Pocket money is the first cash that a kid receives. This can be a great opportunity to help them understand work, rewards, and how to spend money wisely. The mechanics of giving out pocket money may differ from family to family, but this article for the Money Mentalist gives great suggestions on creating a system that works for your family specifically.
Here’s the first step:
The starting point before you even think about talking to your children about pocket money, is to make sure that as parents, you are on the same page. This means you both have to agree on the need for it, how it is going to work and the implementation.
Want to learn what the next steps are? Read the full article to find out!