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Joined 1 year ago
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Cake day: August 23rd, 2023

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  • Read the barefoot investor. Has some great tips for kids pocket money, as well as a simple way to educate them on how to use it.

    It boils down to splitting the money into spend, safe, give. Spend for lollies and random crap, save to work towards buying something big (like a computer game, RC car etc) and give to teach them the joy of helping someone else.

    He also recommends that you should pay cash, so that money is real and they value it. Cards are intangible and impossible for for kids (and most adults) to really understand what they are spending.

    We have used this with our son and it has worked well.