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GIVING your children pocket money is a great way to teach them how to budget.
And encouraging them to earn their pennies is also a valuable lesson in responsibility.
Here are some ideas to get kids managing their own cash.
CHORES: Children love a cash reward for little jobs such as tidying their room or helping with the cleaning.
This can also help instil the idea of working for your money — plus you get a helping hand around the house.
However, some parents may prefer kids learning to do their bit without a financial incentive.
BANK ON IT: Handing over physical pocket money is fine, but as more businesses become cashless, a card might be easier. It offers more protection if it gets lost as it can be cancelled, whereas cash could be gone for good.
From age 11, you can open a kids’ bank account, which is fee-free and comes with a debit card. Children are not allowed to go into an overdraft.
APPY SPENDING: There are a number of specific pocket money cards and apps which can be used by younger children, from the age of six.
Preloaded cards are similar to a debit card and the corresponding apps allow parents to keep an eye on where their kids are spending. You will usually get an instant alert when the card is used.
Some of these accounts come with a small monthly charge. However, there are free options. If you’re a NatWest customer, you can join Rooster Money for free, saving on the annual £19.99 charge. Or HyperJar offers a free prepaid debit card and app.
SAVINGS: It’s important to educate youngsters on the benefits of saving if they’ve got their eye on an expensive purchase or have a special occasion, such as a holiday, coming up.
You can set up physical envelopes or jars for cash.
Alternatively, HyperJar lets you create individual digital pots for different things.
Setting up savings accounts together is a good opportunity to talk about the idea of earning interest on your money.
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