Should you give your toddler pocket money?
Teaching children the value of money can be a tricky task to achieve. Many children enjoy playing with pretend money, mine included.
Our girls have a toy till on top of their play shop and they’ll take it in turns to play the customer and the shopkeeper. The customer will put a few items into their basket and then the shopkeeper will scan them all before asking the customer for some money to pay for their goods. It’s a great way to introduce children to the concept of money.
All parents want their children to have a good credit score, you can find yours out here: http://www.experian.co.uk/consumer/experian-credit-score.html, but what’s the best way to explain this to children?
Pocket money is often a good place to start. From an early age my sister and I were given pocket money on a weekly basis. I can’t remember exactly how much, but what I do remember is that it taught me how to sensible with money.
If I wanted to buy something, I knew that I’d need to save my pocket money up. Sometimes it would take me months to save up enough money for what I wanted, but that meant I appreciated it more.
I understood that money had to be earned and that things cost money. It’s a valuable life lesson that I fully intend to teach my own children.
The thing is how much pocket money should we be giving our children?
In some ways I guess it depends on the age of the child and what they’d be spending their money on.
For example, a toddler really won’t need much money. My girls are three and a half years old and they get treated to some chocolate or a magazine now and again so 50p a week would be a good place to start.
It’s enough to buy some chocolate, but not quite enough to buy a magazine. You could explain to your toddler that if they want a magazine then they’d need to save their pocket money and that would mean not buying their favourite piece of chocolate.
It may take a while for the idea to sink in, but perseverance and consistency is the key to success.
On the other hand an eleven year old would probably want a bit more than 50p a week! They’re not old enough to work, so you could offer them a way a to earn a bit extra on top of their set weekly pocket money allowance.
If you agree to £3.00 a week, you could then offer them an additional £1 per week for making their bed everyday for that week etc.
They’d soon learn that in order to get a bit more pocket money they’d need to earn it.
What do you think? I’d love to hear your thoughts!
Do you give your toddler pocket money?
49 Comments
Moipone
September 21, 2015 at 7:04 am
I honestly think they are still small, the only time my daughter gets to hold money is when tooth fairy comes to visit other than that hell no. Visiting from #anythinggoes
Emily
September 21, 2015 at 6:36 pm
Hi Moipone, thanks for your comment. I think it depends on the child. My girls enjoy handing money over in the shop and also their snack money at nursery school. I think it's important to introduce money to children when they're young so they can start understand the concept.
Reimer Ruby
September 21, 2015 at 7:43 am
I have not really thought of giving my kids coins yet, apart from when they found pennies in the house and I'll just let them put it in their piggy banks. Yes I do remember being given money too when I was still in school, and it does helped me to be sensible with money. #AnythingGoes
Emily
September 21, 2015 at 6:37 pm
Hi Reimer, thanks for your comment. I was given pocket money weekly and it really helped me managing my money x
thehungrymum.com
September 21, 2015 at 8:38 am
Just started giving pocket money to misses 7 and 9 – I don't think toddlers 'get' the value of money/saving up. Visiting from #anythingGoes linky.
Emily
September 21, 2015 at 6:38 pm
Hi, thanks for your comment. I think toddlers can understand the value of money if they're taught it x
Cuddle Fairy
September 21, 2015 at 9:42 am
I think it's a great idea. The downside is if they buy junky toys every week. It's wonderful to teach the concept of money & saving though. It's hard to know what age to start giving money every week. I gave my two boys each 10euros last year to teach them about money & it went really well. I'm starting pocket money with them now, they are 8 & 6. #anythinggoes x
Emily
September 21, 2015 at 6:39 pm
Hi Cuddle Fairy, thanks for your comment. I guess parents would need to monitor their child's purchases – if they buy junk every week it'd need to be discussed etc x
Lady Nym
September 21, 2015 at 10:46 am
I don't think Tyger would really do well with pocket money quite yet. He's a very bright three year old but he has ASD and executive functioning (planning, thinking ahead etc.) is something autistic people struggle with so I think I'll hold off for now. Definitely something to keep in mind, though!
#AnythingGoes
Emily
September 21, 2015 at 6:40 pm
Hi Lady Nym, thanks for your comment. Definitely something to think about when Tyger is older x
Amy Western
September 21, 2015 at 11:30 am
Our girls are 13, 12 and 8. We've just started a new chore list and they don't get their pocket money unless they do them. I wish we had started earlier as they've become too used to getting things without considering how much they cost. If I could do it over again I'd start them off young!
