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  1. #1
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    Default Pocket money - what age??

    My DS is 5.5 and has no concept of money. Part of me wants to start awarding him a small amount of money each week to try and help him understand how it all works.

    Whats your opinion on pocket money and at what age do you think it's suitable?

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    I think that it's a good idea, but maybe have him "earn" the pocket money so that he gets an idea that you don't get money for nothing?
    Maybe as simple as getting a dollar for certain chores?

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    LifeInShadesOfGrey is offline Just a little bit silly :)
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    I definately think its a good age to start.

    With DD (when she is old enough), I will start by assigning her a task, just one and awarding her with some pocket money (just a small amount, maybe make her bed and put her clothes away and give her $3 a week). Then as she grows up, assign more duties and give her more money.

    She can fill a piggy bank up and then I will take her to the bank and we can deposit money into an account. Make it fun for her.

    Teach her how to save.

    I mean my theories could be flawed but, hey. Parents did it to us and it worked wonders.


    Dad would also put his change a jar and when the jar was full one of us 3 would get the contents of the jar (As a bonus). It roughly worked out monthly and each month a new person would get the contents of the jar. Which wasnt ever really much maybe $20 of so. But we would get excited about banking that too.


 

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