It was challenging to explain that we wanted to share the value of money with him. I might back up a little bit here to say my son did complain that other kids’ parents bought them iPads and other expensive toys. We brought cash to the Apple Store at IFC and it was a really rewarding moment for him – counting out the exact amount and taking home a brand new iPad. It was all very visual and certainly inspired them to work hard to keep the precious money jar full.īy the time my son was eight years old, he had saved enough of his weekly money, along with money he received from a few birthdays, to purchase his own iPad. Any infractions during the week could lead to a few dollars’ deduction. They had a list of things, mostly behavioural, to abide by. There was a catch to keeping the whole weekly amount though. They both loved to see the coins and bills accumulate and talk about what they wanted to buy. It was only $20 and they were encouraged to save it up for something special. Pocket Money For Kids: How Much, When to Start, How To Earnįrom the time my kids were about three years old, we gave them money in a jar at the start of the week. Tiffany Beeson finds out the going rate in Hong Kong.
It’s not too late to begin the process of teaching this important life skill and there are a lot of resources out there to do so. If you haven’t ventured down this path yet, don’t worry. Reading Time: 7 minutesHave you started having the conversation of pocket money with your kids? No matter the age of your children, it’s a good time to start educating them on the value of money and give them the tools to manage it in the future.
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