August 14, 2022

How to manage pocket money?

Is there an ideal age to give pocket money to your child?
There are no rules, everything depends on the sensitivity of each family. But give somemoney before the age of reason does not make much sense. It takes a minimum of maturity and autonomy on the part of thechildthat he be able, for example, to make a small race alone by bringing in the money.

What does this bring to the child?
It's important for him to have this little hard currency in his piggy bank. He can count his pieces, identify with the adult and do as he does. It makes him responsible.
Give a little bit ofmoney is not a question of feeding a bank account to which the bankchild can not touch anyway. This is his money pocket is tangible and concrete. And this also introduces a little ritual with his parent.

Should we introduce rules?
Yes. It must be explained that with this moneyhe can buy things in a store only. But he does not have the right to bring it to school and to buy an object belonging to a boyfriend (a baptismal medal for example ...)

Should we increase the amount regularly?
Yes, to a child 7/8 years, you can give a small room (1 or 2?) every week and a little more each year. Better not to give the same thing to brothers and sisters, the sum must be proportional to the age of thechild. This is the sign of recognition that thechild grow up, it distinguishes it from the rest of the siblings.
At college entrance, this is another responsibility. We can give a larger sum each month, with a defined budget (transport card, phone package, cinema ...). While leaving a little more freedom, we set limits.

Should we intervene in its management of money?
No, it's better to let him do his apprenticeship. When the'child is small, his money should not be used to buy a baguette. However, if he wants to buy something and he does not have enough, we can invite him to wait and save. Or sometimes supplement to help make a gift. When he is older, his money may, for example, participate in a repair of something he has damaged.
With teenagers, parents need to give the rules of what comes in, or not, into the budget and stay firm.

Can we use money as motivation?
Themoney pocket is independent of good grades. I am not for punishment with themoney (bad marks = privatemoney pocket), except in the case of repair (broken object), where we can do a little bit of participationchild.

What do you think of odd jobs?
The greatest good! If a teenager wants to work to build a small nest egg, do not be discouraged. Around the age of 15 to 16, he can babysit, wash the car ... But beware, at home, the shared tasks are not remunerated!

Managing Pocket Money | Uday Varma | TEDxOOBSchool (August 2022)