Pocket money for children

Pocket money teaches children the value of money, saving and making choices. Clear rules make it work.

You will need

• An agreed amount
• A piggy bank or a child's bank account
• A way to keep track of your child's spending

Steps

1. Decide when to start

   You can start pocket money once your child understands the basics of money, often around school age.

2. Agree on the amount and frequency

3. Agree what pocket money is for

4. Teach saving

5. Let your child make choices

6. Talk about money

7. Move on to a bank card

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