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A new approach to pocket money

Do you give your children pocket money? What age did you start giving them pocket money from? Is it a regular thing or do you perhaps reward them for doing jobs around the home? Do you remember getting pocket money as a child?

money

I remember that I got pocket money every Friday but I don’t remember how old I was when that started. It’s also hard to remember what I got exactly, as I remember my dad giving me the money for my horse riding lesson each week which was part of my pocket money, and what was left I could spend or save.

As a teenager I remember that my parents started giving me a clothing allowance. I didn’t have to buy school uniform out of that or essentials like underwear, but I had to budget for everything else, including my horse riding kit. It was a really good way of teaching me to save up for things and budget and I enjoyed the responsibility of their approach.

Until now with my own children we’ve approached pocket money a little differently. They always have holiday spending money and they’ve always done small jobs around the home to gain stars. 20 stars equals a small prize of their choosing like a new DVD or item of clothing for example. They’ve enjoyed the approach so far.

Now the two older children are more grown up and have a better understanding of the concept of money, saving and spending, I thought it was time to rethink things a bit, so we are trying a new approach at the moment.

goHenry is a different approach to managing pocket money for children aged 6-18. It’s the smart solution to enable children and young people to gain confidence with money, learning under your guidance, and it makes your life as a parent just that little bit easier.

goHenry

goHenry is a new way for young people to develop great money habits and a way for them to experience the responsibility of money in a safe environment. This is a great way to learn and learning about money early should be fun and should set children up for life.

There are loads of reasons why goHenry makes a great choice for managing pocket money:

  • You set the ground rules and give your children the independence to manage their own money
  • goHenry takes the hassle out of pocket money, set the weekly allowance, add some tasks and goHenry takes care of pocket money automatically
  • You decide how much, how often and where they can spend
  • No debt or overdraft is possible, so no expensive mistakes
  • Whether they are earning by completing tasks, saving for something special or spending within budget, all of these things are brought to life by goHenry
  • Watch your children enjoy saving and develop an understanding of the value of money, with the ability to make good financial choices
  • Wherever you or your children are, at home or abroad, goHenry is always there
  • Make an instant transfer to your teenager for the school trip or quickly change a limit for that special purchase
  • It takes a few minutes to set up but it is a method you can use for years
  • There is an easy to use app for parents and once your children have their own phones there is an app they can use too

The children were really thrilled to receive their cards and really like the idea behind goHenry. They feel very grown up with their cards and PIN numbers (which can be retrieved easily by the way if needed). They were a little nervous at first about using them in case the person serving them hadn’t seen one of the cards before and questioned them, but they decided they would just explain what they were and spread a bit of knowledge along the way. They were also a little nervous about using the cash machine, but I think this was nervous excitement really.

I can’t help but think about all the benefits of the children using the goHenry cards and how much more they will understand about spending having used the cards as a pocket money system.

I’ll be updating you on how we are getting on with the goHenry system as we use more and more features.

Is this something you think you would consider?

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