Pocket money and financial rewards for 9 years olds

Marge - posted on 11/26/2009 ( 2 moms have responded )

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I would like to start giving our 8 year old pocket money but am at a lost as to how much he should get. We put a regular amount into his savings account which he can use Once a year for something we don;t provide ( like at christmas time). Also I give him Once a year something for doing well at school, of which he should tithe 10% and save !0%. Other than that he get enough money to buy a samie at school on a friday only.

I would like him to have regular Pocket money but is he too young? If not How Much? and what standard do I use? Do we say what he is not allowed to spend it on? (we have luxuries in the home).

What are your thoughts?

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Angie - posted on 12/02/2009

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I think it's great that you are teaching your son how to be financially wise. Give him 3 times the cost of the samie. 1/3 to tithe, 1/3 to savings, 1/3 to the samie.

Kristen - posted on 12/02/2009

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I've been working on a site that has Finance help for kids

www.thingstolearnathome.com I hope you find it helpful!

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