Common Pocket Money Mistakes Parents Make
Even well-meaning parents can make mistakes with pocket money. Here's what to avoid.
Being Inconsistent
Give pocket money at the same time each week. Inconsistency makes it hard for children to plan and budget.
Bailing Them Out
When they spend all their money on day one, resist the urge to give more. Natural consequences are powerful teachers.
Tying All Money to Chores
Basic household contributions shouldn't require payment. Consider a base allowance plus optional paid extras.
Not Talking About It
Money shouldn't be taboo. Discuss your own budget decisions in age-appropriate ways.
Making It Too Complicated
For young children, keep it simple. Complex systems can overwhelm and defeat the purpose.
Controlling Their Spending
Within reason, let them make mistakes. Buying something that breaks quickly is a valuable lesson.
Forgetting to Increase It
Review pocket money annually. Children's needs and capabilities grow.