Parents should make a ‘contract’ with their children before giving them pocket money to teach them to spend and save wisely.An effective lesson in spending is creating a “contract” with your children regarding pocket money , according to Sinead.“You sit down your kids and you say here's what you're now responsible for paying for – it could be sweets, it could be treats, it could be phone credit.
“If they blow it all - they're guaranteed to do that the first time you give them pocket money – you don’t dig them out,” she said. “You can't do that if you go to your employer and say, ‘I spent all of my wages on the first day, can I have a bump?’.Sinead suggested parents could agree to “top up” their children’s savings if they have been responsible as a further incentive to learn about money.The introduction of cashless spending, according to Sinead, has made it harder for children to understand money.
News Children Parenting Pocket Money Saving Sinead Ryan Spending
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