Giving pocket money allows your child to manage their own money and build good money habits. Giving it on the same day each week, will help them learn to budget.
Spending their own cash tends to make children more interested in looking at prices and finding a good deal. It helps them see what they can afford and helps with the basics of budgeting.
By encouraging your child to save for something special, they can learn about delayed gratification, see how small sums add up over time, and get a sense of achievement from reaching their goal.
Above all, it’s better for children to make mistakes at pocket money prices, than start overspending and run up debts as adults.
