Getting monthly pocket money means that children can practice managing money over a longer period of time, just like adults do with their salary. The pocket money is now supposed to last the entire month, cover more things than before and more should be able to be saved for long-term goals.

Saving money requires you to make small, smart decisions about managing your money. Decisions like understanding the difference between needs and wants. You also need to be patient, because it takes time. Yes, this can seem daunting and it’s not always easy. That’s why we put together a few tips to help you get started!

A lot of parents save money for their children, for example for a downpayment on their first apartment, or a memorable trip or a buffer for emergencies. Depending on how you save, your child will either automatically access the money when they turn 18 or you decide when they gain access. It doesn’t matter which one you choose, the important thing is that your child has learned the basics of personal finance and saving when they access the money.

Learning about money doesn’t have to be boring! And it doesn’t have to be so abstract either. When you learn something new you want to see what happens, and that also makes it easier to remember. When you use savings jars you get to learn about money and get to make some crafts as well!

The first time you receive pocket money is a big step for a young child. It’s the first time children manage money on their own. Money that they can use to practice how to save, spend and prioritize.