Do you give your children pocket money? I know for Miles this was not a normality in his household. He would get money when he was going out whereas, in my household growing up I got money every week regardless of whether I was going out.
Orgninally M was quite confused as to why Milo needed pocket money. But I liked the fact that Milo can begin to save for things that he wanted. Saying that, I did not want Milo to get pocket money for doing nothing. So we introduced chores.
When I say chores, I mean tidying his bedroom once a week. He maintains the cleanliness of his room throughout the week, but on the weekends he will take everything off of his sides etc and polish and clean them. I do like to get in there once a month or so though as Milo can not clean as good as me yet lol.
So how much? Me and M decided on 5.00 a week as we think that in this climate, everything is so expensive. I love that M gets pocket money. He has been doing this for around two years now. The price has not inclined with age, the job is still the same and to be honest the quality of the job is too lol.
The idea around giving him pocket money is that he can begin to save for things himself. His bday is so close to Crimbo, on New Years day, if he wants anything from us he has to wait a whole year to get to a present celebration.
Milo has really begun to save his pocket money and often puts it together with his money from his birthday and other celebrations such as easter. I think that giving your child pocket money (regardless) of how much encourages them to understand how much things cost.
Quite often Milo will state he is saving for something and he does not realise how much it cost until we go to buy it. Milo has got his head around the fact that coins are just as valuable as notes (including 1p’s and 2p’s) and if we see any in the street etc we do not walk past them.
We have taught Milo that pennies equal to pounds and pounds equal to notes. Pocket money is also useful for things that I do not even want to waste my money on, for example magazines the I know he will not look at after five minutes of being at home. Milo having pocket money means that if he wants an item of clothing that I do not think he needs but he wants, he can buy it himself.
Milo has his own money box in his room and he keeps all of his birthday money in there but he also keeps any random bits of change I or his Grandparents give him. We have used Coinstar, a few times in order to change Milo’s coins into notes. I find it much easier using this machine as Milo and I do not need to count anything out. Also, we do not need to worry about not having enough of one coin in a bag. Also, I know that a lot of banks only accept 3 bags of coins in one day.
We have used our Coinstar machine in our local supermarket and it is so easy. On your weekly shopping trip, you take your jar down there. You pour all of your coins into the machine and is simply counts it all for you and then it gives you a paper receipt. You then take that receipt to the customer service desk and they will give you the money in note form.
It is a great way to get the kids to see how much pennies can add up to!!
Change your coins up this week and you could win double your money in Coinstar’s Big Cash Cleanup (ends Sunday)
once you’ve cashed them in visit the site here to enter the code on your voucher. #ad