Parenting coach Aoife Lee is using the pocket money to teach her three children – Charlie, 13, Katie, 10, and Jamie, 4, about the value of money and how to save for things you want.
When Charlie and Kate were eight or nine years old, we started introducing small amounts of pocket money per week—a few dollars,” says Lee, founder of Parent Support.
“When I was young we were paid IR£1 every week and I wasted it on sweets in the shop. But it can be weeks before Katie or Charlie asks for their pocket money, so we’ll save it for them in case they want to use it for something specific.”
Lee often expects the children to earn pocket money by doing small chores around the house and contributing that money toward a larger item they want to buy.
“Charlie took out the trash cans and put them in, or they packed the dishwasher and kept their rooms relatively neat and clean.”
Lee, who set up postal savings accounts for Charlie and Katie at their first communion, has already noted that her children have different financial personalities.
“Charlie likes to keep loose change in his pocket and spend it as soon as he gets it, so he makes me watch his cash.
“Katie uses Revolut Junior to get her pocket money and has more communion money in the mail than Charlie.”
https://www.independent.ie/business/personal-finance/katie-10-uses-revolut-jnr-for-pocket-money-charlie-13-spends-it-41939692.html “Katie (10) uses Revolut Jnr as pocket money, Charlie (13) spends it”