pocket money

By the time your child learns the ability to count I suggest you introduce the concept of money tho him or her, but not necessarily give them money. Introducing to them that things have costs will show them the value of things. You can even make it into a game if you wish. I got my first allowance when I was about 7 or 8 years old. It was just enough to buy an extra drink or snack when I was still going to school but I soon learned that if I save it, I can use it to buy more than just a snack or drink today. I learned that when I save my allowance for today I can use it with tomorrow's allowance to buy not just an extra snack but also an extra drink. Well being a child back then all I got was my small allowance and I'd end up using it for food. Prices of toys and the like were pretty far off my reach so I was stuck with food, and maybe it because of that but nowadays I'm still stuck with choosing food rather than the "toys for the big boys". LOL

I never got any money as a child. My mother didn't earn enough to just give me money. The only time I ever got any money is when I went somewhere with a friend and she gave me a little cash to pay for the movies or drinks or whatever we were doing. I barely went anywhere and even then it was usually just to spend the night, or my friend to spend the night over our house. I never really had an allowance or anything like that, I know some kids get that. My sister doesn't really get that either, my mother does pay her a little for mowing the grass. I guess that is her pocket money.

when i was a child i was too afraid to ask for pocket money and now i am 22 and i never got any pocket money ... but my parents fulfill all my needs if they are in their budget so i guess i never needed any money. but i always used to dream about having pocket money so i think that you must introduce the concept when a child is around 13 years or so (just my opinion) so that he will know the value of money and start preparing for the life ahead.

There are many books written on the topic Money Doesn't Grown on Trees - Raising a Money Smart Child - I think the Rich Dad Poor Dad authour has one too... here is how I handle it. My children get to keep or spend any money they are given as gifts. At 6 I may offer you money to do a chore that is particularly hard for your age. At 9 you may bid for a contract for a job around the house. And at 13 I pay $50 a week but you must buy your own clothes, personal needs, food when we are out (unless I offer to buy it). Your dicsipline is often in the form of fines at this age also - I have already trained you so I don't need to tell you why you have to respect me so I just say that was disrespectful that is .50 - the accounts are balanced on Saturday nights. We help them make a budget so their money is divided into savings, giving, entertainment, clothes, misc and debts. Our kids get a chore each year on their birthdays so our 1 year old does 1 chore - our 4 year old 4 chores etc. I don't pay for chores because you are being taught responsibility and helping the house run smoother - your needs are met, clothes, entertainment etc. But I do feel it is important for children to be aware of money - how to invest - how to figure out percents for interests and sales and to understand the cost/value of things..