Pocket money

Saving and getting by with the money available is not so easy. Children first have to learn how to handle money - the earlier, the better. Pocket money helps to introduce children to the subject in an age-appropriate way.

No way! It is advisable to talk to your child about money at an early age. Financial education begins at home at the latest when the child starts school. This is the right time for the first pocket money. Small amounts of money at their free disposal offer your child the opportunity to learn early on what it means to spend money or to save money to fulfill their own wishes. This can only succeed if your offspring is introduced to the subject step by step and in an age-appropriate manner.

You decide how much pocket money you want to give your child, depending on their financial situation and the number of children they have. It is important that the pocket money is paid at reliable and regular intervals so that your child can plan with it. The amount of pocket money should be based on your child's age, but should not be tied to any conditions. At elementary school age, pocket money is paid out weekly at first, then monthly as your child gets older. The rule here is that the longer the period of time your child has to budget with the available amount, the more demanding the task.

The following allowance chart will give you a general idea of what amount is roughly appropriate at each age. The graduated amounts are based on a recommendation of the German Youth Institute. The amounts can of course be varied - adapted to the parental household budget.

As a general rule, the pocket money is there for practice. Your child can decide for himself what he spends the money on. Whether sweets, comics, fast food or music: let your child have it. Maybe the budget is used up immediately at first or spent on a bad purchase. Stay calm! Pocket money only starts to have a learning effect when your child realizes that he or she has to manage his or her money wisely. By the way, the freely available pocket money should not be used to finance school supplies or clothing or other everyday things. It is different with larger personal desires. For a special game or piece of clothing out of the series, it must be worth saving.