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Pocket Money Chart Australia: How Much, What For, and How to Teach Saving
Pocket money is one of the best money lessons a kid can get, because it's real money and real choices. A pocket money chart makes it visible: what they earned, what they've saved, and how close they are to the thing they want.
How much pocket money?
There's no official amount. Some families use a dollar per year of age per week as a rough guide, others less. Choose a number you can pay every single week without stress, because consistency teaches more than the amount does. Agree up front what pocket money is expected to cover, such as treats or small toys, so the amount has a purpose.
Chores or no chores?
Three common approaches:
- Allowance only: a fixed amount, with chores done because they're part of the family.
- Earned: money tied to specific jobs.
- Mixed: a small base amount plus extra for bigger jobs like washing the car.
Any can work. The mixed approach is popular because kids learn both that money is earned and that helping out is expected.
Spend, save, give
Split each payment into jars. A simple starting split is half to spend, most of the rest to save, and a little to give. Let kids pick a savings goal with a picture, and show progress on a chart. Watching a jar fill toward a goal is the lesson.
Making it digital as kids get older
Many Australian banks offer kids' accounts and some offer apps for teens. A pocket money tracker you keep at home bridges the gap: it shows balances for each jar without needing cards or bank access.
Let them make small mistakes
If they spend it all on day one and regret it, that's a cheap lesson. Resist topping up. Talk about what they'd do differently next week.
Worked example
Here's a worked example. Chloe (8) and Max (11) each get a base amount every Saturday: $4 for Chloe and $6 for Max, which their parents chose because they could pay it every week without fail. Each child can earn up to $5 extra for bigger jobs, like washing the car or helping with a garage clean-out. Both split their money into jars: 50% to spend, 40% to save and 10% to give. Chloe is saving for a $45 art set, and her chart shows she'll get there in about nine weeks if she saves her share and does one extra job. Max wants a $90 game and works out that he needs 15 weeks, or fewer if he earns extra. In week three, Max spends his whole spend jar on lollies on Saturday afternoon and has nothing left for the school disco. His parents don't top it up, and the next week he keeps some aside. That's the lesson working. The amounts are only an example; pick what suits your family.
How to do it: step by step
- Agree an amount you can pay every week and what it should cover.
- Choose allowance, earned or mixed.
- Set up spend, save and give jars and an agreed split.
- Help each child pick a savings goal and add it to the chart.
- Pay on the same day each week and update the chart together.
Do it the easy way: Pocket Money Jars
Teach kids to spend, save and give, with jars they can see filling up. It works offline on PC, Mac, iPhone and Android, keeps your data on your device, and is a one-off A$19 (no subscription).
- Jars: Spend, Save and Give balances for each child, with a savings goal.
- Chore chart: tap a star each day a chore is done.
- Pay day: one tap pays the week's base + chores, split into jars.
- Money in & out: birthday money, purchases and donations.
Frequently asked questions
What age should kids start getting pocket money?
Many families start around five or six, when kids can count money and understand waiting.
Should pocket money be tied to chores?
It's a family choice. A small base plus paid extra jobs is a popular middle ground.
How much should kids save?
Start with a simple split, like half spend and most of the rest saved, and adjust as they grow.
Should I pay in cash or digitally?
Cash is more concrete for young kids. Older kids benefit from tracking balances digitally.
General information only, not financial or tax advice.