essay on pocket money advantages

Essay on Pocket Money Advantages and Disadvantages

Students are often asked to write an essay on Pocket Money Advantages and Disadvantages in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Pocket Money Advantages and Disadvantages

Introduction.

Pocket money is a small amount of money given to children by their parents. It’s an effective tool to teach kids about financial responsibility.

Pocket money can teach children to manage money from an early age. They learn to save, spend wisely, and understand the value of money.

Disadvantages

However, pocket money can also lead to bad habits. If not monitored, kids might spend it all at once or buy unnecessary things, thus not learning proper money management.

250 Words Essay on Pocket Money Advantages and Disadvantages

The concept of pocket money.

Pocket money is a widely accepted practice where parents give a certain amount of money to their children for their personal expenses. It is seen as a tool for teaching financial responsibility and independence.

Advantages of Pocket Money

Pocket money can be a significant tool in a child’s understanding of financial management. It teaches them the value of money, how to budget, and the importance of saving. It can also help them understand the difference between needs and wants, and the consequences of impulsive spending. Furthermore, it can foster a sense of independence and responsibility, as they learn to manage their own finances.

Disadvantages of Pocket Money

On the flip side, pocket money can also have its drawbacks. If not monitored, it can lead to a sense of entitlement or promote materialistic attitudes. It might also lead to poor spending habits if children are not guided properly. In extreme cases, it could even lead to financial recklessness, as some children might assume that money is easily available.

Striking a Balance

The key to leveraging the benefits of pocket money lies in striking a balance. Parents should provide guidance and establish rules about spending and saving. They can use this as an opportunity to teach their children about the importance of charitable giving.

In conclusion, while pocket money has its pros and cons, it is an effective tool for teaching financial responsibility if used judiciously. The advantages can significantly outweigh the disadvantages with the right guidance and rules in place.

500 Words Essay on Pocket Money Advantages and Disadvantages

Pocket money, often a child’s first encounter with financial responsibility, is a topic of great debate. While some view it as an essential tool for teaching financial literacy, others perceive it as potentially leading to financial recklessness. As college students, understanding the pros and cons of pocket money can provide valuable insights into personal financial management.

The first significant advantage of pocket money is that it fosters financial literacy at an early age. By managing a fixed amount of money, children learn the value of money, budgeting, and prioritizing needs over wants. This early exposure to money management can be instrumental in developing sound financial habits, which are crucial in adulthood.

Pocket money also promotes a sense of independence and responsibility. Being entrusted with their own money, children learn to make decisions about spending and saving. This autonomy can boost their confidence and decision-making abilities.

Furthermore, pocket money can be used as a tool to incentivize good behavior or performance. It can serve as a reward system, encouraging children to complete chores, excel in academics, or engage in other positive behaviors.

Despite the benefits, pocket money is not without its drawbacks. One potential issue is that it can lead to a sense of entitlement. If children are given money without any conditions, they may develop the expectation of always receiving money, leading to a lack of appreciation for hard work and the value of money.

Another concern is the potential for financial mismanagement. Without proper guidance, children may spend their money impulsively, leading to poor financial habits. This could potentially carry over into adulthood, leading to financial difficulties.

Additionally, pocket money can create social disparities among peers. Children who receive larger amounts may feel superior, while those who receive less may feel inferior. This can lead to social issues, such as bullying or feelings of inadequacy.

In conclusion, pocket money can be a double-edged sword. On one hand, it can foster financial literacy, independence, and responsibility. On the other hand, it can lead to a sense of entitlement, financial mismanagement, and social disparities. The key lies in how it’s implemented. Parents and educators should use pocket money as a tool for teaching financial responsibility, coupling it with appropriate guidance and realistic expectations. As college students, reflecting on our experiences with pocket money can provide valuable insights into our own financial behaviors and attitudes, enabling us to make more informed financial decisions in the future.

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The pros and cons of pocket money

22nd September 2020

by: Team Starling

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The pros and cons of pocket money header image

This week, Money Explained tackles the topic of pocket money, exploring the benefits and possible pitfalls. Our series looks at the money basics for everyone in the household, breaking it down into bitesize chunks.

Giving your children pocket money can be a great way to get them thinking about finances from an early age.

There are two general ways people give pocket money - either a regular allowance that is agreed upon and given each week no matter what, or money that’s conditional on the child doing certain jobs around the house like helping with the washing-up, hoovering, dusting the living room or a spot of gardening.

Pros and cons of pocket money

Many adults say that as kids get older and more independent, the act of giving pocket money can be a real conversation starter that can lead to lots of enlightening conversations. Other benefits of giving your kids pocket money include:

Learning the value of money - by having their own cash, they can begin to see how much things are worth, and can decide whether to spend or save it.
Allowing them to develop a healthy relationship with money – this is an important life skill.
Helping to build their independence – by giving them some responsibility for their money.
Discovering that money is something you work for - assuming they earn it by doing chores.
Teaching that money you have can only be spent once - for example, if your child buys a new video game today, they won’t then be able to buy lego next week with the same money. Once you spend the money, it’s gone. This can help to start learning on how to budget and how to choose between buying different things.

Research has shown that money habits form early, as young as seven, and giving pocket money can really help to boost your child’s understanding of how money works .

It’s worth being aware of some possible negatives to giving pocket money as well:

Your child could start to expect money for nothing - if you don’t peg their pocket money to work or tasks accomplished.
It can create envy - if your child earns more or less than their friends.

Ways of giving pocket money

One option is to give your children cash for their pocket money, which you can then encourage them to look after and keep safe.

However, you might not always want to give them cash at all, especially with the current concerns around physical contact.

An alternative to cash is to make use of Starling Kite , a debit card for young people aged 6 - 15. It’s like a bank account, but as the adult, you get better control and visibility. Starling Kite is managed through our app, and you can load on pocket money in an instant. As the adult, you can also check and control specific activities such as cash withdrawals or online payments, and set daily spend limits. A Kite card comes ready blocked for merchants that aren’t age appropriate, including pubs and betting agents. Real-time notifications let you know exactly how they are spending.

Another useful thing about the Starling Kite option is the security. With Kite, if there’s ever a scare about the card being lost or stolen, you can lock / unlock the card with just a tap, in the app.

How much pocket money should I give?

This is a big question that we’ll look at in a future Money Explained article - ultimately it will come down to how much you can afford and how much you think your child should get, but we’ll explore factors you can use to help you decide.

You could also ask friends how much they give their kids, and encourage your children to chat to their friends about how much they’ve been able to save. Talking openly about money isn’t something that comes naturally to some people, but it’s really helpful for your children to learn that money isn’t a taboo topic.

Read the other articles in our Money Explained series :

Sharing and giving

Saving up for something special

Money: Needs vs wants

Teaching kids how to stay safe with money

How children learn about money

Different ways to pay

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Pros and cons of pocket money – is giving an allowance a good idea?

Our money expert explores the benefits and drawbacks of pocket money and whether kids should have to earn the money they are given

young girl putting coins into a jar labelled pocket money

Pocket money can be a great way to teach children about the value of money and money management, but it has both its advantages and drawbacks.

Experts say giving your child an allowance can encourage them to take responsible decisions and build independence, and right now, teaching your kids about money has arguably never been more important.

You can also use a pocket money app to encourage your children to develop good money habits and then, as your offspring get older, you can look for the best bank accounts for kids .

Co-founder of money app GoHenry, Louise Hill , says: “It doesn't matter how much you give – it can be 5p or £5 – but the act of paying regular pocket money helps open up conversations around money, and gets children thinking about the four key pillars of money management: spending, saving, earning, and giving.

