To be honest, I’ve found this issue a real struggle. How do you teach kids about money?
As a parent I want to get it right. Yet I find myself constantly struggling to know how best to handle it.
This app really helped me…
I’m nowhere near out of the woods on this yet. But I’m getting there. And I’m determined to press on till it’s cracked.
One thing is certain – money will will always be with us. In one form or another. So our kids need to learn how to deal with it.
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Pocket money – to give or not to give…
If we can help them to manage money now, we’ll be equipping them for life.
But it starts early. A study by the Money Advice Service suggests kids’ recognise the value of money and know how to count it by the age of 7. But they are aware of it and can benefit from having money even before this.
So I take the view that pocket money is a good thing. It’s a place to start the learning around how to manage money.
[shareable cite=”Jonny Matthew”]In my view pocket money is a good thing. It’s a place to start helping kids learn to manage money.[/shareable]
If so, how much?…
This is a judgment call that each family has to make. Your own financial means will be a factor. As will the age and maturity of the child.
But the average amount of weekly pocket money for children in the UK is around £6.40. Some will get more. Some a lot less.
Some things to bear in mind:
- Start weekly – it’s regular and gets them used to working with a “cash flow”
- Give it just before the weekend – as this when they have most opportunity to spend it
- Don’t give larger amounts or supplement pocket too often – they need to learn that when it’s gone, it’s gone.
I find this last one has been a real challenge for me. I’ve been too ready to give extra and it’s come back to bite me.
Giving in on this is like teaching your kids to borrow money – the last thing we really want to do!
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goHenry is a pre-paid debit card with parental controls. It’s an app that help us adults to teach our kids to manage money.
Here’s how it works:
- You as the parent have a GoHenry account.
- And so does your child.
- You top up your GoHenry account direct from your bank.
- You then make and internal transfer (pocket money) to your child’s GoHenry account.
- Your child has a GoHenry card (and you control how they can use it)
What I love about goHenry is the control it gives me.
I can activate or deactivate the card instantly from my mobile device or computer desktop. I can transfer money in the same way.
I can also assign cash to tasks or chores and then trigger the payment when the task is completed. Great for teaching children that work is rewarded.
You also have complete control over how the card is used (high street, cashpoint or online – or any combination) and set the spending limits.
Brilliant! (Watch a video intro here).
For more on how to help kids manage their money, go the goHenry website.
I get a small commission if you take it up. But honestly I’d be recommending this anyway because it’s really good!
My 15 year old uses it and I’m about to sign up my 10 year old.
goHenry also has a free e-book called, “The Ultimate Guide to Kids and Money” – download it free here.
I know this is an unusual post for me to write. But I’m working through this issue right now with my kids and have found goHenry to be really helpful.
You can try it free for 3 months and thereafter pay £1.97 per child, per month – less than a decent cup of coffee. For more detailed pricing information go here.
LEARN MORE about GoHenry
- What do you think about pocket money? How have you dealt with the struggles it can bring?
I’d love to know what you think on this issue. Please scroll down and leave a comment or just click here.
Here are some other apps I’ve written about:
- Apps to help you help teenagers: No.1 – MOMO – giving kids in care a voice
- Apps to help you help teenagers: No.2 – WudU? – helping you communicate with kids around the risks of sexual exploitation
- Apps to help you help teenagers: No.3 – Safeguarding – helping you improve your safeguarding knowledge and practice
- Apps to help you help teenagers: No.4 – Zipit… – helping kids get flirty chat back on track
- Apps to help you help teenagers: No.5 – KnowDrugs… – great drugs information at your finger tips (great for young people too)
- Apps to help you help teenagers: No.6 – iAssistSafety… – helping kids to learn protective behaviour
Pass it on…
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© Jonny Matthew 2015
Disclosure of material connection: Some of the links in this post are “affiliate links.” This means that if you click the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers.