Last week Olivia asked if she could have pocket money. Fair enough request you might think and I said I would think about it. OK she said and that was that, for a few days. ‘Did you think about it mum?’ I had and I still wasn’t sure so we had a little chat. What did she need pocket for and why did she ask?
Turns out the reason was someone at school had mentioned saving up their pocket money to buy something and she thought this sounded like a good idea. But I feel a bit apprehensive still about this mainly due to my insecurities about money not about her, although she is the same as me a spender not a saver, not a good combination no one to reign us in when we go shopping!
I remember when I was younger we didn’t really get pocket money. My mum was a single mum to 4 girls so obviously it would of been a bit of a stretch giving us all pocket money but then as we got older and she went back to work we had this chore chart. If we completed our set chores daily without being told to we got our pocket money but for the life of me I cannot remember how much. But you are talking over 20 years ago when your money went a lot further and I was happy enough with my quarter of choc nibs, showing my age here.
So what to do about Olivia? Do I? Don’t I? I’m just not sure. Am I denying her important financial experience by not physically giving her pocket money or is she still to young to understand? Decisions decisions.
How much is a suitable amount anyway? A couple of pound, fiver? Should she get it for free or should I encourage her to work for her money? A lot to think about here but it definitely something I need to sort out for her soon and to be honest I think it will work out better and cheaper for me too. It will stop all the last minute bargain gifts I pick up to ease my guilt for working horrible hours. Stop the magazines we pick up when I have just popped into the shop for a pint of milk. If she has to save for it herself maybe it will stop her asking for so much all the time, make her realise that the odd one pound here, two pound there really do add up.
So for now I will give it some thought and maybe give it a try for the summer holidays and I’ll let you know how we get on!