“You can help kids understand where it comes from; why it's important to save; that when it's gone, it's gone; and the role donating to people less fortunate plays in society. This is even more important as we move to a cashless society and children don’t see physical money exchanging hands in the way we used to.”

Pros of pocket money

According to GoHenry’s Youth Economy Report 2022 , the average pocket money received by children in the UK is £7.62 a week. Most parents increase pocket money with age, with seven-year-olds typically receiving £3.52 a week, 10-year-olds £4.58 and 16-year-olds £13.32.

But regardless of the amount, there are numerous advantages to giving pocket money.

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1. It teaches children about money management

Having a set weekly allowance will help your children learn to prioritise and budget for the things they want. It will also teach them that their supply of money is finite.

Claire Saunders, certified financial coach at Mint Coaching , says “Pocket money is usually the first opportunity children have to learn and understand the value of money and to navigate financial responsibility. By receiving regular pocket money, children can make choices as they learn how to save, budget, and make spending decisions.”

2. Children can learn about earning money

Understanding the link between money and work is a vital part of kids’ financial education. For young children who aren’t old enough to get a part-time job, paid tasks can be a good introduction to the world of work.

Some parents might also tie pocket money into rewarding good behaviour. Dani Kumrou, mum to 12-year-old Ellie-rose and user of GoHenry, says: “When Ellie-rose was really young we had a reward chart where she’d get stickers for doing things like putting her toys away, eating her fruits and vegetables, playing nicely and sharing with her friends. We would then give her pocket money so she could save up and buy a new toy. So, she learned from a really young age that good behaviour pays rewards, and you should always be good and kind.”

3. It can help get your kids in the savings habit

Parents should encourage children to save a proportion of their pocket money for future large purchases – this can teach them about delayed gratification. You can encourage them to save by paying ‘interest’ on the money they put aside, or matching their savings for specific items.

Dr Lily Canter , a journalist and mother-of-two, says: “I have been giving my boys pocket money from a young age. They both got it from age six and they get £1 a week. It has really helped them to understand the value of money. If they want a magazine, toy or treat for example they have to buy it.

“They both got savings accounts at seven and top this up with their pocket money regularly. My eldest bought himself a laptop at age eight with the money he had saved from pocket money and birthday money from relatives.”

mother and daughter sitting on the floor putting coins into a piggy bank

4. Children can apply maths skills to everyday life

Unfortunately, personal finance isn’t widely taught in schools. But maths is. By giving your kids pocket money you can tie the two subjects together and show your children real life examples of maths at work.

With young children, this can mean helping them calculate how much they will have left after spending some of their money. For older children, you might increase their pocket money in line with inflation or by a percentage.

Cons of pocket money

While there are numerous benefits of pocket money, there are significant disadvantages that should be considered.

1. It can be hard to spare the cash

If you’re strapped for cash at the moment, you might struggle to fit pocket money into your household budget. You might also think twice about giving your kids money if you think they will just fritter it away.

If you don’t have much money to spare, don’t feel pressured to give your kids a large amount. Even a pound or two a week can give young children the feeling of independence.

2. Some children might waste their pocket money

Without the right advice about money, some children may spend it as soon as they get it, rather than saving. They might also spend it on the ‘wrong’ things.

“There’s potential for teenagers to spend their pocket money on unhealthy or risky purchases – think alcohol, cigarettes or excessive amounts of junk food. A good way to manage this is to open up an app or account such as GoHenry, Natwest Rooster or Revolut, rather than giving them cash,” says a MoneyExpert spokesperson, “This way, you’ll have a better idea of how their money is being spent, whilst still giving them the financial freedom they need to learn.”

3. Watch out for entitlement

If your child doesn’t have to work for their money, he or she might develop a sense of entitlement, rather than realising money has to be earned. This could be the case if you are particularly well-off or give your kids an above-average allowance.

Goodto.com's Money Editor Sarah Handley says: "While your intentions may be generous, if you give your children too much pocket money it could harm their long-term relationship with money. They could be less motivated to earn their own money in the long run, or not fully grasp the idea and sense of achievement of saving up for a bigger purchase."

4. Money can provoke jealousy

Most parents increase the amount of pocket money they give their child as they get older. But this means older siblings get more than younger children – which can cause tensions.

Jealousy around money can be even more tricky outside of your family. Can your child cope with having more or less money than their friends? If this is of concern, it could be helpful to ask around to find out the going rate for pocket money in your child’s class.

Should children have to earn their pocket money?

According to a study by Halifax , more than four in 10 (44%) parents think children should only get pocket money if they do chores. But, perhaps unsurprisingly, more than half of children (55%) feel they should be given money, regardless of whether they do anything to earn it.

“Some parents believe that chores are a natural part of family life, and children should contribute to the household without monetary incentives. Others think that paying children for doing chores teaches them the importance of hard work and responsibility,” says Claire at Mint Coaching.

“In our family, we have chosen not to link pocket money to chores, as we believe helping round the home is a responsibility for the whole family. However, we might choose to pay our children if they are doing a ‘job’, that is outside of what we consider to be regular chores, such as cleaning the car.”

Emma Lunn is a multi-award-winning journalist who specialises in personal finance and consumer issues. With more than 18 years of experience in personal finance, Emma has covered topics including all aspects of energy - from the energy price cap to prepayment meter tricks, as well as mortgages, banking, debt, budgeting, broadband, pensions and investments. Emma’s one of the most prolific freelance personal finance journalists with a back catalogue of work in newspapers such as The Guardian, The Independent, The Daily Telegraph, the Mail on Sunday and the Mirror.

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How Much Pocket Money Should I Give My Kids?

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Why should you give pocket money to your kids?

Are there any disadvantages of pocket money?

Frequently asked questions about pocket money for kids.

Depending on your circumstances, it’s a good idea to start teaching your kids about money and finance early on. These lessons can range from teaching your kids to spend less, save more and respect that money is not infinitely available.

While there are many ways to teach your kids about money , giving your child can be the perfect way to educate your children.

Why should you give your kids pocket money?

Giving children pocket money has many benefits. Listed below are a few of the benefits:

Teaches kids the value of money

The sooner kids start using money, the faster they will learn to appreciate the value of it. In a world where social media influences everything we buy and how we think, kids can easily get brainwashed into purchasing things that they don’t necessarily need. Many purchases today are driven by FOMO (Fear of Missing Out) . This essentially means that kids feel they are missing out on material items and necessary life experiences when they see their friends posting about their lives on social media .

By giving children pocket money, you can teach them about the value of money . Moreover, when kids start small at a young age, they also learn to be grateful about the little things in life.

Encourages children to save

By giving pocket money, you can teach your kids about the value of savings. When kids receive pocket money, they begin to spend it on their own, which is when they learn more about expenses. By understanding how much things cost, kids can grasp the concept of saving money to buy something they want.

For instance, imagine your kid wants to buy a toy worth £15, but his pocket money is only £5 per week. So to buy this toy, they will have to save their pocket money for 3 weeks. 🧸

By learning the concept of saving through pocket money from a young age, children will develop a lifelong habit of saving money and appreciating delayed gratification.

Being exposed to such situations in real life encourages them to think about good money habits like savings. As a parent, you can help your child plan how much they would need to save to buy something or reach their saving goal. 💸

Teaches kids about money management

Pocket money can teach kids self-discipline and learn about money management. Moreover, it will make your children realize that money isn’t an unlimited resource. This will encourage them to save and prioritize what they spend their money on.

