"Ask yourself, 'What is the overall objective here?' Is it to give the child some money to play with, or is it to teach them some lifelong habits?" What's the right age to introduce pocket money? Regardless of how much you pay, Holden says it's important for parents to be clear on the reasons for paying pocket money. "Twenty cents a day will hit a dollar after a week and they'll hit $5 at the end of the month and that can be a big deal," Tong points out. "The goal for my family was always about teaching our children and assisting them to respect earning."Įven paying in silver coins can have considerable value for children. "Parents need to determine what's best for them and their children in their particular financial situation," says Gavin Holden, State Manager, Queensland, Bendigo Bank, and father of three. There is no set amount of recommended pocket money – every family is different in terms of how much the household budget can afford and how each family member contributes.
Of course, the sky is the limit when it comes to how much, how often and how to earn, so we asked the pros for some pointers on the most common pocket money questions parents have. I'd much prefer they do that with $20 than with their first pay packet of $1,000 and go, 'Oh I've now got nothing to show for it'."
"If they've saved up $20 from weeks of hard work and chores and then they go and buy something only to realise it was a complete waste, that's a great money experience.
0 kommentar(er)
