How much pocket money should I pay my child?
Today teenagers can manager their money from their phones
It you're a parent then I bet you've asked yourself this question at some point over the years. I'm a single parent to 14-year-old Little Miss Diva and found myself recently revisiting how much she gets in pocket money as teenagers have bigger expenses than your average four-year-old!
What works for one family isn't right for everyone but that said a bit of guidance never hurt anyone, right? For me, I like to check that I'm not the cheapskate that my daughter accuses me of! So I found myself googling this very question just this week and it looks like I'm right on the money...
UK parents gave their children between £3 and £8 a week according to a recent survey by pocket money app Rooster and teenagers aged 14 tend to take home £7.54.
Weekly pocket money average by age
So what a relief for me to discover that Little Miss Diva's pocket money of £8 a week is more typical than tight. The jury's out though when it comes to whether we ask children to earn their money by doing chores around the house, or if we give it to them for free.
I was a little taken aback to discover than i'm in the minority here and only 28% of us make our children do chores for cash. For me, making my daughter work for her money will help her later on in life and teach her to have a great work ethic. After all, nothings for free, right?
Whether we agree or not, everyone would benefit from a few handy money tips to teach our teens and I've come up with ten tips below that should help kids and their parents manage their money better:
1) Avoid impulse buys.
It’s OK to treat yourself every now and again but do it all the time and you’ll find yourself In lots of trouble.
2) Sell stuff you don’t need.
This is a great way to raise money for new purchases and a really good way to declutter and get rid of old things that we don’t have a use for anymore.
3) Get a job (ask your parents what you can do to earn money).
You might have to start out cleaning which isn’t much fun, but then you might find a more interesting job like helping with dog walking, video editing or babysitting.
4) You don’t need to have the latest phone.
Don't be sucked into always 'needing' the latest model of everything. You can save a fortune this way.
5) Don’t just earn money so that you can spend it.
Set aside money to save and spend. Perhaps when you're older and richer you can also give some to charity too.
6) Try an app for free.
There are some great apps out there that will help you keep a track on your money and Rooster has a free version that you can trial. Also check out Money Dashboard or Snoop or you might find that your kids bank account app does the trick.
7) Get the most from your savings.
Don't just give your money to your parents to look after. Check out Episode 2 of Money talks for teens (where we talk about the best savings accounts for kids).
8) Eat before you meet.
Sometimes it's nice to enjoy lunch with friends but do it often and you'll find you have no money left. Eat before you go out to meet friends to keep costs down.
9) Don’t spend too much on Christmas.
Do not get into debt for Christmas, birthdays or other special occasions. Money does not buy you love!
10) Don't make a habit of borrowing.
I’m sure there will be times when you do lend money to friend and borrow it yourself but don’t make a habit of it. If you’re borrowing all the time – you are not living within your means and you need to take a big look at your budget and spending habits.
I strongly believe that we need to talk to teenagers so that they understand the value of money and realise that it’s not an unlimited resource. Encouraging them to manage their own budget will teach them that it's important to only spend what they can afford and to budget for life's unplanned expenses. More from Broke in Bristol (& beyond)::