Pocket money is a good way to help children learn to make their own decisions and live with them. how much to give will depend on age, maturity, responsibilities and the family’s financial situation.
Give the pocket money in small denominations to encourage children to put some aside as savings.
Consider linking pocket money to chores. Pocket money must be earned the same way Mum or Dad earn money by going to work.
Give advice to children but let them make their own spending decisions and mistakes. Don’t scold for mistakes, instead help them to see the error of their ways and learn for the future.
Encourage children not to buy on impulse but to think about other options which they can spend their money on.