In addition, your children will also learn how to budget which will help make them financially responsible and improve their decision-making skills.

They can learn from their mistakes

With money in their pocket, kids can buy things they want, and sometimes they tend to overspend on something they could’ve done without. When kids get pocket money for the first time, they often make such mistakes. This might sound like a drawback, but in reality, it’s beneficial as it lets your kids learn from their mistakes at an early age.

It’s essential that they make such financial mistakes when they’re young and only have access to small amounts of money. Moreover, learning from such experiences will help them make better financial decisions in the future.

Overall, giving pocket money is beneficial. However, there are a few things that can go wrong, such as:

They might spend it all - It's possible they are not able to manage money and end up spending it all without thinking about the consequences.
Unhealthy comparisons with other kids - Kids are very active on social media platforms where many people like to show how they're spending money. This can lead to unhealthy comparisons with others. However, you must teach them to use social media responsibly and teach them that having a limited budget is a good learning opportunity for financial planning.
They can spend it on bad things - It's possible that your kid might use the pocket money on illegal substances and inculcate bad habits. You should have a conversation with your child and make them aware of how such things can be harmful. Thus, it’s possible that without any supervision, your child might get themselves into trouble because of money.
They might get bullied in school - Unfortunately, bullying in schools is quite common . It’s possible that your child might get bullied if they carry too much money.
They might think that they’re entitled to get pocket money - When you give pocket money to your children regularly, they might start believing it’s their right to receive pocket money rather than viewing it as a privilege and a learning experience. This attitude will hamper their learning as they will not grasp the value of money.

1. Why should I give pocket money to my children?

The main aim of giving pocket money is to teach your children the concept of money and help them better understand how money works from a young age. In addition, the idea is to get them started early so that they can become financially responsible and manage their money better when they grow up.

2. When should I start giving pocket money to my child?

There is no right time to start giving pocket money to your children. It all depends on when you feel it is the right time to begin. When you should start depends on the following factors:

How ready is your child to understand the value of money and manage it?
What is the purpose?
How comfortable is your family to start giving pocket money?

To determine if your child is ready, you can look for the following signs:

They understand what money is and how it works.
They understand that money can be used to buy things.
They have some idea about the concept of saving money.

3. How do I start giving pocket money?

The purpose of giving pocket money is to teach your children the time value of money and get them to start managing it themselves. Thus, once your child has a basic understanding of money and how it can be used, you can consider giving them pocket money.

You should look to keep things simple and give them a fixed amount every week or month when you start. Moreover, you should encourage them to save some of it rather than spend it all. This will help develop good money habits from a young age.

The key is not to stress too much about when you should start. What’s more important is that you take the initiative and help your kid learn more about money.

4. How much pocket money should I give my child?

While the statistics can be used for reference, how much pocket money you give should depend on your parenting style and financial condition. It’s vital only to give as much pocket money as you can afford.

Moreover, it would be best to consider your child's age and maturity to determine the amount of pocket money you give. You should give them as much pocket money as much as would enable them to fulfil their needs and, at the same time, allow them to save some of it every month.

You can also consider using a Pocket Money Savings Calculator to determine how much pocket money you should be giving to your children. It will also allow you to compare your child's pocket money with that of other kids of a similar age.

5. Should pocket money be linked to chores?

Again, how you plan to start giving pocket money to your child depends on your financial situation and your family’s values.

This is because, while linking chores to pocket money is common, how different families function and how much they can afford depends on them.

For instance, in some houses, children help by doing age-appropriate chores from an early age whereas, in others, children don’t start helping around the house until they’re teenagers.

In general, linking money to chores is a good idea as it helps children understand the correlation between work and getting rewarded for their efforts in the form of money. From a young age, this teaches children that money doesn’t grow on trees, and to earn it, they have to work hard.

If you link pocket money to chores, it would be best to explain the chores clearly to avoid any confusion. It would also be helpful if the chores were regular so that your child could get pocket money regularly. Some common chores include:

Washing cars
Cleaning their bedroom or bathroom
Doing their laundry
Buying groceries

Wrapping Up

Pocket money is an important aspect of raising your children. By giving pocket money to your kid, you can teach good money management habits early. Moreover, they can make mistakes that allow them to learn while they’re still young.

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Should Pocket Money be Given to Children?

Do you give your child pocket money or like other parents are you also confused? Pocket money has always been a major concern for most parents. Most families have a heated argument between parents and children for the same. Kids are keen to get money and wish to spend them on their own accord but on the contrary, parents are anxious and have their own set of doubts.

Most Indian parents think their kids are too small to deal with money. They are not only doubtful that their kids might get into the wrong company but think they may also misuse money and lead to self-harm. As each coin has 2 sides, similar is the case with this situation. Therefore, we cannot jump to a conclusion about whether pocket money should be given or not.

Advantages of giving pocket money :

Offering pocket money to children can be an excellent method to instill financial responsibility in them. It enables them to practise spending and saving as well as learn more about money management in general. According to our findings, the majority of German households regularly give their children pocket money. According to respondents , 71% of children aged 4 to 6 receive pocket money, rising to 95% for those aged 10 to 12. Only 13% of children aged 4 to 18 receive no personal money at all.

Be independent:

The most important benefit of giving pocket money is teaching kids to be independent and that’s the key to success in today’s time. When parents allow them to play with money, kids feel connected and they think their parents trust them. When they have money, they develop the ability to manage and learn its importance. Most parents feel that they might misuse the money given to them but unless you trust them and let them contribute to their expenses, they will never learn the difference between ‘use’ and ‘misuse’ of money.

Though there are some notorious kids and the best way to deal with them is to ask for the record of every single penny at the end of a week or a month. It works two in one. They will not only learn to use money wisely but this will also make them vigilant and smart to spend efficiently because, in the end, they know they have to submit the r eport to their parents .

Teaching kids the lesson and the importance of saving money:

What generally happens with most Indian kids is that by the time they reach adolescence they neither have much knowledge nor experience in dealing with money. This makes it difficult and they sometimes become a target of fraud. The reason being that they lack confidence and experience. The prime role which lies in parents’ part is not only to teach them the right use of money but also instil in them the value of savings. Complete your sentences by the use of suitable examples.

For instance, give them a real-life example of a person who resolved his problem because he had some savings with him. When you give them their fixed pocket money, ask them to keep some part of it in ‘Piggybank’. Start with a small penny and gradually increase the amount. Sit with them and help them draft their monthly expenditure chart. This way they will learn the efficient use of money. Let them plan the expenditure chart and try to mend it as well as teach them to save. For example, ask them to prefer Rs. 10 candy instead of Rs. 15, and see how happy they become to get Rs. 5 extra.

Teaching kids about the Value of Money:

Sometimes in the initial stage kids tend to spend more money on useless things. Let them do, be it partying, food, movies, stationery, or other things. In some time, they will realise they have no money to spend towards the end of the month on essential goods. Then let them figure out the flaws in their expenditure and mend them the next time. In this way, they will learn to value money. Let them take part in discussions for the monthly budget. Give them a game to save let’s say Rs. 200 in a particular month and appreciate their inputs as well. Tell them the things that are useful to purchase and what all to avoid. Sometimes take them for shopping as well. Give them a list of items and ask to manage the entire purchase within the money constraint. The best way to inculcate in them the value of money is to take their active participation and welcome their suggestions. The other way can be to ask them to save their pocket money to help the needy. Give them a time span of some months and use all their savings to buy gifts and clothes for the poor. This will encourage them to keep a portion of their pocket money as savings. In total, 89% of those polled say they have a strict pocket money schedule, with 36% providing their children money weekly and 53% giving them money monthly. In contrast, we discovered that some parents opt to choose when their children receive money:

11% of parents report that their children receive money when they need it, but not on a daily basis.

