Pocket money used to be just that; enough money for a child to reach into his or her pocket to buy child-sized items when they were on a rare shopping trip. The purchased items would be a few trifles such as single sweets or a cheap plastic toy and the whole point of pocket money was to demonstrate the benefits of delayed gratification and good money management.
Allowances can be an effective tool for teaching children important financial skills and values, such as budgeting, saving, and responsible spending. Our expert tips, advice, and resources provide you with the tools and knowledge you need to set up a successful allowance system, from determining the amount and frequency of payments to establishing rules and expectations for how the money should be used. With our help, you’ll learn how to use allowances to teach your children valuable financial lessons that will serve them well throughout their lives.