Parents and education

What expenses can a 10-year-old cover with pocket money?

By Eva - 23/9/24

Bloon's opinion

At Bloon, we believe that pocket money should be used to teach 10-year-olds the difference between needs and wants. Small expenses such as candy, toys or hobbies are perfect for introducing children to financial management, while parents continue to take care of essential expenses. It's also a good idea to instill the value of savings at this age.

From the age of 10, children begin to develop a certain sense of independence and a better understanding of the value of money. This is an age when pocket money becomes an essential tool for teaching them about money management and responsibility. But a common question parents ask is: what expenses should a child of this age cover with his or her pocket money?

1. Personal pleasures :

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Expenses such as candy, small toys, or even comic books can be good options for teaching a 10-year-old to manage a small budget. These purchases are generally inexpensive, and it allows the child to choose what they want while learning to compromise if they don't have enough to buy everything.

2. Leisure activities :

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Activities such as going to the movies with friends or buying a video game can also be financed, in part or in full, by pocket money. This makes children more responsible, encouraging them to save for more expensive leisure activities and plan their spending over the longer term.

3. Non-essential school items :

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Some parents include in pocket money purchases such as "bonus" school supplies - a fancy pen, stickers, etc. This helps the child learn to differentiate between basic needs (what the parents buy) and wants (which he can buy with his own money).

4. Savings and donations :

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Even at this age, it's a good idea to encourage your child to save some of their pocket money for bigger projects, or to donate a small amount to an association or cause close to their heart. Learning to save and be generous at an early age will lay the foundations for sound financial management later on.

5. What parents should always cover :

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Pocket money should not be used to pay for essentials such as meals, clothing or basic school supplies. These expenses remain the responsibility of the parents, as they are part of the child's basic needs. Instead, pocket money should be used for extras, allowing the child to experiment with budget management while having a secure framework.

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