Definition: Money given to a child on a regular basis. It is typically given to the child by a parent or guardian. The money may be designated for a specific purpose or to spend as the child chooses. In some cases, the money is tied to the completion of household chores.
Also Known As: Pocket money
Examples:
- A parent gives her child $1 each week. She can spend the money however she wants.
- Another parent gives his child $2 each week if weekly chores are completed; if all the chores are not done, the child receives $1.
- A third parent gives his child $15 each week. The child must purchase his lunch at school. Any amount left over can be spent as he wishes.
