New Year is definitely the month for taking stock, both financially and emotionally. January welcomes in a fresh start and a clean slate, so what better time to set up a new pocket money routine for your child? I have been using the RoosterMoney app for just over a year now, and I’m really impressed.
I went to boarding school at an early age, and I remember my parents gave me £25 at the beginning of each term that was given to Matron, in an envelope, and on certain days of the week she was available to draw down on the money, which was usually between 50p and a £1 a pop for the tuck shop.
Fast-forward almost 30 years, and you can’t get many sweets for 50p! I talked to lots of friends and in particular my parents about what age was suitable to start pocket money, and indeed how much. Some were really against it altogether, and another was paying their 8 year old to do their homework! I’ve settled not on a weekly amount, but on a sticker chart system, when the children reach 40 stars they get £8. There are other opportunities, especially on the weekend to earn bonus pocket money for things like car washing, weeding and other household chores.
My two children normally save up for a good few months before cashing in, which usually comprises of a trip to John Lewis for a particular toy they’ve been saving up for. Showing my age and the world we live in, last time my son asked to redeem his pocket money with a next day Amazon delivery of a teddy bear that lights up at night!
The RoosterMoney App is really easy to use, and although I don’t use it to its full potential due to my children’s young ages, it’s a really easy way to keep track of how much they’ve got, and what they’ve got it for.
RoosterMoney have brought old school values to modern day kids, with the latest technology to teach children how to manage their money in a really smart way.
The app is aimed at children as young as 4; it lets parents set goals and different ways for kids to earn rewards, while you keep track of the money going in and out of the account
The RoosterMoney website is also jam-packed full of all the useful information and resources you’ll need to get your head around pocket money.