Pocket money - | Education money

Children always look forward to the day when they finally get their own pocket money. Money is important for child development. The best way to learn how to use them properly when they have a certain amount at their disposal.

This is how children learn how to handle pocket money correctly

How much pocket money is appropriate?
How much pocket money is appropriate? - © Dan Race / Adobe Stock

In this way, they learn what it means to divide up existing money, to do without things, to fulfill small wishes and to save in the long term in order to make larger purchases.

If you spend the money that is intended for a week in a single day, for example on candy, magazines or other items, there is usually no more pocket money from your parents.

For them, the issue of pocket money means staying consistent and not getting involved in any discussions.

The following article offers a little help on how much pocket money parents should give their children.

The amount of pocket money always depends on the financial possibilities of the parents and the age of the children.

How much money should children get at what age?

In order for children to learn at an early age how to handle money responsibly, parents should start giving pocket money by the age of primary school at the latest. Because a child who now learns to do business with money in a playful way will not have any problems with it later.

All information is to be understood as a guide - recommended payout options:

Pocket money per week

  • Age 6 to 7: € 1,50 - € 2,00
  • Age 8 to 9: € 2,00 - € 3,00

Pocket money per month

  • Age 10 to 11: € 12,00 - € 15,00
  • Age 12 to 13: € 16,00 - € 18,00
  • Age 14 to 15: € 20,00 - € 25,00
  • Age 16 to 17: € 30,00 - € 40,00
  • From the age of 18: € 60,00 - € 70,00 (if you do not have your own income)

It is also possible to give a four-year-old a few cents as pocket money. With it, he can proudly buy a lollipop at the supermarket checkout, for example, which he practically paid for himself.

What do children have to pay with their pocket money?

A child should be able to decide on their own what to buy for their pocket money. These include fun or luxury items such as magazines, CDs, books, pens, toys, candy or costume jewelry.

The regular pocket money should not be used for necessary and earmarked things such as school supplies, break allowance, tickets or food. For more expensive things, such as going to the cinema, parents can make an exception once a month and sponsor it as well.

Things look different when it comes to smartphone costs, because a smartphone is somehow a matter of course, but still a luxury item. Therefore, these should be paid for with the child's pocket money, preferably using a prepaid card and a fixed credit balance.

Older children from the age of 12 can get an additional budget of up to 50 euros a month for clothes, bags, cell phones or cosmetics. This in turn depends on the family's financial situation. If the youngsters plan special purchases, they have to save accordingly.

Part-time job: supplement your pocket money

In general, it is better to give extra money only for something in return. So the children see it as an actual reward. Children of all ages should learn that they can add to their pocket money by completing tasks and doing small favors.

This does not include help in the household, for which there is usually no payment. And parents shouldn't pay extra for good grades or good behavior either. The only exception is the well-known certificate fee, which children often receive at the end of a school year for good school grades.

Children from the age of 12 can easily earn something, for example by washing their cars, delivering newspapers, walking dogs, babysitting, mowing the lawn with the neighbors or taking lessons. Important: The improvement of the pocket money must not lead to a reduction of the regular pocket money. Otherwise, earning extra money and improving your own financial situation through personal performance and your own commitment to children and young people will lose their appeal.

Payment method and correct handling of money

If parents have decided to pay their child pocket money, they should do so regularly and on agreed days. After all, parents have a role model function. Depending on the age of the child, the money will be given in cash or transferred. This is how it learns to plan with the money. The amount of pocket money may never be increased or decreased as a reward or punishment.

It is also important to openly communicate the issue of money in the family

This is especially true when things are tight due to high taxes, unemployment or existing loans. Children have to learn that the money is primarily intended for livelihood: rent, electricity, water, telephone and food. Poverty is not a shame.

Parents should teach their children that success, joy, happiness, love, and contentment do not depend on consumer goods purchased, material possessions, or the instant fulfillment of dreams, big and small.

Do you have questions, suggestions or criticism? Please do not hesitate to contact us.

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