Children and Pocket Money

I'm really not sure if parents still give their children pocket money anymore or not. But when my kiddos were young it was part of the weekly routine. I think I started giving pocket money around the time the eldest boy was about 8. He was given €5 and the second boy got €3. That doesn't sound like a lot of money now but it was more than sufficient for them at the time. The idea behind pocket money was that it enabled them to purchase whatever sweets they wanted that week. From the onset of pocket money there was no sweet treats from Mum and Dad.
A Friday evening was the day of allocation of this money and most weeks by Saturday it was all spent. Over time this was managed a bit better and as the years went by the boys began managing their money in their own way. As they got older, the pocket money increased. It reached the stage that their money would pay for football training, sweet treats and any other treats they wished to buy. It was an on-going exercise to teach them to manage money and to budget.
I watched as they learned from each other. They would compare purchases and they even began to share at times. But the most noteworthy response was one day as I visited the school for 'Parents Evening'. On this day my second boy was approxiately 7 years old. He'd been getting pocket money for about 3 years. His teacher was able to tell me this day that it was obvious to her that my boy was used to handling money. I told her about the pocket money. She in turn told me that this shows in his mathematical ability. Earlier that week the class had been doing 'money' during maths time. Apparently my son was able to calculate the change from any given amount of spending the teacher proposed to him. She explained to me that the
simple exercise of him going into  a shop unaccompained by me or his father and having to work out what he could afford with the little money he had was paying off in the classroom.
As the years went by and pocket money increased they then had to budget for hair-cuts, hair gel, and all the accessories they wanted. Mum and Dad gave a certain amount weekly and the spending was curtailed to their own needs.
Now in young adulthood I watch as they still budget with their own money. I admire how they can do such. I just wish someone had given me pocket money as a child and maybe I would have some money in my purse today! Alas it wasn't to be!
Pocket Money definitely works in so many ways. It teaches them many lessons and they learn each one of those lessons by themselves over time. Give it a try and see for yourself.

GMcC