18% of parents give their children pocket money depending on their behaviour.

However, some families who adhere to a set timetable or amount say they are open to changes. 27% said they would reconsider the amount of pocket money they give their children based on the circumstances, such as special events, trips, and so on.

But yes, we cannot neglect the drawbacks of giving pocket money to kids. Have a look at them too.

Teaching kids about money management and how to invest pocket Money:

With money in their pocket, kids sometimes become callous with money. They start showing off this to their friends. Sometimes they might even get influenced by others and start comparing the amount of pocket money they and their friends receive. This sometimes hurt their ego and they start demanding for more pocket money from parents. They start speaking lies to get an increment in their pocket money. If this wish is left unfulfilled, in some worst cases, kids even go-ahead to steal money.

They don’t even realize what is wrong or right for them. Influence is a strong weapon, the only way to help your kids stay away from this is “awareness”. Before handing over money teach them values, once they become wise and sensible, there is no scope of such incidents to take place in the future. Tell them to stay cautious from all frauds or negative influence, by sharing real-life experiences.

Teaching kids about the spending of money :

With money by their side kids instil a sense of superiority and start targeting their subordinates or kids with lesser money to spend. They make fun of others and use bad languages against them. When children get too much freedom to spend money, they stop using their brains and spend money lavishly. Sometimes they even get fantasized about wrong habits. The presence of money tempts them to indulge in certain time-wasting habits be it, chilling in canteens, going out for movies, or addiction to junk food, smoking, drinking, or even gambling. All these are signs of kids developing bad habits. When not checked upon, these practices can turn worse, eventually, landing kids in a position where realizing the truth becomes difficult. This affects both physically and mentally. Excess addiction to junk food deteriorates health on a large scale leading to certain diseases. Kids start prioritizing money over other things and demand more money for expenditure. This has an adverse effect on studies as well.

Keep all these points in mind when you hand over money to your kids. There is as such no harm in giving pocket money but parents need to be extra cautious about when, how, and why to give money. A parent’s job is not limited to providing pocket money. They have to have a check on a timely basis and should stipulate the record of each penny given to them. This will make kids less liable to get inclined towards faux pas.

What Are the Benefits of Pocket Money? And How Much Should You Give?

Pocket money has a wealth of benefits for both the child and the family. In fact, kids who get pocket money are more likely to develop strong financial planning skills, and are less likely to get in debt as adults.

Read on to find out more about the benefits of pocket money and how much you should give.

Pocket Money – The Benefits

There are a wide range of benefits to giving pocket money:-

• Financial Planning: Since 2014, financial literacy features on the UK National Curriculum. Pocket money reinforces this – teaching children the benefits of saving, careful spending, and money management.

• Lower Risk of Adult Debt: According to the ING survey of 12,000 parents across Europe, giving children pocket money reduces the risk of them getting in to debt as adults. Pocket money is the building block for adult self-sufficiency.

• Make a Future Saver: Learning young, through pocket money, encourages a lifetime of saving where delayed gratification is appreciated.

• The Value of Money: It’s a tricky concept for kids to grasp, but one they need to understand. To them they literally see cash come out of a hole-in-the-wall. Pocket money, especially if earned through chores, enables them to learn what money is actually worth, and its value. They learn to prioritise wants and needs.

• A Sense of Purpose and Achievement: By gradually saving some of their pocket money towards a goal, children develop a sense of purpose and pride in their achievement. They also learn to value possessions more, when they have had a hand in paying for them.

• It Limits the Pester-Power: Marketers know all about it, and any parent standing at the checkout of a supermarket does too - kids have pester-power! However, when it’s their money they are spending, they suddenly become more savvy spenders. You’re not stuck buying the fiftieth packet of trading cards because they just have to have ultra-rare Number 24.

• It Teaches the Value of Hard Work: When children can earn pocket money in exchange for jobs they realise the intrinsic value of hard-work.

Are There Disadvantages of Pocket Money?

In the main, pocket money is beneficial. There are a few disadvantages, but with careful management, these can in fact become learning opportunities in themselves.

• The Frivolous Spender: By handing over control of some pocket money to your child you may discover they repeatedly ‘blow’ the money on frivolous spends. Try to stand back a little and allow this to happen. It’s learning through mistakes. By spending frivolously, they will learn the hard lesson that they never achieve their saving goal, and run out of money fast. If you’ve still got a frivolous spender on your hands, it might be time to start laying down some pocket money rules such as save half, spend half.

• They Compare Themselves to Friends: There’s always going to be peer pressure, and it can be hard if you are unable to give your young one the same as their friends. However, don’t panic. Firstly, chances are there is some playground exaggeration going on. Secondly, remember that having a restricted budget is a good thing for learning financial planning.

• Money Becomes a Sign of Love: Some children, and parents, can get in a situation whereby the giving of cash becomes equated with love. For this reason, it’s sensible to set a weekly or monthly amount which doesn’t vary greatly. This doesn’t mean that they shouldn’t be expected to contribute if they have wilfully damaged something, but it separates money from affection.

How Much Pocket Money?

How much pocket money you give, and what you expect it to be spent on, will vary according to age (as well as from family to family). As a nation, we tend to give generously to our younger children, and less generously to older kids and teens, proportionally compared to other European countries.

The amount you choose to give should take in to consideration what you expect your child to pay for. A young child who will only be expected to pay for sweets, playground fads, and small toys, won’t need as much as a teen who is expected to cover their phone bill and trips with friends.

The folks at RoosterMoney surveyed their users and found that on average a 4 year old will get £3.21 per week, compared to a 14 year old who can expect around £11.64 per week.

To find out the pocket money average by age in the UK, click here .

How to Give?

Once parents have decided how much pocket money to give, they then need to consider how they will pay it. Will you give it regardless on a regular basis, or do chores need to be performed first? Many families find it good to strike a balance, with a set amount given regularly, and the opportunity to earn more through chores.

Then you need to decide whether you’re handing over hard cash, or providing pocket money in a different way. The benefits of cash are that the child learns the actual value of notes and coins, and has a tangible way of spending money. However, if the child is saving, this isn’t necessarily the most appropriate vessel. Similarly, piggy banks are vulnerable to parents running an IOU for car park coins, ice cream van arrivals, and other cheeky thefts!

It is also difficult to set up appropriate bank accounts for children for pocket money which they need access to. Savings accounts are, of course, an option, and can teach reading bank statements, but they don’t provide the pot in the way that many need for pocket money.

Bridging this gap are various technological tools to help parents. For example, you may choose to use a pocket money tracker app such as Rooster , which also allows children to track their spending and savings goals. Or you may choose to set up accounts such as GoHenry which provide your child with an actual debit card for spending.

No matter how you pay it, or the amount, don’t forget to use the act of giving to teach children how to make lists of priorities and savings goals.

Big Spenders, Little Spenders

Pocket money is a vital part of childhood, and can be a valuable tool for teaching money management and independence. By starting young, your child has the chance to make the mistakes when you’re looking at pennies, rather than pounds.

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Essay On Pocket Money

Post category: Essay
Reading time: 6 mins read

Set 1: Essay On Pocket Money

Pocket money is a small amount of money that young children spend on the required things. Such money can be spent on what they like without giving the account to their elders. Generally, as far as teenagers are concerned, pocket money is given by their parents to help them pay independently for their requirements. However, the amount of pocket money depends on what one needs to pay for. It also depends on how much the parents can afford. Such kind of money may be given on a weekly, fortnightly or monthly basis.

