Pocket money

I grew up in a household where my parents paid for everything i ever needed and would hand out money like it was water.

Then I moved out of home, I got a full time job and was living off my own money and failing. I didn’t know how to save I only knew how to spend. I was living paycheque to paycheque and had $0 in the bank.

Fast forward two years and I now having savings I don’t save a hell of a lot as I used to before I had Lorenzo but I put away at least $20 a week. After two years of doing this I’ve saved $3000 in my savings account yes of course at times I’ve spent all of that and had to start again but I’m saving!

I recently watched a video from David kochi and his wife Libby about how they raised their six children and I took away some very valuable tips. I learnt that pocket money isn’t always the way to go by teaching your children about money and that there is a difference between household chores and chores for pocket money.

There is still a side to paying your child for doing things around the house I still don’t agree on and then after watching this video I see areas I want to incorporate into my children’s futures.

I don’t think hubby and I want to go down the road of making my child unload a dishwasher for money and not because they want to help, I still think they’re are other ways of going around teaching your child about money that don’t encourage children to become greedy and think that “oh if I do this they have to give me at least $5.”

I guess you could say even after all the research on how great pocket money is and don’t get me wrong I do agree to a point I guess I’m just one of those 10% mums who won’t be going down this path way. I don’t know if it’s the educator side of me but there are so many other ways to teach kids about money and trying to save.

But I definitely want to teach my children the value of money and saving but how I’ll go about that I haven’t quite mastered yet but I guess when the time comes hubby and I will sit down and have one of those chats.

How do you guys teach your kids the value of money and saving? If you pay your children for household chores what are they and do you find this effective? I would generally love to here your feedback on this!

Mummy shark 😘

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