The Pocket Money Pitch: one parent’s savvy £0 to £10 challenge

One parent’s clever £0 to £10 pocket money pitch teaches kids responsibility, self-worth, and the value of their contributions each week.

Pocket money is one conversation that comes up time and time again within the Skint Dad Community.

There is never a definitive answer, and what works best in one household may not work as well in another.

What is clear, though, is that everyone takes a different approach: money for chores, money without any conditions, extra money because their classmates got more…!

Instead of a fixed amount, a weekly Pocket Money Pitch may be a good way to encourage independence and responsibility in teens.

Pocket Money Pitch

One parent on Reddit shared their ingenious method of handling pocket money for their 14-year-old and found a unique method that could be used again and again.

They explained that things didn’t start off well. They gave the child a weekly chore list and a flat rate of £5 as a reward.

Sounds easy, but it ended up creating more work for the parent, as they had to chase after their child to get things done.

A year ago, they switched to what they call the Friday night pitch.

Now their daughter can earn between £0 to £10 in pocket money each week.

How much the child gets is down to them (with some potential for negotiation!)

During the “pitch”, she shares what she’s done over the week and says how much she thinks her efforts are worth.

This new system has been brilliant for them, leading to less hassle and more meaningful contributions.

There are weeks when the child’s contributions are minimal, meaning little or no pocket money. But, she agrees to this, as it’s down to her efforts.

Other times, when she’s gone above and beyond, she gets the full amount, and it’s really rewarding.

Through this process, the child learns to be independent and self-motivated and understands the value of pitching her worth, much like she would in a real job.

The routine has enabled a fun, bonding moment for the parent and child every Friday.

It was full of laughter as the daughter creatively pitched her weekly contributions, sometimes adding extra small deeds like greeting a neighbour to earn a bit more.

This system not only teaches children the value of money but also helps them learn essential life skills such as negotiation, self-evaluation, and a sense of responsibility.

Tips to try the weekly pocket money pitch

If you fancy giving the pocket money pitch a go with your children, here are a few tips to get you started:

Set clear expectations

Let your child know what tasks or behaviours are valued.

Before you begin the week, sit down together and create a list of chores and positive behaviours that you both agree on.

This could include tasks like tidying their room, helping with dinner, taking out the rubbish, completing homework on time, or showing kindness to others.

By setting clear expectations, your child will understand what is required to earn their pocket money, making the process transparent and fair.

Also, work out how much pocket money you can afford from your budget and let your child know what their maximum is each week.

Encourage honesty

Teach them to fairly assess their efforts.

Explain the importance of being truthful about what they have done throughout the week.

Encourage your child to reflect on their actions and honestly assess what they’ve done (or not done).

This helps them develop integrity and self-awareness, which are crucial skills for their future.

If they overestimate or underestimate their efforts, guide them to find a balanced and fair assessment.

Make it fun

Turn it into a bonding moment rather than a serious business meeting.

The weekly pitch should be a lighthearted and enjoyable experience for both you and your child.

Create a relaxed atmosphere where you can both laugh and share stories about the week.

This makes the process enjoyable and strengthens your relationship, ensuring your child looks forward to sitting down and spending some one-on-one time together during the pitch each week.

Be consistent

Hold the pitch at the same time each week to establish a routine.

Consistency is key to making this system work.

Choose a specific day and time, such as Friday evening, for the pocket money pitch.

Sticking to this schedule helps your child understand the importance of routine and responsibility.

It also makes it easier for both of you to remember and prepare for the weekly pitch.

Celebrate efforts

Recognise both big and small contributions to motivate and encourage them.

Praise your child’s efforts, whether they have completed a significant task or made a small positive gesture.

Celebrating their achievements, no matter how small boosts their confidence and motivates them to keep trying their best.

When a kid wins a pocket money negotiation, it’s like seeing a mini financial genius at work.

This positive reinforcement helps them understand the value of their actions and encourages them to continue improving.

This method could transform the way pocket money is handled in your household, promoting independence and self-worth in your children while reducing the stress of managing weekly chores.

Do you think it could work for your children?