One jar is for spending on themselves, 1 jar is for saving for the future, and the third jar is for donating to charity, their school, or any cause your child sees fit:
Just take 3 jars and label them save, spend, share and split your child’s pocket money evenly across each. The 3 jar saving system is perfect for this last point, and a great early training tool.
Aim to instil the savings habit by making your children save a percentage of their money each week – this may vary from 10% to 50%, but is a vital part of their learning process.Ensure your pocket money rules are in writing and kept somewhere visible (i.e on the fridge).Make sure you have those gold coins ready though! Have a regularly weekly payday where a tally of jobs done is made, and the money is paid out (e.g.Stick to even amounts that involve gold coins – this makes life a lot easier, and saves you from tricky calculations that involve cents!.We would recommend that you follow these guidelines in order to minimise stress levels: Include “bonus payments” for kids who do a task without being asked, or just do something particularly well.$2 for cleaning the car, $5 for mowing the lawn) so that the child can earn more if they put in more effort. making beds, laying the table, emptying the dishwasher, putting out the rubbish, or mowing the lawn). Link pocket money to a list of tasks to be completed each week (e.g.$1 for every year of age – $5 if you’re 5, $10 if you’re ten. Pay each child an amount that is linked to their age i.e.Pay every child in the family the same amount each week or month (say $2 or $10).Pocket money systems must be age appropriate, and can be structured in a variety of ways, including these tips or ideas : Different ways of allocating pocket money The key guidelines for success are to keep it fun, make it regular, and ensure it is motivating!Ī great way to ensure your success is to link pocket money to a savings goal that each child values, such as going to the movies or buying an ipod or a bicycle.
There is no single, best way to do this – pick a system that fits with your family situation and values. You might want to read Diane Levy’s Pitfalls of tying chores to pocket money article first. These are 2 important things to consider. Then you’ll need to decide if you want to tie pocket money to household chores. But for this to work well you’ll need some tips for managing kid’s pocket money.įirst of all, before we even get into the management side of things, you’ll need to decide if you even want to pay your kids pocket money. An easy way to do this is to introduce a pocket money reward system. One of the most important things we can do as parents is to teach our children the value of money and how to manage it wisely.
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