts, lollies, or whatever. Or you can save it all for a big toy. OR you can save another coin or two, and leave one for spending on lollies at swimming.” Swimming is about the only place they can buy a lolly for 10c each these days.
Kids often surprise us don’t they? M&M put two more coins in her savings bag, and has kept one coin. Kiki “me too” put another coin in her savings bag, and has kept one to spend. We went through their room and found two small coin purses, which live in my handbag with each of their “spending money” in it (they are little after all, we can’t have them losing it all the time - plus at their age I will get to approve all purchases).
I know they don’t get the concept of money, and how much things are worth, but perhaps they do have some good foundations for money practices building already. I mean, of the $3.50 I dished out today, they’ve decided to save $2.50. It won’t be long before they’re ruling the world. Next step - donations and charity.
Pocket money isn’t as scary as I thought.
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What a fantastic way to do it. The kids will learn about money very quickly this way.
Sounds like a good concept and idea you have happening there
Thanks Lightening & Katrina. They certainly seem to have got the idea really quickly. While he was here Dad gave them 3 coins each. 2 have gone straight in their savings bag, and one in their purses. But whenever we go to spend it they get all antsy about it. So far they’ve spent 30c each. This Saturday we’ll talk about emptying their purses out or putting more money in their savings bag when they get their pocket money this week.
of course it helps they don’t have many places to spend it. Although we are going to the school fete tomorrow - I bet they could find something there…
Great idea.
I’ve been giving Annie a small coin each time she helps set the table which then goes into her money box. Every so often we empty the box out, half goes to the bank, half goes in her coin purse.