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How Much Pocket Money Should I Pay My Child

by Jim ONeil on May 26, 2011

in Personal Finance Tips

Kids cost us in more ways than one. With so many more outlets to spend money, it is no wonder kids want some walking around money every week. The answer to this question will often lie in how much the parents themselves have to spend and how much responsibility they want to teach their child.

A money forum is no place to offer parental advice, but we will give it a shot anyway, since you asked! Just giving a child money to spend is a sure fire recipe for failure. If they are not earning the money, they will have no respect for it.

It would be a safe assumption that a child under the age of 15 should be happy with about £10 per week. This can be adjusted if they are a bit younger.

Create a dollar value for each chore they are assigned. As they are completed, they can check them off. If they do not complete something, they lose that portion of their allowance every week. Now instead of just grabbing the money and spending it on the first thing they see, they will have some appreciation for the money.

Furthermore, if the £10 is the maximum, they will work harder around the home when they really need the money. You will be amazed how much more appreciation they will have not only for money, but also in how hard mom and dad work each week to earn that money.

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