{"id":16061,"date":"2019-02-12T13:16:52","date_gmt":"2019-02-12T13:16:52","guid":{"rendered":"https:\/\/www.kidstart.co.uk\/blog\/?p=16061"},"modified":"2020-01-16T16:15:16","modified_gmt":"2020-01-16T16:15:16","slug":"starting-pocket-money-routine-roostermoney","status":"publish","type":"post","link":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/","title":{"rendered":"7 steps to starting a pocket money routine, with RoosterMoney"},"content":{"rendered":"
\n

We\u2019ve teamed up with RoosterMoney<\/a>, the pocket money app, to bring you some useful tips on starting a pocket money routine with your kids. Pocket money is great way to introduce how money works, and it can help instil some really valuable lessons that will last a lifetime!<\/span><\/p>\n\n<\/header>\n

Agreeing how much pocket money to give.<\/h3>\n

A good place to start is figuring out what you expect your child to cover with the money. One approach is to look at \u2018Needs\u2019 versus \u2018Wants\u2019. First decide what \u2018Needs\u2019 you want to cover for them, and then what \u2018Wants\u2019 they should be covering themselves. It\u2019s also a great way to introduce the idea of budgeting, however old they are. Getting them to add up all the things they get from you each, like sweets or magazines, will illustrate how much you actually spend on them. Once they have to start covering the sweets and other treats with their own money, they\u2019ll usually start thinking about what they spend on much more carefully! You can also check out the RoosterMoney Pocket Money Index, which breaks down the average pocket money<\/a> by age, which may help with your decision.<\/p>\n\n

Put conditions on their pocket money<\/h3>\n

Chores and Jobs<\/strong><\/p>\n

Linking pocket money to chores around the home can be a great way to reinforce that money has to be earned. Even for us adults, getting something we feel we\u2019ve worked hard for feels a lot more rewarding, and it\u2019s the same with children, they\u2019ll appreciate that new toy even more if they feel they\u2019ve earned it, and they\u2019ll be proud of it too. They may also start to think more carefully about how they spend it too! And remember to be clear what jobs are extra earners versus the jobs you expect them to do as part of the household.<\/p>\n

The top chores given on RoosterMoney are:<\/p>\n\n

1. <\/span>Tidying the bedroom<\/div>\n
2. <\/span>Doing the laundry<\/div>\n
3. <\/span>Making the bed<\/div>\n
4. <\/span>Looking after the pets<\/div>\n
5. <\/span>Clearing the table<\/div>\n

Reward charts<\/strong><\/p>\n

Reward charts are the perfect way to get your kids started with pocket money, especially if you don\u2019t feel they\u2019re ready for actual money, and would prefer to use stars instead. (With the RoosterMoney app you can actually set the currency to \u2018stars\u2019 for that exact reason). You can pay-per-chore, pay-per-star, or only pay once all stars or chores are achieved. Kids love to see their progress on reward charts, and we\u2019ve created our own free one that you can download here<\/a> if you want to give it a go.<\/p>\n

Behavioural<\/strong><\/p>\n

Rewarding kids for good behaviour is popular with a lot of parents of younger children on RoosterMoney. While it can be extremely effective, it\u2019s important to keep it positive too. Try not to use the threat of not getting pocket money as a way to get your kids to do something though. And we don\u2019t recommend taking money off them for bad behaviour either, as this doesn\u2019t encourage children to save carefully for fear their hard earned money could be taken away at any moment. One to be aware of!<\/p>\n\n

Talk about money more<\/h3>\n

Being open and having positive conversations about money with your kids is key. Only 52% of parents talk to their kids about money<\/a>, but if we shield our children from the realities of money, we\u2019re only delaying the learning process. You can use everyday occurrences to spark the conversation – explaining why you\u2019re turning the lights off, or where the money in the ATM is coming from, or discussing what to do with that fiver from granddad. Holidays are full of \u2018teachable moments\u2019 too – if you\u2019re eating out, try playing \u2018guess the bill\u2019 (it can give a great insight into their perception of what things cost), and go one further, help them convert it back into pounds and pence!<\/p>\n\n

Choose goals to save for<\/h3>\n

Some kids just love saving for the sake of saving, but a lot of them need to have goals to focus their efforts. Starting with these goals is one of the best ways to teach kids about money. Ask what they\u2019d like to save for, and by when, then help them formulate a plan of how to get there. Small things like sweets and magazine are a great start, but when they their wants get bigger, like phones and tablets, you can offer to match what they put in once they\u2019ve saved 50% of the total value, or try adding the final 10% at the end of a set period \u2013 it\u2019s all about finding incentives that can keep them engaged! Once you\u2019ve agreed what you\u2019re saving for, print out a nice big picture of it and stick it on the fridge, or their bedroom wall, to make it feel more tangible.<\/p>\n