Emily
September 21, 2015 at 6:40 pm
Hi Amy, thanks for your comment. Chore lists are a great idea x
Mrs Tubbs
September 21, 2015 at 12:51 pm
Depends on the child. Some get it at an early age whilst others take a little longer. Some of us never learn!
Emily
September 21, 2015 at 6:41 pm
Hi Mrs Tubbs, thanks for our comment. I agree it depends on the child x
kerry norris
September 21, 2015 at 5:53 pm
I haven't given my toddler pocket money but when grandparents etc come over and give her the odd pound here and there I put it in her money box for her. I think until she's older and she understands properly there's no point x
Emily
September 21, 2015 at 6:41 pm
Hi Kerry, thanks for your comment. I think simple games to start with help. Toy tills and shops etc x
Moderate Mum
September 21, 2015 at 5:54 pm
My niece was staying with me recently and had some money left over from her birthday to spend and she found the whole thing quite difficult. I think I'll hold off as long as I can.
Emily
September 21, 2015 at 6:42 pm
Hi, thanks for your comment. I think if it's introduced properly and talked about thoroughly in simple terms then it can work x
Random Musings
September 22, 2015 at 12:04 am
I agree about pocket money teaching children about the value of money, cost of things etc. I think the earlier it is introduced the better, then it doesn't feel like a punishment when you stop buying them things. As for how much to give though, I really wouldn't have a clue!
Thanks for linking up to #AnythingGoes
Debbie
Emily
September 27, 2015 at 6:16 pm
Hi Debbie, thanks for your comment. I totally agree x
Leandra Bramham
September 25, 2015 at 6:51 am
Great question. We've just started giving T (nearly 4) a couple of pounds a week in a jar each week. He can either spend it T the pound shop, use it for the ice cream man or save up for a magazine so far so good. We've only been doing it for a couple of weeks but when he's using his own pennies he doesn't seem to want to spend so readily! Thanks for hosting #binkylinky
Emily
September 27, 2015 at 6:17 pm
Hi Leandra, our girls have piggy banks, but they just play with money at the moment. I've been thinking about giving them pocket money as they quite often ask for magazines or chocolate in the shop and I think can get a bit confused when one day they're allowed one then the next they're not x
Mums the word in cardiff
September 25, 2015 at 8:47 am
I think it's a great way for toddlers to learn the value of money. My son has pocket money, but doesn't really know what it is. My husband gives him his pound coins to pop in his money box, but at 20 months old he just thinks its a game. I do like the idea of a pretend till though, so perhaps when he's older we can do some pretend play before introducing pocket money properly. I think 50p a week is a good way to start a 3 year old on realising the values of money. My son is generally a bit spoilt, so I will be introducing pocket money from a young age too. Great post 🙂 xx
Emily
September 27, 2015 at 6:17 pm
Hi Clare, thanks for your comment. It is a great way for children to learn the value of money x
Emma Wilcox
September 25, 2015 at 9:30 am
Alfie gets £5 pocket money from my dad every month. I don't have money to treat Alfie like I used to so it means he still gets a treat.
Emily
September 27, 2015 at 6:18 pm
Hi Emma, thanks for your comment. That's nice of your dad to do that x
Jodie Allen at Budget Beauty and Babies
September 25, 2015 at 9:52 am
I definitely think kids benefit from being given the opportunity to learn about money as soon as possible. It teaches them to value their own things better in my opinion. Great post! #binkylinky
Emily
September 27, 2015 at 6:18 pm
Hi Jodie, thanks for your comment. It definitely helps teach them the value of money and that nothing is free, and that money has to be earned x
Helen Gandy – Beautiful Things
September 25, 2015 at 1:15 pm
I don't give my son pocket money at the moment, I think he's too young to get the concept at the moment but we do explain when we pay for things why we do it (like when we buy him a magazine etc). I think it is so important to teach the value of money without a doubt. Thanks for hosting! #binkylinky
Emily
September 27, 2015 at 6:20 pm
Hi Helen, thanks for your comment. It's good to explain why we pay for things x
Claire Ridewood
September 25, 2015 at 1:26 pm
It's a really tough one. I don't like the idea of them getting money for nothing but I also don't think they should expect to be paid for things that are just part of being a responsible family member! They do get money for birthdays and chyristmas though so I guess they have a some experience of choosing what to do with it!
