Should children be given money without any feeling of earning or worth?
Or should we teach our children the value of money by how they can earn it, save it and spend it?
To give or to earn pocket money?
Personally I believe that children need to understand how you get money, it's value and the importance of saving in order to gain something you really want/need. Whilst Roo is maybe a little young to understand the really value of money she does understand that by not having little treats she can gain larger ones.
So when Roo gains a raffle ticket at school for good behaviour, being helpful or hard working she gains a little something. Now this used to be silly things like choosing what we all have for tea or a sweetie from the treat box. However I found that whilst this was a treat for her it was not teaching her anything.
How much pocket money to give?
My solution to this was to give her 10p for each raffle ticket that she gained. Now this may not sound a lot but she can gain a good 5 tickets a week if not more. However now she has this money what to do with it... Then I heard about Roosterbank and I wondered if this was the solution I was looking for.
The idea behind Roosterbank is to let children manager their own pocket money and learn to save and shop responsibly. It is also designed it help mums and dads keep track of pocket money - while hopefully keeping it hassle free and fun.
Saving for treats
To help children understand how far their pocket money can stretch Roosterbank allows children to add desired treats into their saver basket. Once in the saver basket it shows them just how much they still need to save in order to get the product.
In Roo's case she is hoping to buy some LEGO Friends treats with her pocket money and has added three items to her saver basket.
As you can see she has enough saved for one of the items but still needs to save for the other two. I love that they can see the funds needed going down as they earn more pocket money.
I'm pleased I only committed to 10p per raffle ticket as Roo came home with 6 on Friday! She is going to bankrupt me! So at this rate she will soon have all the LEGO Friends she wants... Next up on her shopping list is Sylvanian Families.
Do you give your children pocket money?
Do they earn it or just given?
Are they spenders or savers?
Disclosure Policy: I received compensation for completing this review, however I do believe it is a great way to teach children the value of money.