Earning pocket money

			EARNING Pocket Money
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What is Pocket Money?	Money that those who get it, can choose how to spend it .
Should pocket money be earned?	Some parents decide to give pocket money, because "children" are part of the family, and not as payment for jobs; but at the same time are expected to help when asked.
How much pocket money?	It depends what your family can afford and what the money is to cover. The amount usually increases as your child gets older, and takes more personal responsibility.
What should pocket money pay for?	This is a balancing act between bus/train fares, school lunches, sweets, small presents for Christmas, things they might like and maybe saving a little. Obviously, the more personal responsibilities the more pocket money. Teaching them about budgets is a good idea.
Punishment and Pocket Money.	Stopping the money may seem easy for punishment. But it is not wise to take all the money, as it could lead to resentment of parents. If there is a personal trust bank account that they cannot access until 18 years old, then maybe such money is paid into that account, so it is not stopped, just delayed, even for years.
Teenagers and Pocket Money	Teenagers may have a part time job. Need to decide what the teenager will use their earnings for. EG: clothes, going out with mates, toiletries, saving etc and balance that up with pocket money for basics.
Encouraging saving for special things	If agreeable to all, a shared plan with a target can be useful to encourage savings. EG: A trip away might cost $200. Agree on a savings plan and a time frame so that if say half ($100) is saved in 10 weeks, then the parents will match it dollar-for-dollar or $100, if the savings target is achieved in the time period. TOP


What is it .... How to find it ...	Short summary...	Scoreboard
Brass in Pocket.....	Very good, wisdom interesting. Maybe for an older person	7/10
Pocket Money	The basics of pocket money	8/10

Other useful stuff ....

It's good for children to learn that while being
part of a family, it's very important for them to "do"
or "have" their own jobs or responsibilities,
to do each day, as that is part of life,
sometimes mundane but need to be done!

If there is something they want to buy, they can either save
their pocket money untill they have enough, or may be able
to do more jobs to earn a bit more, so they can buy it sooner.

We can teach our children, to learn to shop around,
for the best price and at the best time, and don't just buy
the first thing we see!

If they borrow money, then they have to pay it back.
If this does not happen as agreed, then may be a few weeks
with substantially less money will teach them about the reality of borrowing.

It helps children to hear and know
that lots of money does not always mean
that you have happiness in your life!


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