Within the limits, children can always ask their parents for some money. Parents believe that their children have very few needs, other than food they have to buy from the school canteen. However, when teenagers go out with their friends they have more things to pay for like snacks, entertainment such as cinema tickets, purchasing or hiring audio or video CDs, books, magazines, etc. Other items they need to pay for may include recharge in their mobile phones, travel expenses, gifting friends on their birthday, etc.

Some youngsters may help their parents with household tasks to support their pocket money. However, up to some extent it is not sensible to attach an economic value to the household tasks. Some children find it as a fun to earn their own money whatever the amount is. They constantly look for different ways to earn extra pocket money.

There are several ways of earning pocket money. Some of them may help their neighbours or old people in the neighborhood. Helping them in weekly shopping is another way of earning some pocket money. With the permission of parents, one can also do some cutting of the grass for the neighbour or looking after their home when they are away. Teaching other students is a good way of supplementing our pocket money. These are some of the sensible ways of earning some extra pocket money.

Allowing children to earn, save and spend pocket money benefits both parents as well as the children. Pocket money helps to recognize the value of money in early years of life. They learn to be independent and may appreciate their parents as the breadwinners. They also learn the importance of being responsible for what they do, either at school or at part-time work.

Whether parents should allow teenagers to earn pocket money depends on the family conditions. However, at times, pocket money can prove to be a nuisance because no matter how much they get, sometimes it never seems enough.

Set 2: Essay On Pocket Money

Every student in school and college is provided with some pocket money to meet his small expenses. I am provided the pocket money by my elder brother. Though the amount is meager it helps me very often to buy something of great use.

The pocket money provided by my brother is only five rupees out of which I spend two rupees towards my Tiffin. With the remaining three rupees I spend according to my own sweet will either in visiting a a movie e of my great importance or on an outing or in visiting places of historical or cultural importance.

I do not make careless use of the pocket money given to y own way me to spend it in my own way. I save money out of my pocket expenses prudently after meeting my normal needs. I have cultivated this habit of saving from an early age. I do not make willful waste that brings woeful wants to men. I do not save money as a miser but save for future use.

Since I am not aware of the problems of the future I save money for the days of woes. I deposit the excess money in the passbook maintained in a bank. I spend the money in purchasing good books, dictionary and pen for my use. I derive great pleasure out of my pocket money. The money gives me the opportunity of doing something good to society in which I live.

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Pocket Money should be given to children. To what extent do you agree or disagree.

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Essay on “Pocket Money” for School, College Students, Long and Short English Essay, Speech for Class 10, Class 12, College and Competitive Exams.

Pocket Money

There are several ways of earning pocket money. Some of them may help their neighbours or old people in the neighbourhood. Helping them in weekly shopping is another way of earning some pocket money. With the permission of parents, one can also do some cutting of the grass for the neighbour or looking after their home when they are away. Teaching other students is a good way of supplementing our pocket money. These are some of the sensible ways of earning some extra pocket money.

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Pocket Money, Complete English Essay, Paragraph, Speech for Class 9, 10, 12 and Graduate Students Exam.

Pocket Money

Pocket money is what parents give to their children to spend. A child can spend his pocket money as he or she likes. Sometimes parents guide a child as to how to spend it wisely. Poor parents may not give pocket money to their children regularly. But they do give as often as they can afford. They give it, especially at festivals and fairs. My parents allow me a good amount of pocket money. It is not fixed. It varies from month to month. My father is a businessman. Whenever he is in a jolly mood because of good business, he gives me a fat purse as my pocket money. I do not spend all my pocket money. I save a part of it and deposit it in my bank account. I have opened a Savings Bank account in a nearby bank. I buy books on chess as it is my hobby. I have a good collection of books on the subject. Once in a while, I go to see a dance recital or a stage play with my friends. I also spend some of my pocket money on sweets and ice-creams. Once I helped Ravi to pay his school fee out of my pocket money. His father was away on a tour and he did not have sufficient money. He felt so obliged. After his father’s return, he soon gave me my money back. Last year I gave my mummy a pleasant surprise by presenting her with a beautiful watch on her marriage anniversary. I had bought it from the savings of my pocket money. I often buy things for my little sister out of it. She feels so delighted whenever I surprise her with sweets, a pencil box, and a fancy dress. My pocket money has helped me to learn how to spend wisely and save simultaneously. It is easy to spend, but to spend wisely is a bit difficult. But to save money is more difficult.

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Nicholas Kristof

The Case for Saying ‘I Do’

A photograph of a circular mirror, hung on a wall with red and white wallpaper, showing a middle-age couple kissing.

By Nicholas Kristof

Opinion Columnist

With little notice, the United States may be crossing a historic milestone in family structure, one that may shape our health, wealth and happiness.

Historically, most American adults were married — more than two-thirds as recently as 1970. But the married share has crept downward , and today only about half of adults are married. Depending on the data source, we may already have entered an epoch in which a majority are not married.

“Our civilization is in the midst of an epochal shift, a shift away from marriage,” Brad Wilcox, a sociologist who directs the National Marriage Project at the University of Virginia, writes in his new book, “ Get Married .” “In place of marriage, many Americans are remaining single or simply living together without wedding rings. And to be clear, it’s more of the former than the latter.”

Wilcox believes that perhaps a third of today’s young Americans will never marry. As a long-married romantic myself, I find that troubling, but it’s not just soggy sentimentality. Survey data indicates that married couples on average report more happiness, build more wealth, live longer and raise more successful children than single parents or cohabiting couples, though there are plenty of exceptions.

“Fixing what ails America starts with renewing marriage and family life, especially in poor and working-class communities where the fabric of family life is weakest,” Wilcox argues.

He’s up against a counter view that one should dodge family responsibilities, relish freedom and play hard. Many boys and men flock to the online rantings of Andrew Tate , the misogynistic influencer facing human trafficking charges, who has argued, “There is zero advantage to marriage in the Western world for a man.”

Some women have likewise celebrated freeing themselves from an institution that often shackled them to cooking, laundry and second-class status at a cost to their careers. As women have enjoyed more economic opportunities, they’re less often forced to marry some oaf who gets violent after a few drinks — and, anyway, what self-respecting woman with independent means would want to marry, say, a fan of Andrew Tate?

Yet even as marriage has receded, the evidence has grown that while it isn’t for everyone, in many cases it can improve our lives more than we may appreciate.

“Marriage predicts happiness better than education, work and money,” Wilcox writes. For example, survey data indicates that getting a college degree increases the odds of describing oneself as “very happy” by 64 percent. Earning a solid income lifts the odds by 88 percent. Being “very satisfied” with one’s job raises them by 145 percent. And marriage increases the odds of being very happy by 151 percent — while a “very happy” marriage boosts the odds by 545 percent.

I’ve long been interested in family structure for two reasons. First, I believe the left made a historic mistake by demonizing the Moynihan Report, which 59 years ago this month warned about the consequences of family breakdown. Daniel Patrick Moynihan was prescient, for we now know that households headed by single mothers are five times as likely to live in poverty as those with married couples.

Second, loneliness and social isolation are growing problems. One poignant example: Perhaps 100,000 or more dead bodies in America go unclaimed each year, often because there are no loved ones to say farewell. It’s a topic explored in another recent book, “The Unclaimed,” by sociologists Pamela Prickett and Stefan Timmermans.

