Pocket Money
A regular amount of money some families give their kids — there's no single right way to do it.
What is pocket money?
Pocket money is a regular amount of money some families give their children. Every family does it differently — how much, how often, and whether it's connected to jobs around the home all vary. There's no single correct system.
How one MyKidsMoney family does it
This family has children aged 8 and 10. Each week, they receive $5, paid using $1 coins so it's easy to divide and count. The $5 is split:
Three physical jars — Spend, Save, Give — so the children can see and count exactly what they have. This is one family's system, not a rule everyone follows.
Physical money first
MyKidsMoney uses real coins and jars for younger children because they can see what they have, touch it, count it, divide it between jars, watch their savings grow, and physically hand it over when they spend it. It makes money real in a way a number on a screen doesn't, for a child just starting out.
Are they connected?
Families can choose whether household responsibilities are simply expected as part of family life, connected to pocket money, or a mixture of both. In this family's example, regular jobs like the dishwasher, blinds, and recycling are just part of contributing — not paid extra. Bigger jobs, like washing the car or mowing the lawns, can earn additional money on top of pocket money.
🍽️ Regular jobs
- Dishwasher
- Blinds
- Recycling
💵 Extra-paid jobs
- Washing the car
- Mowing lawns
⚠️ A consequence, sometimes
In this family, money may be taken from the Spend jar first for behaviour or missed responsibilities. This isn't a recommendation for every family — just one example.
A simple savings incentive
At the end of each month, for every $10 saved, this family's children receive $1 interest — capped at $5 a month. It's a simple way to make saving feel worthwhile, and it's just this family's approach, not a formula every family needs to copy.
There's no single right answer — think through what fits your family:
- How much pocket money feels appropriate for your family?
- Should regular chores be included, or separate?
- Do extra jobs earn extra money?
- How will your child divide their money?
- Would physical jars help, or would something else work better?
- What expectations do you want to set from the start?
Where to next
Related reading and lessons on what to do with pocket money once it's in hand.