For a while now, Country Boy and I have been meaning to introduce pocket money to our kids. With the start of the school year, it seemed like an ideal time to get started.
What I didn’t count on was having to think so much about our philosophy for pocket money. How much do you give each child? What are they expected to do with that money? Do you link money to chores, or behaviour? Do they need to save a portion of it? The list seemed endless.
One thing Country Boy and I agree on is presenting a united front to our kids, and backing each other up. So we needed to get this issue sorted out before we introduced the idea to the girls.
When I was a kid we used to get 10c per year of age, so when I turned 10 and got a whole $1 it felt like I had hit the big time! Unfortunately 10c per year of age seems a little stingy, even for a tightwad like me. At the same time we didn’t want to give them so much that they would be rolling in money. We were wanting them to get enough that they could save for 6 or 8 weeks and have enough to buy something small that they wanted.
In the end we decided that we will give Meg $1 and Hannah $1.50. As they get older we will increase the amounts. We expect them to put some money towards a small present for each of their siblings at Birthdays and Christmas, as well as Fathers and Mothers day. We hope that this will encourage them to think about being generous with their money.
We also decided not to link pocket money to jobs or behaviour, mainly because of the logistics of trying to manage it.
What a fraught issue! As the kids get older, I find that the parenting decisions become harder. I would love to know what other people do about pocket money in their family. Am I too stingy, or too generous, or just unrealistic???