The pocket money spring clean: How to earn, spend and save smarter

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Spring isn’t just for cleaning cupboards. It can also be the perfect time to reset your child’s money habits. Use this fresh start to check in on how they’re earning, spending and saving – all with a little help from GoHenry.

The pocket money audit

Think of it as a yearly pocket money review: a quick sense-check ensures the allowance your child receives is still the right fit for their age and goals.

Involving them in conversations about their pocket money is a brilliant jumping-off point for future money chats. It also helps give them ownership over their finances.

Sit down with their GoHenry smart money app and show them what their weekly allowance is currently set to.

Ask them whether or not they think this is a fair amount. This is an opportunity for them, especially if they’re getting older, to make a case for an allowance increase. For example, “My bus fare has gone up, so I need more allowance to cover the cost”.

If you’re not in a position to increase their weekly allowance, explain your reasons why. Talking to your kids about your own financial commitments and budgeting may seem scary, but it’s a good way to show healthy money management in practice.

Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.

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Chore check: New age, new wage

Now that they know their baseline for weekly pocket money, it’s time to review what chores they can do to earn a bit extra.

Head to the Tasks section of your GoHenry app and see what chores you’ve set up.

Review their current chores to see if they’d like to add any new ones, and agree on a fair payment for their extra effort.

If your child is older, this is a chance to add more age-appropriate chores to the list. For instance, your teen might be ready to take on weekly tasks like changing their bed sheets or cooking a family meal.

Once you’ve settled on how much they’ll get paid for each chore, add this to the Tasks section. Make sure to tick them off each week to ensure they get paid (assuming they’ve actually done what they said they would!).

Earnings in the gohenry smart money app

Clearing out old savings goals

Give your child’s savings goals a spring refresh. Having a specific target helps them visualise their progress and stay committed to their budget.

Chat through whether they still want to save towards those targets, or if they want to move that money to another goal.

If they’re close to their target, talk to them about how they can make that final push to get over the line.

Finally, discuss any new goals that they have for the year. For example, do they want to have some money to take with them on holiday in the summer? Or are they wanting a specific bag for the start of the new school year?

Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.

Get started

Resetting the pocket money splits

With their earnings reviewed and savings goals set, it’s a great moment to decide how they’ll divide up their pocket money. Having a clear plan for every pound helps them reach those targets even faster.

If this isn’t something they already do, talk to your child about splitting their pocket money between pots (spend, save, give).

Help them decide what percentage of their money goes into each pot (for example: 40% spend, 50% save, 10% give). If they’ve already set these up, take a moment to see if those amounts are still working for them.

Head to their GoHenry app and set up/adjust their autosave amount. Their chosen percentage will automatically be transferred to their savings pot when their allowance is paid.

Within the Gift section, they can set up a recurring donation to the NSPCC, allowing them to share a small portion of every allowance they receive.

Clear out, cash in

Finally, use the seasonal clear-out as an opportunity to sell unwanted toys or clothes. This is one of the first lessons your kids can learn about earning and entrepreneurship.

Gather unwanted toys or clothes and research their potential value on sites like Vinted or eBay.

Under your supervision, help them create listings and manage the shipping once an item sells.

Set up a specific savings pot just for their sales, letting them watch their earnings grow as they clear out the clutter

GoHenry: where kids go to learn money

Kids learn to earn, save, spend and invest with pocket money, custom savings goals, gifted money from family and friends, gamified lessons and more. Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.

Join today!

*T&Cs apply. GoHenry Interest Savings is provided by Bondsmith Savings Ltd, authorised by the Financial Conduct Authority. The GoHenry card is issued by IDT Financial Services Limited, a principal member of VISA Europe.

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Written by

Kate Steere

Editor

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Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

Kate's expertise

Kate has written 187 Finder guides across topics including:

Banking
Savings
Fintech
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Payments

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