Top goals on RoosterMoney at the moment are:<\/p>\n\n

1. <\/span>Lego<\/div>\n
2. <\/span>Phones<\/div>\n
3. <\/span>Holiday money<\/div>\n
4. <\/span>Nintendo Switch<\/div>\n
5. <\/span>Books and magazines<\/div>\n

Consistency<\/h3>\n

Being consistent with the conditions you\u2019ve set is really important to ensuring the lessons stick \u2013 when you\u2019re in the shop, or that last aisle of the supermarket, if they\u2019ve spent all their pocket money, don\u2019t undo all your hard work by offering to buy that magazine or pack of sweets anyway \u2013 it\u2019s not a \u2018Need\u2019 after all! Learning that \u2018when it\u2019s gone, it\u2019s gone\u2019 can be a powerful lesson.<\/p>\n\n

Make it fun!<\/h3>\n

Making it fun is our mantra at RoosterMoney! A lot of people think of money or banking as boring, something we think should change \u2013 which is why keeping it fun for the whole family is really important. Whether it\u2019s decorating a reward chart, setting challenges for yourself as well as the children (why shouldn\u2019t you be rewarded for cleaning too) or making sure everyone is involved in deciding what the best value lego set is. This will ensure that your children are fully engaged in the pocket money process and there are less arguments for you to deal with – which is always a bonus!<\/p>\n

About RoosterMoney<\/strong><\/p>\n

RoosterMoney is a pocket money tracking app designed to help parents teach their kids the value of money in a digital age.<\/p>\n

Simple, progressive and gameful, RoosterMoney uses the latest technology to bring to life all the sound traditional financial principles we were brought up with (or wish we were!) and make managing money relevant and smart.\nFrom as young as 4 years, you can sign up to the digital tracker which lets your children keep track of their money, save towards goals and earn rewards while you oversee what money goes in and out of their account (you remain the Bank of Mum and Dad without making deposits).<\/p>\n

RoosterMoney encourages families to learn together so that parents can actively educate, motivate and empower their kids financially and gives everybody the reassurance that they\u2019re fully prepared for the future.<\/p>\n

