When I was a kid, I was almost the only one who got pocket money. It let me track my spending, treat friends, or save up for gifts. So when my son started school, I figured he should have pocket money too. But things didn’t go smoothly.

First, we paid him for good grades, thinking he’d learn the value of money and study harder. He got only As at first, but soon said his piggy bank was full and he didn’t need more. So, my husband and I decided to stop paying based on grades.

Instead, we gave a small amount each week, letting him choose to save or spend it. But one day, my son came home upset because a classmate, Mike, kept borrowing and not paying back. Mike’s mom denied it when I asked. Afterward, I advised my son to bring only small amounts to school.

Later, someone took his money when he left it unattended. That’s when I suggested a “junior debit card.” My son loved the idea, and we set limits on the card to keep things simple.

At 12, he wanted a new computer and decided to save for it. But he kept spending on smaller things, so saving up was hard. My husband and I brainstormed and finally proposed a “parent fund.” Any pocket money or gift money went there, earning 5% interest. He could earn more by doing extra chores.

He got really into this, even skipping little expenses to save more. Before long, he had enough saved to help plan a weekend trip for our anniversary! When I asked about the computer, he said he and his grandpa would invest together to reach his goal.

Now, I’m sure he’ll be financially wise in the future.