Children and money

[Chil1234]

I'm trying to get my 10 year-old money-savvy with things like fixed pocket money and a savings account.... because I think it's as important a life-skill as, say, healthy eating or crossing the road safely. Interested to get anyone else's tips on getting kids more aware of money matters.... aside from just spending the stuff, obviously!

I think pocket money is a really good way of helping DC learn about money - when mine ask for stuff in shops I say "well you've got x amount of pocket money, do you want to spend that" miraculously they often rethink their purchase.

I also get them to do chores to earn their money and they are able to earn more money by doing more chores.

DD is too young but I have given DS a set budget for activities for the summer holiday - he is busy working out how to get the most for his money - I found previously if I just said "Do you want to go to tennis coaching / theme park trip / see something at the cinema" the answer was always yes whether he was really bothered about it or not - whereas now he is thinking long and hard about what he actually does want to do

When my eldest went into secondary school i added up everything i paid for for him (dinner money, clubs, pocket money, hair cut money, clothing & mobile phone money) and gave him the lump sum monthly - which he then had to manage. He is 19 now and surprisingly good with money

How much do people give their kids then? I give ds (14) 20 euros a month, and buy his clothes, shoes, pay for hair cuts and school canteen every so often.

He'll be going into year 10 in september, and it's been 20 euros for 4 years, so I suppose I should put it up, but I don't know if 30 euros is too little and 40 too much.

I will keep buying his clothes/shoes as we live abroad and it ain't cheap - his new shoes have just cost me 85 euros in the sale; and clothes here are expensive.

My son got:

£60 a month for dinner money (pretty average)
£25 a month for clothes (i brought his uniform)
£10 a month for phone top up
£8 a month for hair cut
£40 a month for going out / savings

143 per month straight into his bank account. I think he was lucky but you can change it to suit any budget. Just add all the money you would give him or spend on him in a month and stick it in his account an let him manage it