How Children Can Earn Pocketmoney and Learn to Spend Wisely

I like the idea of children getting pocket money so they learn to spend responsibly. What I like even more is for children to learn to earn their money. And no – this does not mean I support child labour!

I believe that children should learn that money does not come easy (unless of course one is lucky enough to win the lottery or come in for a huge inheritance) and it is the result of hard work. I have always instilled in my children the importance of spending wisely and saving up for something they really want. I also insist that they pitch in and help to earn some part of their pocket money.

I ensure that my children help in household chores so that they can earn their money. It also helps that more work gets done as sometimes there are offers to do more than their share – for overtime, of course!

So the chores that are assigned to them are – clearing their room, tidying up their clothes and putting them in the wash basket instead of just stepping out of them and leaving them on the floor, clearing the table and doing their homework on time.

In my busy day, it is not often easy to keep track of the chores that the children have completed so this is where I found PktMny to be most helpful. I have an account with PktMny for Jadyn where I can assign her tasks and she knows exactly how much she will get paid for it. For example, she gets paid 20p a day for tidying her room. Once she completes the task, all she has to do is log in to her account and click that it is completed and payment is automatically transferred into her account  from my parent account. Much like producing a work report!

Jadyn takes her tasks seriously and she often asks me to do more work like tidy up her brother’s toys  or do an extra piece of writing etc. We negotiate on a payment and these one off payments are made into her PktMny account.  She is saving up to get herself an iPod and hopefully she will soon reach her target.

I find that I am not alone in this and many parents want their children to earn their pocket money. A recent report from PktMny based on the money habits of over 1,000 families using the service had some great insight into the tasks other parents set up for their children and how much they offer them:

The top 10 chores parents want their children to complete to earn pocket money are:

1. Tidying their bedroom

2. Filling up and emptying the dishwasher, doing washing up and clearing the dishes

3. Being well behaved

4. Doing homework and practice/revision

5. Hoovering

6. Looking after pets

7. Cleaning a room (other than their bedroom)

8. Doing laundry

9. Putting out recycling and rubbish

10. Washing the car

When it comes to how much pocket money parents give to children for completing chores, the most is given for washing the car or looking after pets: £3.57 for a car wash and £2.30 to look after pets. The going rate for tidying a bedroom is £1.47 while £1.06 is given for filling up and emptying the dishwasher, doing washing up and clearing the dishes. On average, parents give 8 to 14 year olds £6.17 per week starting with £3.90 per week for 8 year olds, rising to £6.54 for 10 year olds, and £7.88 for 12 year olds. Interestingly, Dads are 17% more generous than Mums when giving pocket money.

PktMny is an easy way of giving children pocket money online and gives parents total control over the account. I love the concept and have written a post about why I like it so much here. You can set limits to a child’s spending which is great for online spending and also keeping a check on in-app purchases and I have also written about it here

There is normally a charge of £1.97 a month for an account but currently PktMny is offering a 3 month free trial on new sign-ups. To take up on this great offer visit http://www.pktmny.com

Child Savings

Disclosure: This post was sponsored by PktMny. But I only recommend services and products that I like using and that will be good for my readers.

One thought on “How Children Can Earn Pocketmoney and Learn to Spend Wisely

  1. I agree that children definitely need to know that having money to spend means that they have to put in some effort somewhere along the line. It also doesn’t do them any harm to learn that they don’t need to spend it as soon as it’s in their pocket!

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