When it comes to pocket money, the same questions keep coming up. Should you give it? How much is too much? Should it be tied to chores? Read on for practical answers to the pocket money questions parents ask most.
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Do You Give Your Kids Pocket Money?
Parents are divided on pocket money. Some believe it spoils kids; others believe it teaches them to save. Our take: giving children small amounts of pocket money is a great way to build an understanding of money. Letting them make small decisions with a small amount now helps them manage bigger decisions later.
The reality is that many kids see parents as walking ATMs — a toy here, a magazine there, a packet of sweets on the way out of the shop. Kids need to learn the value of money, and giving them a small, consistent amount is one of the best ways to help them practise making good choices.
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Money Matters
Money can’t buy happiness, but it does keep the roof over our heads, clothe us, feed us and get us where we need to go. Even with free education, there are always some hidden costs that come with school life, and children benefit from understanding this early.
One easy way to start is by involving your children in meal planning and food shopping. Let them help you compare options and think about value. Involving them in everyday budgeting and bill-paying gives children a real appreciation of where money goes — and how quickly it can go.
When Should I Start Giving My Child Pocket Money?
Children are ready for pocket money once they can count money and understand why they’re receiving it — there’s no fixed age, it depends on the child.
As an example, one parent gives her 8-year-old daughter €5 a week, but the child only gets to spend €2.50 of it — the rest goes into non-negotiable savings, with half lodged to the Credit Union.
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What’s the Going Rate?
This is a personal call for every family. If your budget only stretches to €2 a week, that’s absolutely fine — what matters is being consistent.
A common rule of thumb is a euro per year of age — so a 14-year-old might get around €14 a week. Whether that’s handed over automatically or earned through chores is entirely up to you.
Real Life Skills
Nothing in life is free — we all have to work for what we want. Giving your child a regular allowance lets them practise that lesson early, saving up for things they want or need rather than expecting them instantly.
Whether it’s a cinema trip with friends or a new top, having their own money to manage gives kids real independence and lets them make their own choices about spending versus saving — whether that’s in a bank account, a Credit Union, or a piggy bank on the bedroom shelf.
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How Often Should I Give Pocket Money?
That’s for you to decide based on what works for your family — weekly, fortnightly or monthly all work, as long as you stay consistent. Weekly payments tend to challenge kids to manage smaller amounts more carefully, rather than getting a lump sum once a month.
Setting Goals
Kids benefit from having goals and responsibilities around the house, just like adults do. Make sure any chores are age-appropriate — an 8-year-old, for example, can usually manage vacuuming, feeding pets, or emptying bins.
Some jobs — like making their own bed or tidying up after themselves — are just part of being a member of the household, and shouldn’t come with a reward attached.
Start with a simple checklist of chores to complete each week. If your child doesn’t finish their list, it’s reasonable to deduct from their pocket money to reflect that — the same way pay works in the adult world. It might feel strict, but it teaches a life skill that pays off for years to come.
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Weaning Kids Off Pocket Money
As children grow older, it’s worth introducing the idea of working for money outside the home. Teens can often pick up part-time work in a local shop, café, or by helping neighbours with jobs like cutting grass.
Gently step back from pocket money as they take on paid work, and keep the same savings habits going — a portion set aside for a rainy day, whatever the amount.
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Do you give your child pocket money? How did you decide what to give, and is it tied to chores? Leave a comment below — we’d love to hear from you.
Frequently Asked Questions
Should I give my child pocket money?
Many parents find that giving a small, regular amount of pocket money helps children understand the value of money and practise making their own spending and saving decisions.
What age should a child start getting pocket money?
There’s no set age — children are generally ready once they can count money and understand why they’re receiving it.
How much pocket money should I give?
There’s no single right answer, and it depends on your own budget. A rough guide some families use is around a euro per year of age, but consistency matters more than the amount.
Should pocket money be tied to chores?
Many families link some or all of pocket money to completing age-appropriate chores, while keeping a few household jobs as non-negotiable responsibilities that don’t earn extra money.
How often should pocket money be paid?
Weekly, fortnightly or monthly can all work — the key is picking a schedule and sticking to it consistently.
Related Articles
- How to Decide on Pocket Money for Your Child
- 6 Tips for Teaching Children Good Money Skills
- My Top Tips for Teaching Kids About Money
- 40 Chores for Kids Depending on Their Age
- Take Our 52 Week Savings Challenge
Looking for more ways to build good money habits at home? Browse our family life section for more practical ideas you can start using this week.
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