My children have enjoyed the grown up experience of having their own debit cards and being able to buy things for themselves in shops. Once I set my daughter's PIN to something easier to remember she has felt so independent. Their first purchases were at out local Morrisons as they wanted to buy magazines. It was exciting for them to use their cards in the machines on the self service tills!
My daughter is more of a spendaholic than her little brother so is more likely to use her card. When we went to MOSI in Manchester I gave her the card to use in the gift shop. Apparently a few children have been in there with them. It's good for her to be able to see where her money has gone:
At least this shows her why she doesn't have much money left to spend!
My son on the other hand is keen to save up for some Lego as he is an avid collector. It is therefore useful for him to be able to see what he needs to save. We searched online for the Lego he wants and then he set a savings target based on the price:
As he is only 6 seeing it visually makes it more obvious to him. Then he can see ways of earning above his fixed pocket money by looking at his tasks list to see what he can earn:
I have to say my children agreed the rates for all chores! I'm sure they will learn to ask for more in the future as their needs increase.
This post is part of a project with BritMums, sponsored by PKTMNY, highlighting it's launch (http://www.pktmny.com). The new tool allows parents to easily pay and monitor their children's pocket money online, whilst allowing their children to earn, save, spend and manage their money in a totally safe and fun way.