Pocket Money for a 5 and 7 Year-Old

TJ's nearly 7 and Maya's nearly 5, and Olivia and I are starting to think about pocket money.

I believe the bottom line needs to be that pocket money is more about teaching kids about money than about a handout or a fee for services rendered. GetRichSlowly has some good coverage at Using an Allowance to Teach Kids About Money and The Last Word on Kids and Cash has a slightly different take.

I can see the advantage of pocket money being dependant on chores, but I personally feel that kids should help out and do the day-to-day tasks like tidying rooms and setting the table without having to be "bribed".

I'll report back in a few weeks when we've got this thing ironed out.

Aside: Yep, I'm back. My three-month break became a one-month power break where I rested three times as hard :-)

Links: GetRichSlowly http://www.getrichslowly.org
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