Q. What is the right approach to give pocket money to 7.5 year old? I’m confused between giving some amount on a weekly basis as pocket money and keeping a list of chores which can be done to earn money. I don’t want her to think work needs to be done only when you get paid. Neither do I want her to think she is entitled to money.
A. I couldn’t agree more that teaching your child that work is done only when you are paid for it is a bad idea. That’s why allowance should never be attached to chores.
What I do believe is that giving an allowance to a child as soon as they are able to understand and be somewhat responsible about money is one of the smartest things you can do. Learning about money—how to manage it, save it, spend it, and value it—is as important for children as learning how to swim. “Entitled” to money—maybe not. But entitled to learn about money—definitely. And you must have it to learn. Critical for the years ahead.
If your children are used to using their own money and knowing what it is for, you will be teaching life skills in so many areas.