Pocket money could be spent on many things. It is often used for buying treats or small toys, magazines and books, or saving up for something bigger like a pair of the latest trainers or even something like a computer console or a new bike.
What children spend their money on will depend on both you and them, but you may find it’s not the same as the things you used to buy with your own pocket or birthday money as a child.
Young children might be given a small amount of money once a week to buy sweets or treats, a weekly magazine, stickers, toys or other little things.
Or you may buy these things for them and pocket money is there to be saved for spending money on holiday or bigger things they want but don’t need. Of course, you can also encourage a combination of these things whereby children can buy a few sweets etc to enjoy now but save the rest of their money for something more than just a pocket money toy or magazine.
Older children tend to have more things they want and need to spend money on and they are more able to understand the concepts of saving and budgeting.
Whereas when children are younger you might buy them ice cream or a magazine and even treat them to a new toy and you would certainly buy their clothes. As they get older you can teach them about managing money by giving them pocket money to cover many of these things.
Whatever age they are and whatever they choose to spend their money on, having money of their own will teach them about making choices and about the benefit of forgoing something they may want now to get something even better later.
It’s also really worthwhile talking to your children about advertising. You may be able to protect them from it to a large degree when they are younger but as they are older it’s really difficult to keep them away from it and so they need to know that advertisements are designed to make them want and even think they need things.
What do Kids Spend Their Money On?
While sweets, books and toys are high on the list of things that children like to spend their money on, in recent years there has been a big rise in children spending money on online games and apps.
This means that older children may want their pocket money in an electronic form allowing them to buy things online. Again this is great practise for managing their money in future and a great way to learn about spending and saving.
Kids could also be expected to do something in return for their pocket money or be given the opportunity to top up their money by doing additional chores around the house.