So my thoughts on pocket money are somewhat influenced by the way i was brought up. Pocket money was given each week, and chores were expected, but the two were not related. Chores were required to teach us to work hard, and pocket money was to teach us how to use money. Rarely was the opportunity to earn extra money given. We were encouraged to wash the neighbour's car etc. if we wanted some extra cash, and had paper runs.

I also remember my father ran a scheme where once we saved our first $50, he would give us $50. I was the first among my brothers to achieve this, and bought myself a stereo that was my pride and joy! I also remember saving $250 a few years later and buying myself a mountain bike, which was the continuation of a great love of biking (I just bought a new one the other day). Due to accidents and clumsiness, that bike must have cost more than that initial $250 many times over, as I was always breaking the thing and my parents would help pay for repairs, but I digress.

Another thing I remember my parents doing at their discretion was helping out when we wanted to buy something and it cost more than we had. The item would then be half ours and half "the family's". In fact that first stereo was purchased like this, as I think the thing was $180, and as it was more or less mine I think I got a pretty good deal!

Anyway now that I am a parent myself my approach is similar. I do not give pocket money in lieu of chores, but rather to encourage good money habits, and I have implemented the "save $50 and I will match it" policy. It seems my money is safe for now as the appeal of a new toy does seem to get them!

So my question is what are your thoughts regarding pocket money? How or why do you give it? Is it chores related, or tied to something else? Do you have any thoughts or insights about it being more than just giving them a few bucks every week for the sake of it?