When do you give a child pocket money (and how much)? Budget expert gives tips
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Children and pocket money: it remains a complicated thing. Because when do you start and what amount do you give your child? Budget expert Joëlla Opraus of How 2 Spend It gives some handy pocket money tips.
“I would start with pocket money around the age of 5,” she says. “Then children learn to count and they are good at what money is.”
Salary
Joëlla indicates that as a parent you really don’t have to empty your wallet: “One euro a week is enough when they are still so young. In this way you can gauge how your child handles money: one person gives it to you.” preferably out the same day, while someone else throws the coins straight into the piggy bank.” According to her, it is important to give the pocket money at a fixed time: “Then they can wait for it and immediately learn to plan well. The pocket money contract is a nice tool here.”
race track
Also a good one: showing children the usefulness of saving. Joëlla: “If your child wants to buy a race track, then he really won’t be there 1, 2, 3 with those euros per week. Buy a piggy bank and let your child throw in part of his pocket money every week: not everything has to be done immediately. And if your child wants to earn something extra, this can be done by doing a job or a good report, for example.”
Also read: Budget expert explains: this is how you teach your child to deal with money >
Secondary school
And pocket money and clothing money: when do you start with that? “That seems more something for secondary school. You can’t expect young children to find socks more important than that one car. Let them practice with those few euros first.”
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