I have always been of the idea that one should save for a rainy day and encourage saving in my children. They have their piggy banks in which pocket money goes in so I was very pleased to be involved with PKTMNY and BritMums to test this pocket money project which encourages saving by children.
What really interested me about PKTMNY was the idea of a child having their own card and being able to spend on it. While I think this is not really relevant to younger children, it is a great option for older children. Firstly, since the parent has control over the spending limits, it is perfectly safe and the child simply cannot go overboard on spending. It thus teaches children early on to keep within their limits while spending which makes for good habits to be formed for later in life. Secondly, it gives the child a level of responsibility and makes them feel grown up.
I have always made sure that pocket money was earned with small tasks around the house and completing work on time. The PKTMNY website made it easy for me to do this as I could set up tasks for my daughter and pay into her account on completion. Then there are the one off payments for extra special days like good reports or a special certificate etc.
My daughter is now very interested in ‘earning’ more pocket money and we see great results. Since she can actually visualise how much is in her account, she is also learning on how to achieve her target goals and how much more she will need to buy that extra special toy she wants. It is also a great educational tool as she is learning more about money and calculations.
It will reinforce our views on spending and help us to teach the children about saving and spending carefully. This venture will definitely promote positive habits of dealing with money when it comes to children.
I think PKTMNY is a great site and will definitely suggest it to my family members. What I especially like about it is that we can invite others to view my daughter’s wish lists so that they can top up her money to achieve her goals. It is also so much safer for someone to credit her account with the money rather than post the money in a birthday or Christmas card.
This post is part of a project with BritMums, sponsored by PKTMNY, highlighting it’s launch (http://www.pktmny.com). The new tool allows parents to easily pay and monitor their children’s pocket money online, whilst allowing their children to earn, save, spend and manage their money in a totally safe and fun way.
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