Out of Pocket

Pinnacle gets asked a lot if kids should be given pocket-money and if yes how much? Our definite answer is “yes” kids should be slowly introduced to an allowance but it is important to draw some rules around it and build a clear framework…

1) Link pocket money to chores around the house…this should be activities outside their normal routine. Keep the activities short and enjoyable – they link “work” and “pay” BUT they shouldn’t associate “work” as something negative or painful. It should be fun and pleasant.

2) You can always gift your child some amounts separately on special occasions.

3) Keep the quantities small – even a dollar is immensely exciting to a young child.

4) You could ask them to collect gift-money, b’day money, pocket money all in three jars – spending, saving and charity – this will be fun and meaningful.

5) Involve them in some fun event – a summer garage sale or a toys library in the neighborhood. All this will be exciting and enterprising – and a lot more fun then just collecting pocket-money from mums!

Add your favorite tips below….what rules do you have in your house?

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