We keep this spreadsheet as part of our daily expenditure tracking file (you can read more about that in this post – Budget basics).

extra money added to their savings by the kids.

So my the clever Mr I created a spreadsheet for us and for the last year we have electronically kept track of the kids’ pocket money. You can see how we organise this here – Family contribution schedule.įor years though we struggled with how to hand out the cash, where the kids should keep their pocket money and just generally remembering to pay them on time! The kids have household tasks they need to complete independently of their pocket money, as they are members of the household and need to contribute to its upkeep.Pocket money is given to the kids as part of sharing the family’s wealth and as an introduction to financial literacy. Pocket money given is not attached to particular household tasks being completed.

Once in secondary school there is a big increase in pocket money, but the kids are then expected to pay for lunches at canteen if they want them, credit for their phone and other small miscellaneous items.The amount of pocket money varies depending on age.You can read the full post here – Pocket money for kids, but basically our approach is this: I have written before on our approach to pocket money with the kids.

To pocket money