Marriage doesn’t solve loneliness and social isolation, but it helps. And there is good news on the family front: The divorce rate has dropped to a 50-year low , and the share of children raised in an intact family with married parents has increased slightly in recent years. Today about 51 percent of American kids reach adulthood with the same two parents they started out with.

But it’s also true that the marriage rate has collapsed, particularly for working-class Americans. Of those without a high school diploma, more than two-thirds are unmarried.

Wilcox writes that “the American heart is closing,” but I wouldn’t put it that way. I think many Americans want to marry but don’t feel sufficiently financially stable, or they can’t find the right person.

I’m staggered by the interest in virtual boyfriends and virtual girlfriends. One virtual boyfriend app offers an assortment of possibilities such as “polite and intelligent Edward” or “romantic and cute Daniel.”

“Don’t be shy, he’ll definitely like you,” the app advises. “He knows how to cheer you up, so you won’t feel sad or lonely.”

Just reading that makes me achingly sad. Virtual mates feel like an elegy for civilization.

One reason for the decline in marriage in working-class communities may be a lack of economic opportunity, particularly for men, and another may be culture and changing norms. That’s worth pondering. In polls, majorities of college-educated liberals seem diffident about marriage, unwilling to criticize infidelity and disagreeing with the idea that children do better with two married parents. Perhaps this liberal lack of enthusiasm for marriage also accounts for the marriage penalties built into benefit programs like Medicaid, in turn disincentivizing marriage for low-income Americans.

Wilcox scolds elites for clinging to traditional values themselves — in the sense that they get married and have kids for the most part — even as they are reluctant to endorse marriage for fear of seeming judgmental or intolerant. Elites “talk left but walk right,” he says.

We are social animals, Aristotle noted more than two millenniums ago, and it’s still true. Spouses can be exasperating (as my wife can attest), but they also can cuddle, fill us with love and connect us to a purpose beyond ourselves. They are infinitely better, for us and for society, than virtual lovers on an app, and that seems worth celebrating openly.

Update: I have the final figures for my 2023 holiday giving guide , so I owe readers a follow-up and a “thank you.” More than 5,400 readers contributed a total of $7.2 million to the three nonprofits I recommended , and here’s what the donations will mean in practical terms: 12,150 girls in rural Africa will be supported for a year of high school through Camfed ; 1,645 young people in the United States will be supported for a year of instruction and mentoring to succeed in college or technical school through OneGoal ; and 4,218 low-income Americans will get free training in information technology through Per Scholas so that they can start better-paying careers in the tech world. All three organizations do excellent work. In addition, 671 readers volunteered to help refugees settle in the United States through my recommended volunteer opportunity, Welcome.US . Thanks so much to all who donated and volunteered: People are benefiting here and abroad from your generosity.

The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips . And here’s our email: [email protected] .

Follow the New York Times Opinion section on Facebook , Instagram , TikTok , WhatsApp , X and Threads .

Nicholas Kristof became a columnist for The Times Opinion desk in 2001. He has won two Pulitzer Prizes, for his coverage of China and of the genocide in Darfur. @ NickKristof

Pocket Money, Should Parents develop this habit at the tender age?

People used to say "Money does not buy everything". But today's generation thinks differently. For them money buys their materialistic happiness and that is becoming priority for children.

Giving pocket money to young children at tender age is a question for most of the parents nowadays. The education has become so expensive for middle class that the rising pocket money trend seems an extra burden/headache to them. Of course their concern is in right direction. As there may be a chance that the teenagers might get diverted to the wrong path.

In many cases both the parents are working, so they might not be able to pay full attention to their children properly as to how they utilize the pocket money. It constantly worries them the tender young minds easily get trapped into or attracted towards negativity - wasting money on unnecessary things, gets addicted to bad company, bad habits etc. One they start getting money easily from parents, their minds start deviating towards haphazard and unbalanced lifestyle adopting many vices slowly. Unmonitored pocket money spending may lead to unexpected habits.

In this internet age, online shopping, branded fashionable outfits, eating junks and caffeinated drinks, having branded cars etc. are attracting teenagers more. Entertainment field i.e., certain movies and daily soaps has a vital role here. Teenagers are so attracted to the reel life that they tend to follow the reel lifestyle in whatever way they can afford sometimes going beyond the real life. The children from rich families flaunts and recklessly spend big amounts which influences other children from middle-class making them think it is cool/smart to spent more money. Their small minds easily get impressed and they also try to follow the same. Such comparison when comes in their minds diverges them to negativity. Sometimes it leads to inferiority/superiority complexes, stubbornness making things more complicated/deadly. Also being too strict may encourage the tender minds to habit of stealing to satisfy unimportant needs. The restrictions imposed on them should also be liberal.

When parents understand it first that even if they can afford giving huge pocket money to their young teenagers, they should make them learn the value of money and hard-work first. They need to be made aware of the cause and effects related to money spending. They should be given limited amount as pocket money for which they should also help with household chores like buying groceries for home, helping with cleaning, washing car etc. There should be friendly discussions and suggestions with teenagers about what they should spend money on in such a manner that neither they feel restricted nor neglected. Obviously they will make financial mistakes but will eventually learn from it. Moreover, they will feel independent upto some extent and this will nurture more friendly relationship between parents and children. They will develop a habit of savings which will be really helpful to them in future. They will learn about the value of money and hard work to earn them. In this manner, young children will acquire a habit of saving and not to unnecessarily spend money.

Yes, parents should develop this habit at the tender age but at the same time they should make them understand its value also. It will help them to learn basics of finance, ways of managing money and its importance. After all it is question of the child's future.

Pari Acharya

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Money blog: Restaurant chain ditches tips - just before new legislation saying staff must get 100%

Popular London restaurant chain Ping Pong has ditched tips ahead of a new law requiring staff get 100%. Read this and the rest of today's personal finance news in the Money blog - and comment on any of the stories we're covering, or leave a Money Problem, in the form below.

Monday 8 April 2024 11:07, UK

Weekend Money

Pensions rising 8.5% today - as benefits go up 6.7%
Money Problem : The monthly charge on my leasehold flat has gone up by more than £60 a month - what are my rights?
London restaurant chain ditches tips - just before new legislation saying staff must get 100%
You may be buying herbs and spices all wrong - and spending six times more than you need to
The price of getting divorced

Ask a question or make a comment

Higher interest rates mean more people are opting to take out out longer mortgages in order to afford their repayments.

If you've recently agreed a mortgage deal that will take you past retirement age, we'd like to hear from you.

Are you worried, or do you feel it doesn't matter? Have you had to change any of your life plans to take on the mortgage?

Let us know by sending us a message via our Whatsapp here.

You no longer have to pay a fee to sell pre-owned clothing on eBay.

The online marketplace says it has scrapped the charge for private sellers in the UK in a bid to prevent items from ending up in landfill.

In reality, eBay is trying to compete with popular apps such as Vinted and Depop. These apps tend to attract a younger market - which eBay is eager to infiltrate.

Under its change, all items are covered except hats, footwear, watches, bags and jewellery, which still incur a fee.

Items listed before today will benefit from the change.

Kirsty Keoghan, general manager of global fashion for eBay, said: "Free fashion selling has come at the right time for a nation sitting on billions of pounds worth of unwanted clothes.

"We know selling clothes can sometimes feel like a chore, so free selling and new updates like new AI-powered listings will help more of us to sell clothes easily, putting more cash in pockets."

By Sarah Taaffe-Maguire , business reporter

The price of oil is hovering around $90 a barrel, levels last seen six months ago in the wake of the Hamas attacks on 7 October.

