Get a hold of the Barefoot Investor book for families he has a really good system to follow.

Great idea. Just start small and teach them how they’ve earned it instead of just giving it to them

I think now is a perfect time to start them with pocket money.
They should be rewarded for their effort & it will teach them responsibility & encourage them to help out more as well as to appreciate money.
If you don’t feel comfortable giving them the money right now, put it into a savings account for when they are older.

My daughter is 3 and gets some silvers if she has behaved while we have been out. I think its a great reward to teach children how to behave or have chores around the house and its a great way to teach them about money (saving and spending). My friend gets her son to save half of his money and he can spend the other half if he wishes. Most of the time he ends up putting aside the money he is able to use to buy a toy or game.

My kids start getting pocket money in kindergarten. 2 fifty cent coins in Kinder, 1 to put in their money box, 1 to spend at the canteen on Fridays. Each year they earn $1 more until they are at the end of primary and earning $7. They are expected to contribute to school donations and mufti days from this money, and always save 50 per cent.
In high school, that pocket money jumps to $25 per fortnight, with an expectation that they cover their own entertainment costs and non-essential (uniforms, underwear) clothing. My kids don’t just get the money for the chores, they also get the responsility that goes with it. We find it works really well and they very quickly learn to save for things they want and not waste money on pointless expensive items.

Are they good a money when it comes to maths?
if your not sure try some math problems at home involving money. i.e make me $1 or $3.50. if you have $5 and buy 2 $1 lollies how much will you have left?
if they can do it without help give them pocket money otherwise dont.
practice money at home until they can recognise all coins and small notes and do simple exchanges

3 is fine. start with little things

It is fantastic but start small don’t give them too much. I started my boys at the same age as yours but only gave them 50c if I asked them to do the chore and $1 if they did the chore on their own. Shows them if they have initiative they will be rewarded greater and it worked great for me. Now that they are older I’ve increased it to $1 for a chore I’ve asked and $2 if they have gone and done it themselves.

It’s a great age and they can save for something they like to buy

I think its a wonderful idea, it can also branch out into other areas of financial responsibility like budgeting & saving for that much wanted toy or adventure!

Absolutely i think children should be contributing to the household by doing a few simple jobs around the house. My children help with dishwasher daily, vacuuming occasionally, keeping their rooms tidy and feeding the pets. They have gone from regular pocket money to having a choice of something to purchase from the shops instead. This causes less disruption especially with my youngest who always wishes to buy something little often. The only money they tend to save up is their birthday money.

My baby is only 7 months but when hes old enough to understand i will give him pocket money to teach him the value of money and also that it doesn’t come easy. But in saying that I will have to also teach him that for doing chores and helping around the house there wont always be money as a reward.

I think its a great idea to give them pocket money as soon as they become aware of the meaning,you must earn your pocket money,in order to learn the value of the dollar,its a good way to teach them,to do what they are able,with a sence of accomplishment,help mum,do what is expected of them,like trying to make their bed,putting toys away,ect,it teaches them from an age,when they begin to learn the value of money,with the added bonus of feeling good about themselves,imagine when they can go into a shop and buying themselves something,just for being helpful,to me,thats awesome!.

Pocket money teaches your child how to save & value money earned & be responsible for helping out in the family.

My son is now 14,..he gets $5-$10 a week from Mum for putting her rubbish out. I don’t regularly give him pocket money,unless he washes the car or does some other chores. I also put money into his account when able. He tends to save all his own money and either of us as parents buy things he wants, books mostly.He did buy himself a new music book last week.

my kids are 6 and 9, nearly 10, they both get $10 a week if all their jobs are done, eg. clean room, make beds, put washing in dirty basket, set table for dinner, unpack school bags after school. if they have been a little slack i probably should give them nothing but if they are saving responsibly i will still give them $5. my 6 year old son saves nearly every cent, he has only dipped into his money 3 times in 6 months ive been doing pocket money, but my daughter spends nearly every time she hits $50. lol. girls maybe.

Pocket money is a great idea. It’s a good way to start teaching them about banking, saving and budgeting. Our children get a set amount a week BUT their chores need to be done. (each child has a list of morning, anoon & night chores to follow & tick off). Half their pocket money goes into their bank account & other half towards something special.

My kids are 8 and 5. They both get pocket money each week, but their bedroom has to be tidy to receive it. Out of their pocket money $1 goes into a money box for Charity and $1 into a money box for savings. The rest they get to keep.

My son is four and we just opened a bank account to start the process of saving but we are doing $5 a week with small chores

Its very rewarding for them to get pocket money i give my daughter pocket money she is 6 years and i give her $6 when she 7 then $7 and so on. Then we go to town when shes ready and she picks something out.Great to teach value of money and responsibilities its a win win situation