Super cute money box from Down that little lane

Super cute money box from Down that little lane

It’s Saturday, which in our house means pocket money day.

I have always had mixed feelings about pocket money.

On one hand, I like that it teaches the kids to be responsible with money and to learn the true value of things.

On the other hand, I feel like it is a slippery slope to bribing the kids to do the jobs at home that they should probably be doing for free.

So with all of that in mind, here are a couple of tips and tricks I thought would be worth sharing…

  • How much? My older three kids are close in age, so I pay each one the same amount – $5 per week. My littlest poppet gets $3 per week.
  • Performance bonuses? We do occasionally pay a bit extra for special things. For the past two years it has been Naplan. Love it or hate it, it can be a big deal when you are 8 years old! So we did a deal with each of the kids that if they tried their best, the reward would be $20 payable when results come out.   Regardless of scores, rankings, the $20 would be paid for a positive attitude and for trying.
  • Job jars – when we are having a household spring clean, I put 4 jars/ glasses on the bench (one per child) and then have a list of jobs we need to do. Each job is worth 20c – 50c. My most industrious kids can earn $5-$10 in a morning, whilst the slightly lazier ones usually end up with $1-$2.
  • What do the kids spend it on? This is up to the kids themselves. If they want to blow it on lollies, they can (within reason!). If they want to save it up, I’ll help them out. If they want to buy $5 worth of sticky men to splat on the wall, they can. One overarching rule applies though, if we are out at a market, the shops, anywhere they are able to buy something, the only money they can spend is their own. This can occasionally lead to tears, when one of the kids has blown their money on lollies, and then sees something cool they would love to buy, but have no cash left. Those moments are the toughest to handle as a Mum or Dad, more so when we are in public and there is the real threat of a tantrum. The key is to hold your ground though, as it is a valuable life lesson.

Do you pay pocket money in your house?

Enjoy xx

 

How cute is that little piggy bank in the pic!!  You can find it here…

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