It's a slight fall from the $91.50 recorded on Friday but still not good news for motorists and for most of the economy, which is largely reliant on oil to fuel production.

The FTSE 100 index of most valuable companies on the London Stock Exchange is down 0.03% this morning with Marks and Spencer experiencing the biggest fall.

Its share price is down 2.45%, followed by the London Stock Exchange Group (LSEG) itself.

Following stories of a shareholder revolt in LSEG, as its chief executive David Schwimmer is in line for a pay rise from £6.3m to £13.2m, the share price fell 1.9%.

A pound buys $1.2616 and €1.656.

Nail salon prices across the UK are going up today as thousands of workers band together.

The Nail Tech Org (NTO) says its member nail technicians make on average just under £7 per hour, well below the minimum wage of £11.44 - and so they're collectively coming together to raise prices to help increase pay.

Lauren Pritchard, owner of The Beauty Bar in Birmingham, told Sky News the cost of opening her salon on a day-to-day basis has doubled in the last four years because of increased energy and product costs.

She says she has already lost some clients after announcing her price increase of £2-3 per service.

"It's always going to be a bit scary," she said, but increasing her prices at the same time as others makes it easier.

"It's us coming together to encourage each other rather than pitching us against each other by undercutting prices."

The state pension rises by 8.5% today.

The "new" state pension, for those reaching state pension age on or after 6 April 2016, will rise to £221.20 a week - up from £203.85.

The "basic" state pension, for those who took it out prior to April 2016, is rising to £169.50 a week. These people may also get SERPs (State Earnings Related Pension Scheme), which goes up by 6.7%.

Both groups may get more or less depending on individual circumstances.

While the rise is welcome news for some 12 million pensioners, we reported last week that 650,000 additional pensioners could be dragged into paying income tax for the first time.

This is down to state pensions rising in line with inflation while the tax threshold has been frozen at £12,570 (and will remain so until 2028).

The 8.5% increase in the "new" state pension this week will take it to £11,502. While welcome, it means any pensioner with an additional income over £1,068 per year - for example from a private pension - will trigger a tax bill.

Means-tested benefits will also increase today - along with other benefits increases this weekend and at the start of the month. Here's a round up...

Child benefit

The amount people can earn before child benefit is reduced or taken away is increasing.

At the moment, people lose 1% of the benefit for every £100 they earn over £50,000. At £60,000, the benefit is cut completely.

From this month, the benefit won't be reduced until one parent earns more than £60,000. And it will only go completely at £80,000.

Benefits and tax credits that are linked to inflation will rise by 6.7% this month.

That was the level CPI in September.

These benefits have to go up 6.7% by law:

Personal independence payment (PIP)
Disability living allowance
Attendance allowance
Incapacity benefit
Severe disablement allowance
Industrial injuries benefit
Carer's allowance
Additional State Pension
Guardian's allowance

The government also pledged the same raise for benefits including:

Universal credit
Contributory employment and support allowance
Contributory jobseeker's allowance
Statutory maternity/paternity pay and maternity allowance
Income-based jobseeker's allowance (JSA)
Income-related employment and support allowance (ESA)
Income support
Working tax credit
Child tax credit

From April universal credit rates are:

Single and under 25 - £311.68
Single and 25 or over - £393.45
Live with partner, both under 25 - £489.23 (for you both)
Live with partner, either of you are 25 or over £617.60 (for you both)

Every Monday we put your financial dilemmas or consumer disputes to industry experts. You can find out how to submit yours at the bottom of this post.

This week, Sky News reader SBwrry asks...

"I own a flat in a block where the developer contracted a company to manage the communal facilities. The first year the monthly charge was £149 per month. From April they will increase the monthly charge to £216 per month. What rights do I have to challenge this increase?"

Mark Chick, senior partner at Bishop and Sewell law firm, picks up the first half of this one...

Firstly, we need to understand whether this is a shared ownership property or not.

However, assuming the lease has a service charge, and that the common facilities form part of the costs which are recoverable under the terms of the lease, then the leaseholder would have the right to challenge the costs in the first-tier tribunal.

In accordance with the provisions of the Housing Act 1985, service charges must be "reasonable" and you have the right to bring a challenge.

In this situation, the leaseholder would need to pay their own costs of going to tribunal and therefore it may make sense to act collectively; if the tribunal did order the service charge is "unreasonable" and should be reduced, this should benefit all those that pay it.

But the first step is to write to the freeholder or manager querying why the increase has been levied, and also to review carefully the provisions of the lease to ensure these are costs which they can legitimately pass on to you as the flat owners.

The Money team's Katie Williams has looked at another avenue you could explore...

Leaseholders in a block of flats can take over management of the building under a process introduced in 2002 called right to manage (RTM).

The leaseholders have to set up a RTM company in order to be able to take over management duties. It can be done without the permission of the landlord, but they will have a right to be a part of the company. They'll also have the option to dispute the claim if they think the RTM company isn't entitled to manage the building.

The RTM process can be used to take back control of a poorly managed block, but flat owners don't need to prove mismanagement to exercise their right.

There are some conditions that have to be met before management can be taken over:

The building must be self contained and include at least two flats;
At least two-thirds of the flats in the building have to be leasehold;
At least 75% of the building must be residential;
At least half the leaseholders must participate, or all if the building consists of two flats only.

The advantage of right to manage is that you have greater control over the cost of running the building which could lead to big savings - but a potential disadvantage is that it could be time-consuming and stressful in the long run.

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute, leaving your name and where in the country you are, in the form above or by emailing [email protected] with the subject line "Money blog". Alternatively, WhatsApp us here .

If you regularly buy herbs and spices from the supermarket, it could be that you're doing it all wrong.

These items have their own section, usually somewhere near the stock cubes and gravy.

If that's where you pick up your cumin or chilli flakes, for example, you should consider having a look down the world aisle instead.

They're usually much, much cheaper per 10g, and although you'll likely have to buy a slightly bigger packet, you're getting much better value for money.

The Money team popped into a Tesco Extra to have a look - though you'll find this applies to all the big supermarkets where they have a world food aisle.

East End ground cumin - 13p for 10g v Tesco own brand 23.3p
East End chilli flakes - 7.6p for 10g v Tesco own brand 35.7p
East End cinnamon sticks - 13p for 10g v Tesco own brand 83.3p
Rajah chilli powder - 5p per 10g v Tesco own brand 20p
Rajah turmeric - 6p per 10g v Tesco own brand 22.2p
East End fennel seeds - 13p per 10g v Tesco own brand 27.8p
Natco ground coriander - 14.5p per 10g v Tesco own brand 27.8
East End garlic powder - 13p per 10g v Tesco own brand 22.2p

And it's not just herbs and spices.

For example, we saw desiccated coconut at £4.25 per kg down the world aisle, compared with £7.25 for Tesco's own brand.

A popular London restaurant chain has ditched tips - and has instead introduced a 15% "brand charge" in order to increase staff wages.

Ping Pong's decision comes just months before new laws mean restaurants will have to give 100% of tips to staff - and unions have hit out.

How much are wages going up?

The dim sum chain's lowest paid employees will see their pay increase from £10.42 to £12.64.

The national minimum wage for people aged over 21 rose from £10.42 to £11.44 on 1 April. The real living wage in London is £13.15, according to the Living Wage foundation.

What is the 15% 'brand charge'?

The "brand charge" covers "costs associated with operating a franchised brand and delivering the dining experience to brand standards", Ping Pong menus read.

The charge will eventually be incorporated into menu prices.

Customers at Ping Pong will no longer be able to leave a tip by card. Cash tips are allowed - but many customers don't carry cash these days.

