Right age to give pocket-money
toppy posted on Sun, 11/08/2009 - 00:20
My daughter is soon going to be 11 and I am planning to start giving her some pocket money 
. Till now I have been giving her some cash now and then on some special occasions or some school function. She has always told me what she did with her money. I am wondering if this is the right time to start doing this. I never had this pleasure myself and think that she'll be really excited 
. But sometimes I have doubts over my decision. What if she does not use the money for the right things? I would like to have your views. Please share ur experiences if any either with ur kids or anyone. Also, what sum should I start with? Should I be keeping track of what she does with this money?
toppy, as you said you have been giving some money to your daughter on some special occasions and she has kept you informed what she did with the money I think its fine to give her some pocket money by this age as she may get the happiness of doing somethings she wants.
But before you start this you need to tell her the importance of money and how she should never be wasting it.
I don't think there can be a defined age for start giving pocket money. I started giving money to my son when he was 8 years old. Its just that when you think your child is mature enough to handle money then thats the right time.
My kids are very small as of now for pocket money. But with my experience with my niece and nephew I can say that its always good to give some pocket money to your kid. This gives them a chance to know the value of money and also they get the idea of how to keep accounts.
Its not required to keep track of how your kid is using the money, instead you can just let him/her know some specific things which you will not doing and he/she has to manage in pocket money. For example if they want to have some snacks in school or gift some friend these should be managed from their pocket money.
If you have set up a right example I am sure your kid will come to you and share the experience with you on their own. I remember my niece telling each lil detail of what she did with her money without being asked.
I think at 11, its ok to start with pocket money. Your daughter will start understanding money's worth and also do some accounting for herself
Your daughter is very lucky to have you as mom. Definitely she is old enough to enjoy the pocket money and be a responsible young girl.
Thanks nomitha
Thank you everyone 
Now I have decided that I will give pocket money to my daughter, although I am not yet sure of the amount..
I will give her this good news on her b'day
i started getting pocket money when i was 4 years old. it was small amount. but i still remember how i used to plan so that i could survive for the entire month
i never got any pocket money. in fact for long i was under the impression that money is only meant to be in the hands of 40 (or whatever i meant by elders at different times) and above.