Earning, saving and spending pocket money are the first steps that children take in learning about finances and how to manage money (as well as their own spending “wants”). And in today’s world, so much of spending and saving is done electronically, with a plastic card rather than a pocketful of coins.
Some parents like to give regular amounts once a week or month. Others only pay for tasks or chores. All parents seem to agree that organizing regular pocket money is a great way to get talking about money.
“I love that my daughter thinks long and hard about what she wants to buy at the shops when it’s her own money that she’s earned and saved. Suddenly the choice between the magazine or the sweets is deliberated and the relative value considered,” says Beth, mother of two.
“But sometimes I find it hard to keep track of everything – during the week we’re busy with work and school and weekends we have clubs and family commitments,” she says. “I want her to know exactly when she’s receiving her pocket money so she can start thinking about budgeting.”
PKTMNY just launched as a way for parents to keep track of kids’ saving and spending. It allows children to set goals, earn money from completed tasks and you can even let family members fund children’s accounts. Kids get their own debit card and are able to buy things with it (just like mum and dad!) and parents can set spending limits and determine whether it can be used online, at shops or at the ATM. There are also fees – for example, when taking money out of an ATM – meaning it’s just like real life.
“I love that it gives great control to the parents while giving the children their freedom to spend,” says Jacinta, who is using the site.
“I think it is an excellent idea, it has certainly made my life easier, not having to find the change for them each week for pocket money. It now just goes straight into their accounts. I love the fact other family members can add to it also, especially with Christmas approaching, much easier for them to manage,” says Mandi.
According to Dr. Elizabeth Kilbey, clinical child psychologist, “Children are far more switched on about money than we may think. They feel positive about it; get the importance of saving and like the idea of having a goal to work towards. Using interactive tools, like PKTMNY, canmake money visible and tangible to a child which is a great place to start.”
BritMums has worked with PKTMNY and bloggers to test the new site and are hosting a #pktmnyparents Twitter party on Tuesday 27 November from 13:00 – 14:00. Come share how your children earn money, how you dispense it, and what rules you place around saving and spending. Two people will win £100 cash, and 10 people will win £20 in PKTMNY to add to or start their child’s account and free one-year membership. Come along and share your views about pocket money and earn some yourself!
Find out more about the #pktmnyparents Twitter party and prizes!