A good way for kids to slowly and surely gain financial independence is through pocket money..

A good way for kids to slowly and surely gain financial independence is through pocket money.

There are no right or wrong answers when it comes to how much pocket money you give – if at all. In these spendthrift, consumerist times, it’s important to think through why you’re doing it and what would be the best way to do it.

• Be clear with your child about what their pocket money needs to cover.
• You may also want to give them extra money from time to time for buying special things, like birthday presents for other family members.
• Let your child choose whether they want their pocket money to be paid in weekly or monthly amounts.
• Talk to other parents about how much they give their children. Then work out how much you think is reasonable, given your income and what you pay for.
• Play by the rules. Don’t cave in and dole out more cash each time your child spends their pocket money early. Otherwise, they’ll never learn about saving and going without.
• Keep pace with their growth by increasing pocket money by a certain amount on each birthday.

Household Chores 

Many parents debate on whether kids should be paid for doing normal household chores. Whatever you decide, consider some of the following possibilities:

• Split chores into those that have to be done anyway, and those that can be paid for.
• You could pay them half of their pocket money in instalments. Half of it for whatever they do and the other half once they’ve completed their chores.
• Highlight the importance of contributing to the family by rewarding them for any extra chores or activities they do around the house.

Teenagers

Teenagers, by their nature, are a demanding bunch to satisfy.
Peer pressure and the allure of modern gadgets mean they are in desperate need of vast amounts of cash to satisfy their desires, more than any generation before them.

Be sensitive to this but try to help them think for themselves and develop a sense of responsibility towards money:

• Show them the massive in price differences between designer labels and stylish, but affordable clothes.
• Help them think for themselves – get them to be aware of how peer pressure and advertising would try to make them buy things they don’t want or need.
• Teach them to shop around – they will already be internet-savvy so they might actually teach you a thing or two about the best websites for shopping, but if not, help them with their research.
• Introduce them to the monthly allowance, which should give them greater freedom, but do let them know that if they spend all before the end of the month, they receive no extra liberties.
• Compromise – you may be prepared to pay for one expensive item of clothing if they go for cheaper options elsewhere.
• Introduce them to cheaper and affordable living, by showing them charity stores with trendy, but affordable stuff.
• If they still want more money, suggest a part-time job. 13-15-year-olds can work up to five hours on Saturdays (and weekdays in the summer holidays), to a maximum of 25 hours a week during school holidays.

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Kippers