Pocket Money – Starting Your Kids Off On The Right Foot

Recently, no doubt prompted by the school summer holidays, we have received a lot of queries from clients looking for advice on how to introduce some version of pocket money for their younger children, those who are not old enough to find part-time work themselves, as a reward for household or garden chores carried out.

In our view there are three simple principles to stick to when introducing pocket money for the first time. These should serve parents very well going forward as they navigate this particular aspect of parenting, while at the same time introducing the concept of reward for work to their children.

So what are these principles?

Well firstly, remember that while amounts will differ between households, quantity matters. Don’t make the mistake of rewarding each small job individually, as by doing so the concept will quickly be lost. Instead agree a set number of tasks and an appropriate reward for same. Your child will appreciate the €20 lump sum for example, or whatever amount you agree, for completing a series if agreed chores, much more than €2 each for 10 individual smaller tasks.

Secondly, in the interests of keeping the peace in your household, where possible try to be democratic in how you reward your children for the time spent on their chores. It won’t always work, especially where there is a large gap between older and younger children, but in general, if your children all spend the same time outside doing jobs in the garden for example, then they should be equally rewarded, even if the eldest child was perhaps more physically able to do the work. They will all have put in equal time and effort.

Finally, and most importantly, try to favour experiences rather than simply a monetary reward for at least some of the tasks undertaken. After you draw up the list of chores, let your child pick an experience they might enjoy, such as attending a sporting event or a concert, and allow them to bring a friend or friends, in return for the work they agree to undertake. They won’t remember what they did with the €30 or €40 euro you might have agreed financially in a months’ time, but they, and their friends will remember the day out at the match or the adventure park for years to come.