Introducing Pocket Money

I have mentioned before that I am still friends with my NCT group, we have been friends for almost 5 years now and our little WhatsApp group has been my life line. We recently discussed introducing pocket money.

I can’t remember at what age I started getting pocket money, but I do remember getting it! I think it’s important to try and teach kids the value of money from a small age, the grasp the idea of what things cost and that sometimes you can’t instantly get what you want!

We introduced the concept of pocket money when we got an Echo dot. Mr R was looking for the different skills and The Biggest had just started watching Harry Potter and was enthralled with it. There is an app called Headmaster Dumbledore, where you can assign yourself a house and ask him to award you house points. The Biggest loved it!

We decided that he could get house points for helping with jobs around the house, with each point being worth a penny. So if he puts his toys away, he gets 30 points, if he helps me empty the dishwasher etc 50 points. I like doing it that way rather than one fixed sum because if he doesn’t want to help, that’s fine, he just doesn’t get any points.

He has got used to the idea of points equaling cash so if we are out he will ask how much something is and he will say “that’s so many points!” so hopefully it’s helping him appreciate the value of money a little, without it being something forced. Each time he gets to 1000 we are going to cash out if he hasn’t already spent it and put £10 in his money box.

He loves asking Headmaster Dumbledore how many points he has and we basically assigned us all a house so we all get points for stuff, although clearly I should be in the lead! I think it’s a pretty fun way to be introducing pocket money.

Have you introduced pocket money yet? If so, how much and do they have to do anything for it?