Pocket Money

(Contents of Max's money jar).

What is a good age for a child to start receiving pocket money?

I purchased play money for Max during the summer last year, which consisted of notes and coins. When he realised he couldn't really use them, it wasn't too long before he was more interested in the real money I was using to purchase items.

I think it is important for a child to know about money - for the purpose of learning how to save. A large amount is certainly not required, but perhaps, just enough for them to purchase an inexpensive toy after a few months. It gives them a sense of independence, and makes them appreciate their purchases even more.

Max loves to save. In fact, when I tell him he has enough to purchase a toy of his choice, he tells me he wants to use my money - not his!

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