Unite's Bryan Simpson said offering £1 above the minimum wage to replace "a healthy per hour tip rate" is "a complete slap in the face" for staff.

"Ping Pong's decision to effectively deny workers tips by cynically changing the service charge to a 'brand charge' in order to circumvent the new fair tips legislation is one of the most blatant examples of tips theft that we've come across as the union for restaurant and bar workers," he said.

"No matter what senior management call it, customers will assume that this 15% is a tip that should go to workers, but it won't. That is completely disingenuous."

Several reviews on TripAdvisor bemoaned the bill change, with some describing it as "outrageous".

"I thought it was a service charge at first but queried it and was told it was a brand charge and service had to be paid in cash on top! Needless to say we asked for this to be deducted and I did not then feel inclined to give them a service tip," one reviewer said.

What has Ping Pong said?

Owners AJT Dimsum said: "The business is very proud of the reputation it has as a good employer and, despite the many recent headwinds, has acted with integrity and honour, with a high priority placed on employee retention.

"The benefit to our employees will be stability of wages throughout the year, reducing the impact of seasonality and the higher wages will also mean improved access to financial products such as loans and mortgages."

We're back for another week of consumer news, personal finance tips and all the latest on the economy.

This is how the week in the Money blog is shaping up...

Today : Every week we ask industry experts to answer your Money Problems. Today, a Money blog reader wants to know how to challenge a big hike in their flat's service charge.

Tuesday : This week's Basically... explains everything you need to know about tax codes - as the new tax year gets under way.

Wednesday : Cheap Eats is with a Michelin-starred chef - and Great British Menu legend - from Lancashire.

Thursday : Savings Champion founder Anna Bowes will be back examining the pros and cons of another type of savings account, and the best rates currently available - this week she's focusing on notice accounts.

Friday : We'll have another Myth or Must, and Sunna Van Kampen will take us down another supermarket aisle to help us shop healthier for less.

Running every weekday, Money features a morning markets round-up from the Sky News business team and regular updates and analysis from our business, City and economic correspondents, editors and presenters - Ed Conway , Mark Kleinman , Ian King , Paul Kelso and Adele Robinson .

You'll also be able to stream Business Live with Ian King weekdays at 11.30am and 4.30pm.

Bookmark news.sky.com/money and check back from 8am, and through the day, each weekday.

The Money team is Emily Mee, Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young and Ollie Cooper, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

By Bhvishya Patel, Money team

We're all familiar with the stats - nearly half (42%) of all marriages in the UK end in divorce.

But unless you've been through it, you'll probably be surprised at how much getting divorced costs.

It varies depending on where you live and how you do it, but according to MoneyHelper a couple could be looking at between £1,300 and £2,600 for an uncontested divorce and between £10,000 and £30,000 if it is a contested case - for example, you've failed to reach an agreement and the case is taken to court.

The cost can climb even higher if the case drags on.

Family court backlogs mean a quick resolution is almost unheard of - with Ministry of Justice figures showing the average divorce takes more than a year to complete.

So what do you need to know?

This table shows some of the main costs to consider when getting a divorce.

Can you do it for less?

Although the process had become a lot more straightforward with the introduction of no-fault divorces, some solicitors still take advantage, says Desmond O'Donnell, a partner in the family team at the legal firm Thomson Snell & Passmore.

"I say to my clients, you are more than capable of applying for a divorce without a solicitor - the court fee is £593. You get other solicitors who say 'let me do it for you' because they can charge the client for that and then costs go up to £600-800." Desmond O'Donnell

He says it is better to settle a separation outside court because taking a case to court "racks up costs".

"You get some solicitor firms who see it as a business rather than what is best for their client," he says.

"If you settle a case quickly you don't make money, so they almost encourage their client to go to court."

He recommends looking at other avenues such as mediation, collaborative law, arbitration and the process of "one couple, one lawyer" to avoid being "at the mercy of the court".

Less lawyer routes

With mediation, through which a couple resolves issues with a mediator, "emails are not flying back and forth" between solicitors and matters can be resolved "within hours", Mr O'Donnell says.

Another way of handling a separation is arbitration - a private system in which spouses choose an arbitrator to hear their case in their chambers.

"It's having a judge who has the time to give your case the attention it needs and because it is much quicker, there is less correspondence so it is going to be cheaper," Mr O'Donnell says.

'Collaborative' lawyers

He also draws attention to collaborative law, which involves specially trained solicitors meeting for roundtable meetings for the benefit of the family.

"As there is more realism brought into it and we're not trying to bluff each other, very often we agree on things outside the traditional court system more quickly and cheaply than the traditional system," he says.

Sharing a solicitor?

Opting for "one couple, one lawyer", with the solicitor acting for both spouses, can cost £3,000 to £4,000 plus VAT - so "much cheaper", Mr O'Donnell says.

But this only works if the couple are on amicable terms.

Finances are not sorted with divorce

A common misconception is that divorce and finances are dealt with in the same processes - they are not, says Zoe Rose, senior associate at Hedges Law.

"I often say to clients you probably won't need a lawyer to help you with the divorce application because if you can do online shopping you can do the relevant online application with the court directly." Zoe Rose

But, she says, with discussions about finances and children people "should be spending some money getting some decent legal advice".

"You do the simple paperwork and come to me for the strategic stuff about what happens with assets and what happens with your children and what that looks like," she says.

How you communicate with your lawyer is key

How people communicate with lawyers is important in keeping costs down, according to Ms Rose.

"If you send your solicitor two emails and then automatically ring them, your solicitor won't have had time to look at your email and won't give you the nuanced advice you want," she says.

"Whereas if you send them a couple of emails and then book a slot later, what you will get back out will be much better."

Here are Ms Rose's other tips to keep fees down:

Only speak to your lawyer about legal advice as you are charged for the time you spend with them;
Avoid asking the same questions more than once;
Keep ongoing correspondence to a minimum and if you want to ask if an email has been received, your solicitor's assistant is the best person to answer this.

'Train wreck break-up prompted me to set up amicable divorce service'

In the course of writing this article, we came across Kate Daly, a relationship counsellor and the co-founder of Amicable.

The company first offers a 15-minute free advice consultation and then follows this up by helping couples decide how to divide their money and property, or with arrangements for their children.

Once they have a financial agreement, this is drafted into a consent order and sent to court for a judge to review.

It means no lawyers are needed and, the theory goes, results in an amicable divorce.

"I came up with the idea for this business off the back of my own awful train wreck divorce - it was really terrible," she says.

"It cost huge amounts of money and it created untold emotional damage, even now it still plays out in my family. A horrible divorce is like the gift that keeps on giving - it just stalks you through all life events.

"When I went through mine, I thought 'what have I done wrong to create this awful situation where we are both spending so much money and ended up in such a bad place?'"

Most couples could do a simple divorce - that is, one with no finances to sort out - themselves, she says, but it is "trickier" to do a consent order and "definitely worth getting legal advice at that point".

"We're on a mission to change the way society thinks about relationships ending and to get to a point where we can say love can end and that doesn't have to be a fight, and it doesn't have to be a failure," she says.

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When kids receive pocket money, they begin to spend it on their own, which is when they learn more about expenses. By understanding how much things cost, kids can grasp the concept of saving money to buy something they want. For instance, imagine your kid wants to buy a toy worth £15, but his pocket money is only £5 per week.
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Money blog: Restaurant chain ditches tips
The state pension rises by 8.5% today. The "new" state pension, for those reaching state pension age on or after 6 April 2016, will rise to £221.20 a week - up from £203.85.