The app available on iOS and Android as an app, or you can download it on Kindle Fire from the Google Play app store. www.roostermoney.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"We\u2019ve teamed up with RoosterMoney, the pocket money app, to bring you some useful tips on starting a pocket money routine with your kids. Pocket money is great way to introduce how money works, and it can help instil some really valuable lessons that will last a lifetime! Agreeing how much pocket money to give.","protected":false},"author":1,"featured_media":16068,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3347,4],"tags":[],"class_list":["post-16061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-early-learning-advice","category-great-family-life-tips"],"yoast_head":"\r\n7 steps to starting a pocket money routine with Rooster Money<\/title>\r\n<meta name=\"description\" content=\"We've teamed up the pocket money app RoosterMoney to bring you some useful tips on how to start a pocket money routine with your little ones.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_GB\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"7 steps to starting a pocket money routine with Rooster Money\" \/>\r\n<meta property=\"og:description\" content=\"We've teamed up the pocket money app RoosterMoney to bring you some useful tips on how to start a pocket money routine with your little ones.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/\" \/>\r\n<meta property=\"og:site_name\" content=\"KidStart Magazine\" \/>\r\n<meta property=\"article:published_time\" content=\"2019-02-12T13:16:52+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2020-01-16T16:15:16+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"700\" \/>\r\n\t<meta property=\"og:image:height\" content=\"467\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"kidstart\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"kidstart\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/\",\"url\":\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/\",\"name\":\"7 steps to starting a pocket money routine with Rooster Money\",\"isPartOf\":{\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg\",\"datePublished\":\"2019-02-12T13:16:52+00:00\",\"dateModified\":\"2020-01-16T16:15:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/#\/schema\/person\/267e9f8801debde95625022b91522cd0\"},\"description\":\"We've teamed up the pocket money app RoosterMoney to bring you some useful tips on how to start a pocket money routine with your little ones.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#primaryimage\",\"url\":\"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg\",\"contentUrl\":\"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg\",\"width\":700,\"height\":467,\"caption\":\"RoosterMoney - pocket money\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.kidstart.co.uk\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"7 steps to starting a pocket money routine, with RoosterMoney\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/#website\",\"url\":\"https:\/\/www.kidstart.co.uk\/blog\/\",\"name\":\"KidStart Magazine\",\"description\":\"KidStart - a little help along the way\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.kidstart.co.uk\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/#\/schema\/person\/267e9f8801debde95625022b91522cd0\",\"name\":\"kidstart\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.kidstart.co.uk\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d6cd4b0a1634c423d91f5963b78ad92a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d6cd4b0a1634c423d91f5963b78ad92a?s=96&d=mm&r=g\",\"caption\":\"kidstart\"},\"description\":\"KidStart is a free shopping club for parents, grandparents, family and friends. Once registered, a percentage of what you spend online at thousands of well-known retailers including John Lewis, Ebay, Amazon, Mothercare, Sainsbury's etc. will be collected and transferred into your child's or children's savings account. Find out more >\",\"sameAs\":[\"https:\/\/www.kidstart.co.uk?t=lwk\"],\"url\":\"https:\/\/www.kidstart.co.uk\/blog\/author\/kidstart\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"7 steps to starting a pocket money routine with Rooster Money","description":"We've teamed up the pocket money app RoosterMoney to bring you some useful tips on how to start a pocket money routine with your little ones.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/","og_locale":"en_GB","og_type":"article","og_title":"7 steps to starting a pocket money routine with Rooster Money","og_description":"We've teamed up the pocket money app RoosterMoney to bring you some useful tips on how to start a pocket money routine with your little ones.","og_url":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/","og_site_name":"KidStart Magazine","article_published_time":"2019-02-12T13:16:52+00:00","article_modified_time":"2020-01-16T16:15:16+00:00","og_image":[{"width":700,"height":467,"url":"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg","type":"image\/jpeg"}],"author":"kidstart","twitter_card":"summary_large_image","twitter_misc":{"Written by":"kidstart","Estimated reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/","url":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/","name":"7 steps to starting a pocket money routine with Rooster Money","isPartOf":{"@id":"https:\/\/www.kidstart.co.uk\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#primaryimage"},"image":{"@id":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#primaryimage"},"thumbnailUrl":"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg","datePublished":"2019-02-12T13:16:52+00:00","dateModified":"2020-01-16T16:15:16+00:00","author":{"@id":"https:\/\/www.kidstart.co.uk\/blog\/#\/schema\/person\/267e9f8801debde95625022b91522cd0"},"description":"We've teamed up the pocket money app RoosterMoney to bring you some useful tips on how to start a pocket money routine with your little ones.","breadcrumb":{"@id":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#primaryimage","url":"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg","contentUrl":"https:\/\/www.kidstart.co.uk\/blog\/wp-content\/uploads\/2019\/02\/roostermoney-1.jpg","width":700,"height":467,"caption":"RoosterMoney - pocket money"},{"@type":"BreadcrumbList","@id":"https:\/\/www.kidstart.co.uk\/blog\/starting-pocket-money-routine-roostermoney\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.kidstart.co.uk\/blog\/"},{"@type":"ListItem","position":2,"name":"7 steps to starting a pocket money routine, with RoosterMoney"}]},{"@type":"WebSite","@id":"https:\/\/www.kidstart.co.uk\/blog\/#website","url":"https:\/\/www.kidstart.co.uk\/blog\/","name":"KidStart Magazine","description":"KidStart - a little help along the way","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.kidstart.co.uk\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/www.kidstart.co.uk\/blog\/#\/schema\/person\/267e9f8801debde95625022b91522cd0","name":"kidstart","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.kidstart.co.uk\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d6cd4b0a1634c423d91f5963b78ad92a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d6cd4b0a1634c423d91f5963b78ad92a?s=96&d=mm&r=g","caption":"kidstart"},"description":"KidStart is a free shopping club for parents, grandparents, family and friends. Once registered, a percentage of what you spend online at thousands of well-known retailers including John Lewis, Ebay, Amazon, Mothercare, Sainsbury's etc. will be collected and transferred into your child's or children's savings account. Find out more >","sameAs":["https:\/\/www.kidstart.co.uk?t=lwk"],"url":"https:\/\/www.kidstart.co.uk\/blog\/author\/kidstart\/"}]}},"_links":{"self":[{"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/posts\/16061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=16061"}],"version-history":[{"count":7,"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/posts\/16061\/revisions"}],"predecessor-version":[{"id":16632,"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/posts\/16061\/revisions\/16632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/media\/16068"}],"wp:attachment":[{"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=16061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=16061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kidstart.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=16061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}