Children and pocket money – hard work pays off

I recently wrote a set of articles about encouraging children to go beyond earning their weekly pocket money and develop their business ideas as a young entrepreneur.

This came about because we were experiencing a lot of negativity from our eldest daughter, which we were keen to nip in the bud. My husband is a big advocate of the power of positive thinking and so he bought some books to read with our daughter. One set was about school boy Alfie Potts who, with the help of his dad, becomes an entrepreneur. Alfie learns that things aren’t just given to you, you have to earn them and that with positive thinking and hard work, you can achieve your goals.

These books inspired our daughter and from this she decided that she was going to save up some money. At first she didn’t tell us what it was for, but asked if she could do some jobs. So we set up a weekly schedule of chores that she could do, with a cost per job and she worked relentlessly everyday from then on.

Eventually she told us that she was saving for an iPad mini and was a little despondent when we told her how much they cost. But when relatives heard of her ‘plight’ and how hard she had been working, extra donations came trickling in! My husband then stepped in and gave her a challenge. If she saved up a certain amount then he would match it, as a reward for all the hard work she had put in.

So after five months my daughter finally made it. She is now the very proud owner of an iPad mini, the receipt of which was made all the more sweeter by the fact that she had paid for the majority of it by herself. Now she has seen where hard work and determination can get you and she even sympathises with me about all the housework I have to do!

The great thing is, well, apart from the fact that I have my own little home helper, is that from now on my daughter will continue to earn her own money because she wants to buy things for herself. She has learned the value of things and appreciates that mum and dad have to work hard to provide for the family, so she knows that if she wants something, then she must work for it too.

On top of this, and since I wrote the articles about bringing up a young entrepreneur, she has been thinking of ways in which she could start her own little business. Watch this space!

Here are the links to the articles:
Do you have a young entrepreneur?
How to raise a young entrepreneur
Business ideas for the young entrepreneur

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25 responses to “Children and pocket money – hard work pays off

  1. This actually brought tears to my eyes, good ones! What a valuable lesson to learn and how amazing that she persevered and saved up for her iPad mini. That really is fantastic. #Loudnproud

  2. This is SUCH a valuable lesson for children to learn. We have been doing this for some time with our three and it works brilliantly. Well done to you for encouraging this side of her :) Thanks for linking up to #loudnproud

  3. Learning the value of money and how they can earn it is a valuable lesson. I think that children and adults too value the item that they have saved for more than if they were just ‘given’ it #loudnproud

  4. That is absolutely amazing. Almost made me cry proud tears. That is amazing and learning a very value lesson too. Lovely post. Thank you so much for linking up to Share With Me. #sharewithme

  5. Fab positive post to read! I bet your daughter was so chuffed with herself to have saved up for her ipad mini :-) I’m tempted to buy these books for my kids (eldest is only almost five but is very motivated by £££ since getting some at Xmas) #sharewithme

    • It was definitely a good lesson to learn where hard work gets you. We didn’t promise her the iPad in return for her working, it was the other way round.

  6. That’s awesome! Sounds like she learned a really great lesson. I’m sure she’ll remember that so much more than the kids that get handed everything. The other day, we had a yard sale, and my kids gave all their money they had earned to the neighbor! Ha! I guess they haven’t quite learned the value yet. :)

  7. Shes inspiring. I am like this when I was a kid. Not so into business but more into saving so that I can buy what I want. Eventually I feel so weird if I dont have certain amount in the bank so before I can buy the things that I want I have to have a certain amount in the bank. I have to admit tho that in the UK I cant earn anything and my & my family is struggling financially a bit. But someday. Someday I will go back to saving, someday =) #sharewithme

    • It is a struggle when you have a family. There is always something that you need to pay out for. It’s a different story if you’re ten and you don’t have any bills to pay. But all the same, I would like my children to grow up with a hard working mentality.

  8. 1. I love her ambition – as a kid, if I had an idea to save for something big, I could get easily sidetracked by a few cheaper things, like He-Man figures or baseball cards.

    2. I have a child with an entrepreneurial mind too, and I love when kids take off with ideas. We adults are shaped by what happens around us, but a kid will chase a dream without knowing more.

    3. Can’t wait to see what your other kids gain by example!

    *-Glad I found my way here through the Manic Monday linkup.

    • Thanks for stopping by. Do you know, both my daughters are funny because they won’t spend their money. As a result I am always borrowing from their piggy banks! My eldest was very focused on her mission to save up for that iPad. I think it is a good idea to let kids come up with their own creative ideas, because like you say, we grown ups can be too sensible about things. You never know I what a crazy idea might lead to.

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