One of the greatest lessons you can pass on to your children is how to handle money wisely. It can make a huge difference to their future.

The earlier you start the better and we believe paying pocket money is a vital way to teaching your children good financial habits. It’s their first taste of managing an income and will help them develop the skills they’ll need to handle a regular wage as an adult.

When to start paying an allowance is an individual decision, as children’s maturity and understanding varies greatly.

We started paying our kids pocket money when they started school. By then they were ready to take on some household jobs in return for payment. Things like brushing the dog or helping fold the washing, with older kids being able to help mow lawns, sweep paths and wash cars.

The amount you pay should be based on the amount of work your child does and their age. As your children get older it will also depend on what expenses it’s meant to cover.

Work for real payment is a real life situation, don’t just give handouts with no strings attached, kids will always expect you to ‘pay’ them. And work doesn’t mean making your bed or washing up, those are family jobs that everyone has to do as part of the blessing of being in a family.