She's 15 (and a half), currently gets 55 EURO (approx. 66 USD) as her monthly pocket money, and 22 (11+11) EURO per month directly into one mutual fund on her name.
The deal with a mutual fund is that until she reaches 18, for each amount that she’ll put into mutual fund, she’ll get the same amount from me. I’ve came up with this “11+11” incentive while she never used the initial deal within more than a year - she spent/spends everything ASAP. Now she can at least observe how pile slowly grows in real (for more than a year), but she still doesn’t act upon it on her own. I don’t comment that any longer, I just print her out quarter reports of “her” investment.
Our deal with a pocket money is that the amount should cover her phone expenses, small stuff and wishes, luxuries, as well as clothes that she doesn't really need. So far so good; most of the time.
(Remark: She hardly ever gets any money or gifts from relatives or others.)
But somehow I don't feel comfortable - I feel confused.
First, because pocket money amounts and parental attitudes towards it differ so much.
Second, I'm still not sure whether a pocket money should really be something that kid gets unconditionally or not. Could/Should a pocket money also be a part of some boundary or conditions system or/and eventual negotiations?
Third, I can hardly afford to give her more (but am willing to work that out).
Fourth, her money attitude and skills aren't changing, improving/developing.
Fifth, I'd like to implement incentives concerning chores (or else), and eventually to boost her school marks (which are somewhere in the middle but quite below her abilities and intelligence).
Doc, I would extremely appreciate your help in resetting this pocket money story of ours (incl. the appropriate amount for this age), as well as some practical suggestions how to develop and incorporate the incentives. All others’ comments will be much appreciated as well.
PS: She’s a great, quite modest kid … only her mom gets confused occasionally … ;-)