Thursday, 5 January 2012
How much pocket money should you give your child?
I'm currently spending my morning in negotiations with my mini-Lord Sugar. As he is getting bigger and noticing what his peers are up to, I have decided it is time for regular pocket money. He already gets pocket money from his aged Great-Grandmother who we tell him saves it up for him. In reality, she is getting a bit on the forgetful side and forgets to give him it for weeks on end then throws £50 his way every few months. I don't agree with him having lump sums, especially given that he is really bad with money so I put it into his savings account.
A doesn't really understand money like most children on the spectrum. Part of his social skills programme this year at school will involve the kids who have the same support needs as A going out into the real world and having to negotiate financial transactions for themselves. We do this already with him but it's something that we will continually have to work on. So to help him try and learn more about money and managing it yourself, we're going to start a pocket money system.
He already has friends who a shrewd financial handlers and seem to get the most out of their pocket, saving bus fares for days out, goodies etc. A on the other hand, would walk into a shop with £10 and pick something that is £15 and expect me to pay the rest or spend £5 and walk off without the change. Add to this the complication of how I do implement a system that he understands? How do I make him understand what he has to do for this money and how best to spend it?
This is something that I'll have to think about myself but I need advice. How do your children earn their pocket money and what do you think is an acceptable rate.