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Chores: to pay or not to pay our children

Regardless of your decision to give your children pocket money or not, another vexed question many parents face is whether to pay their children for household chores. Let me make this clear. I’m not referring to pocket money that is tied to household chores. I’m referring to paying children to complete household chores, irrespective of whether they also get pocket money. Pocket money vs paying for chores We must clearly distinguish ‘pocket money’ from ‘paying for chores’. For me, pocket
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Pocket money: Does it have a place in children financial literacy?

Pocket money (called an ‘allowance’ in some parts of the world) is a gold mine for the finance industry. Apparently it is worth $1.4 billion a year. A long time ago, public schools in Australia were in fact involved in teaching children about money. Teachers were the bankers for a Government bank and the school banking initiative was supported by the Government. Today, there is no Government bank – all banks in Australia are now privatised. School banking is now optional and
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The correct way to give Pocket Money

Teaching financial literacy involves using tools to communicate a message. One of these tools is pocket money. But tools are only effective if we have a plan on how to use the tools. Not having a clear reason for why we do what we do with money is one of the most common mistakes parents make when teaching their children about money. Find out what other common mistakes parents make in Top 5 mistakes parents make when teaching their children about
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The most effective way to curb Pester Power

Like many parents, I have battled (often unsuccessfully) with my children’s pester power – especially for junk food and toys. I’m not sure if there is a correlation between children receiving pocket money and pester power, but it would sure make for an interesting study! Like many parents, I have Googled strategies to deal with this situation. They all come back to one simple message – stay calm and forget your audience. Yeah right! Don’t get me wrong – the
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