Have you had an experience related to this topic you want to share? Email: Having the money talk with our children

Purchases, such as lollies, were off-limits.They were not expected to pay for anything related to either school or transport.We also encouraged them to set aside a small amount of money for donation to a charity or organisation of their choice.We expected they allocate at least half of their pocket money to a savings account for their future, while the other half was theirs to spend or save as they see fit.For example, if one day they didn't unpack the dishwasher, the equivalent amount of one day's pocket money ($2) would not be paid. A maximum of $10 could be earned over a five-day week (not including weekends) that was dependent on how many tasks they completed.This included jobs such as packing and unpacking the dishwasher, keeping their bedroom and playroom tidy, cooking dinner (with assistance) one night a week and feeding the cats. Our children would earn pocket money by completing household chores each week.Then we created the following pocket money guidelines: We also wanted to teach them about the importance of giving money to a good cause. We decided to help teach our kids about the value of earning money by working for it.

To pocket money