Should we give pocket money to kids?

Both me and my brother were given pocket money when we went to school and then eventually when we were in college too. We have to do some chore or the other to earn that pocket money. But most of the time, we dont spend it and save it though ofcourse we get something or the other to eat by Friday. But we learnt saving and we also got things we needed like pens etc whenever we need. I think it is better to give the kids some pocket money, with a slight restriction. But that pocket money should be earned by them, then alone they will know the value of money.

I give my children pocket money once a week for school. I think it is the best way for them to learn to handle money. To save or to spend, that is the decision they have to make. Saving enables them to enjoy the cash by buying the things they want. Spending more means they have to tighten up the belts later on. In teaches them responsibility and good cash management. Anyway, my kids are given another sum of money at the end month to buy spend whatever they like.

No question of it Deepak. His Dad gives him Re 1/- everyday and that also he has to put in a box. The box is locked and we always say that the key to it is lost. Now when the box fills up, we open it in his absence and deposit the money in the bank. Next time when he sees the box empty and raises a tantrum, we tell him that we forgot to wait for him and to express our apology, we let him use the coins he will accumulate over the next 10 days or so. The last time this happened, he was allowed to accumulate Rs. 10/- and then he ‘treated’ me to golgappas! Then he forgets all about our cheating and again starts dropping the coins in the box. But I don’t know how long we can dupe him or from when do we have to start giving him money. What do you think?

we have two kids, aged 6 and 8 they both get a little pocket money, i think it helps them to budgit blessed be

Hi deepak, Firstly, I am not against giving pocket money but there should be some kind of restrictions imposed. Instead of money we can introduce 'incentives'. Like whenever the child does anything good like completing tasks, doing chores, helping seniors or doing a great project he should get incentives in the form of 'gifts'. These incentives could come from very little things, say a little act of kindness on the street, helping someone cross the road and stuffs like that. In this way we can impart good values and also the children would get to know the value of money. Incentives can be in the form of money as well. But that's on the parents to decide. They would know best how much or if at all their kids should be given money. Many times we find children resorting to unhealthy activities even at early teens . So, I personally feel the money should be of very little denomination and should be subjected to the kind of makeup the child has. Deepak, this is a very good post and i think I could make myself clear to you. Happy parenting. PS: This response comes in true perspective of Indian society. Had I discussed it generally My opinion would have been bit different. Thanks.

Hi deepak well i am of point of veiw that u should give pocket money to kids at age of 6-7 when they are school going sure u give them nice lunch box, candies but still they should have some money in their pocket Rs 5 or 10 so that during break if their class mates are eating something they want o eat as well so they can buy. or if lost pencil, eraser or shapner, they can purchase so they will have confident feeling. if they dont have money while other had then they might develop Some sort of complex and when they will have money they will learn how to spend and save and i think its good learning tool too, its up to u how u educate them. Take care

My daughter has also turned 12.But never asks for any regular allowance for her.She is very selective in spending and very thrifty too though I buy whatever she asks for.

i don't think that kids should be given pocket money when they are still too young... but when they are older, they can have pocket money but not too much... because when a child is given too much money, they will be spoilt and don't know how to appreciate money...

I feel it is for each parent to choose and give pocket money only when they know their kids will use it responsibly. Personally, I do not believe in kids doing chores to earn the pocket money...it only gives the impression that you work for money and for no other reason. Chores are chores that need to be done at home and no reason to pay for it. Because if they are paid, the kids will stop doing the chores when they do not want the money and need to get back at you for something. I'm not sure what a 12 year old can do with Rs100 a month (seems like too much for that age)...and also the fact that the father is hesitating (I am assuming this because you didn't say he agreed) seems like the father is not too sure he can handle it well. I was never given any pocket money when I was a kid ...even when all my friends were getting it. If I needed anything, I asked my parents and they would get it for me as they saw fit. But I also feel that letting children handling money when they are 10-12 years will help them learn. So, I would suggest pocket money for that age group....but the parents should help them to learn how to handle...saving, spending. Start with small amounts (even when they are not looking forward to buy something)...and then work the amount up as they grow and letting them do it independantly when the parents are sure that they can handle the responsibility.

it depends. i think at that age we did not get pocket money ourselves. but now the society has changed a lot. but it should not be such that they just waste the money. some money can be given to them for emergency purpose.

I think that children should earn their money by doing chores in the home because children should be taught from an early age that you need to work for what you want and that everything in life is not free I not sure of the customs where you are from but here in the states it is called allowance for doing things that are good such as keeping up your grades on your report card,and several other things that a child could do to earn their allowance

My son is only five so we haven't even thought to give him pocket at this age. I would think at a later stage if he wanted to save for something particular then sure, but he might have to do some chores around the house or pick up a paperrun or something to earn $$. His money box usually gets our left over change when he saves for his birthday and or Christmas to buy himself a pressie.

Hi, friend how are you? Well for me it depends if there is something to buy in the school like school projects I gave them money but I don't give allowance. I don't like them to be used in having money all the time. As much as possible I know the things they are buying, the money that I gave to them. Maybe if they reach the age of seventeen I will gave them allowance so that they will know how to manage it.

I think it's suitable to give pocket money to children. After all, it's not a big amount. But it can be a way to teach children how to take advantage of their money. They can select to buy something they like, or deposit it and get extra money for some time. Or perhaps they can try to invest their money. No matter what, they should know money one day. Why not know more about it earlier?

it just in my opinion, i think we should give pocket money to the kids to teach them about financial management earlier. what i recommended in here is giving pocket money in monthly so they woul learn how to manage their pocket money from the parents wisely. if they out of pocket money before one month ended, the parents should not give any additional pocket money. its a good way to teach them the risk spending money without good thinking and unwisely. pocket money should be give when the children was on elementary school. perhaps when they first or second year of elementary school, the pocket money should give in each week the arise to each two weeks then finnally in each month. anyhow, it just my sugestion since i have no children at this moment

if you have much money, you can give, but if you think you lack money, dont give money.

I was given pocket money when I was 12.It's ok for me.It teaches me how to budget my money.

Personally, I feel that parents should support their children especially when their children are still considered minors. At the age of 12, I do not think the child is independent enough to survive on his own. He still needs pocket money from his parents or guardians. It is the responsibility of the caregiver to teach the child saving and spending habits. A child should be given pocket money once he starts school. The amount should be enough for him to have a decent meal at the school canteen. At age 16, I guess it is time the child can earn more pocket money for himself.

I think when my son is 12 years old. I will give him some pocket money to use. But I will ask him do some house duty to earn this. It will tell him that he need do something to earn money.

I wouldn't fold into demands. I think it depends on many factors for example, I was involved in athletics after school so I couldn't work. My parents gave me $2 a day for lunch money which I would save up and just pack a lunch. I think in most cases, the kid should at least do chores to get pocket money.