Pocket money for toddlers

(Image: Shutterstock)

Teaching kids about the value of money is one of the most important lessons a parent can teach their kids. A good way to do this is to give them pocket money, either for doing chores or not, and teaching them how to manage their money.

We asked our Facebook fans at what age they would start giving their kids pocket money and here's what they had to say:

We started at age 5 when she helped with chores she is 8 now and hasn't spent a cent she saves it all. Definitely doesn't take after me. - Sharlene Collins

My son is 18 months and already gets money. When ever he sees a 10 or 20 he claims it. Can't complain though he is busy the whole day sweeping the floors or washing tables and drawers with his wet wipes. Hehehehe. - Belinda van der Merwe

We started at 4 -- and he got a bank account at 5. This way he saves up and it stops the "I wants"... when he askes for something, he is given the choice of eating into his savings to pay for it himself or to reconsider. It usually works so that he saves up for stuff he really wants. He bought himself a scalectix two years ago and is currently saving for a large Lego set. Oh and we found we could fine him when he is naughty -- just the threat of losing money works! -
Kath Kenyon Wimbush

When s/he understands the concept of saving and giving at church... Get them a piggy bank 1st,, make it fun while you teach them these two basic important things. - Nombini Ntlahla

My son is 4 and he is the best saver ever he has collected R4000 and will not depart with a single cent. He knows how much buffalo, elephant, rhino money he has. - Dilshad Khan

Around 6 when my daughter will be starting Gr.R next year I want to start with like R10 per week so she can get the idea of saving and what money is worth. - Brigitta Ellis-Nel

My daughter 2 years old and I give her R10 per month. She helps with laundry and cleaning. When I get paid she stands there to get her money and puts it straight into her piggy bank. And no-one is allowed to touch it. - Jeanine Elliott- Le Roux

No pocket money, they should earn it. Nothing comes for free. They should learn the concept to no work no pay. - Sumarie Celliers-Maritz

We started giving our 6 year old pocket money because he likes saving for the toys he wants... it all started with the tooth fairy he saved his money from each tooth until he had enough for a remote control car he wanted. - Madeline Feuth

Visit our Facebook page to see more of their answers.

At what age would you start giving your child pocket money?

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