Half Term inevitably means we’re spending a bit more time with the kids. It may not be the first thing that springs to mind, but it’s actually a great opportunity to talk to your kids about money, as you’re out and about with them, doing the weekly shop, paying for things in cafes, even buying stuff online – these are all great moments to teach kids about money. It can also be a great time to start a pocket money routine. I have been using the RoosterMoney app for a few years now, and I’m really impressed.
I went to boarding school at an early age, and I remember my parents gave me £25 at the beginning of each term that was given to Matron in an envelope, and on certain days of the week she was available to draw down on the money, which was usually between 50p and a £1 a pop for the tuck shop.
How much pocket money should you give your child?
Fast-forward almost 30 years, and you can’t get many sweets for 50p! I talked to lots of friends and in particular my parents about what age was suitable to start pocket money, and indeed how much. Some were really against it altogether, and another was paying their 8-year-old to do their homework! I’ve settled not on a weekly amount, but on a reward system, when the children reach 40 points they get £10. There are other opportunities, especially on the weekend, or half term, to earn bonus pocket money for things like car washing, weeding, and other household chores.
My two children normally save up for a good few months before a mini spending spree, which usually comprises of a trip to John Lewis for a particular toy they’ve been saving up for.
Which is the best pocket money app for kids?
We’ve also been using the Rooster Card lately, which is their very own debit card, as let’s face it — nobody carries cash anymore. So, when it comes to giving the kids pocket money, stumping up some spare change isn’t always an option. This is where the Rooster Card is going to change your life, or at least teach your kids the value of cash and simplify the doling out of pocket money. It’s really easy to use, you download the app, each child gets their own account, and you can see all their allowances are in one place. The kids can save for things, and if they’re pestering for something while you’re out, or if they’re out with their friends they can decide whether to spend it with their Rooster Card, or keep saving for their goals
The RoosterMoney App is really easy to use, and it’s a great way to keep track of how much they’ve got, and what they’ve got it for. RoosterMoney has brought old school values to modern-day kids, with the latest technology to teach children how to manage their money in a really smart way.
You can start using the card with children as young as 4; it lets parents set goals and different ways for kids to earn rewards. And if your kids are a bit older you can get them a Rooster Card. It gives them some extra independence, but also lets you stay in control with things like setting spending limits and receiving notifications to your phone every time they spend.
£10 free pocket money on sign-up
For anyone interested in the Rooster Card, RoosterMoney is currently giving My Baba readers £10 free pocket money to help kick start their savings; just enter 3BRD4-3 during the sign-up process, which you can start here.
The RoosterMoney website is also jam-packed full of all the useful information and resources you’ll need to get your head around pocket money.