Encourage your children to allocate their pocket money.
On Roosterbank we encourage children to split their pocket money between their Wallet (think of it as a current account) and Safe (long terms savings account). We also offer them the chance to save for a treat in the Shop or make a donation.
Getting your children to think about what they do with their pocket money is a really important lesson in budgeting and will help them understand that you need to cover short-term, as well as long-term goals by putting some spending money aside. By stipulating this as one of the conditions when you give them the pocket money, you can reinforce the habit from the outset.
On Roosterbank we encourage children to split their pocket money between their Wallet (think of it as a current account) and Safe (long terms savings account). We also offer them the chance to save for a treat in the Shop or make a donation.
Getting your children to think about what they do with their pocket money is a really important lesson in budgeting and will help them understand that you need to cover short-term, as well as long-term goals by putting some spending money aside. By stipulating this as one of the conditions when you give them the pocket money, you can reinforce the habit from the outset.
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