Emily
September 27, 2015 at 6:21 pm
Hi Claire, thanks for your comment. It is tough isn't it. I agree about giving them money for nothing. I guess when they're older they could do chores in return for money.
Tracey Abrahams
September 25, 2015 at 5:31 pm
My sister in law is having this debate at the moment. He two are 12 and 14. Rhey have never had pocket money. She is reluctant to give rhe eldest money because she says they dont have any sense with money, but without being allowed to have any how will they learn (this is less of a problem for the youngest as he is autistic and doesnt ask for money, or things). #binkylinky
Emily
September 27, 2015 at 6:22 pm
Hi Tracey, thanks for your comment. I can't remember how old I was when I first had pocket money. I guess if she gives the older money, she'd probably feel obliged to give the younger one money too x
Emily
September 26, 2015 at 12:18 am
I think this is a great idea. I love the idea of teaching children the value of money from very young, I just wonder what is the right age. My little one is two and it still feels a little young. I think 3 feels probably about right, in the sense that she will probably be able to grasp the concept of money, cost and saving. But I think there are some things we can do before then, like introducing a play till and money so that she can role play with us and start to build an understanding of money and how it is used to buy things. I think it is an important life lesson though and think pocket money is a good way to start teaching little ones about money at a very practical level #BlinkyLinky
Emily
September 27, 2015 at 6:22 pm
Hi Emily, thanks for your comment. I love the idea of teaching children the value of money too. It's a great life lesson to learn and a very important one too x
Katie Davies Two Under Two
September 26, 2015 at 6:26 am
Il be giving mine pocket money when they're older and understand a bit better.
When we go to the shop now and they have something they enjoy going to the till handing the cashier the item then the money
Emily
September 27, 2015 at 6:22 pm
Hi Katie, thanks for your comment. My two enjoy paying for things in shops too x
ShireDad (Dan)
September 26, 2015 at 6:28 am
A friend of ours is using pocket money as a form of incentive which the child can save towards buying something they want. For little ones I think this is a great idea to introduce the value of money and the need to work towards a goal. We're just getting to the point of introducing incentives with our daughter and I think we'll be doing something similar. #binkylinky
Emily
September 27, 2015 at 6:23 pm
Hi Dan, thanks for your comment. Sounds like a great idea x
Sanna / Wave to Mummy blog
September 26, 2015 at 6:24 pm
Well probably with toddlers I wouldn't – I think it is too early. Play with money is fine and helps them in maths and such, but pocket money, I think that is too early and they won't really get the point until they are older. I do give my lil one (she's two) some coinage as she keeps on asking for "2p" from me all the time but of course it isn't really conditional on anything (other than her being cute! :D) #binkylinky
Emily
September 27, 2015 at 6:24 pm
Hi Sanna, thanks for your comment. I guess it depends on the maturity level of the child. My friend has a little girl who is a bit older than my girls and she's so grown up in comparison! x
Something Crunchy Mummy
September 26, 2015 at 7:47 pm
Great post. We give 50p to our boys to go in their money box if they do something good as a reward. #binkylinky xx
Emily
September 27, 2015 at 6:24 pm
Hi Kirsty, that's a good way to do it. Rewarding them for doing something well. Thanks for your comment x
Ethan.n.Evelyn
September 28, 2015 at 8:30 pm
This is very interesting. I was thinking about this the other day. How could I get Ethan appreciate more and be more sensible about money? At the moment, I don't give him any pocket money. But he does have a piggy bank. I do ask him to do little house chore like put the dishes away after you eat and help to laid out the table and put toys away. I don't give him money there and then but for some reasons he seems to be able to find some pennies off the floor! I ask him to put them in his piggy bank. When it is full he can spend it on whatever he likes. I know that one day he will be asking for some pocket money soon, so I think I will be using your methods. Thanks for the tips. #BinkyLinky
Emily
September 28, 2015 at 8:35 pm
Hi, thanks for your comment. My girls have a piggy bank too, but they just play with putting money in! x
theloveofacaptain
September 29, 2015 at 9:00 am
I think it is important that children learn the value of money and that it should be earned. Cannot comment on the appropriate age to be honest as mine is only 8mths old but I guess it depends on when they start to show an interest?
Emily
September 29, 2015 at 7:07 pm
Hi, thanks for your comment. I totally agree. Teaching children that money needs to be earned i so important x
theloveofacaptain
September 29, 2015 at 9:01 am
Sorry! My comment is a #binkylinky one 🙂 x