Monthly cost per child: £26

As kids get older, they want more and more pocket money. The question is, how much is enough and how much is too much?

Cost-cutting tips: Definitely give your kids an allowance as it teaches them the value of money. Set an amount per week/month and stick to it - if it's spent, it's spent!

If they need to borrow more, then set out terms and make sure you get it back. Without understanding the true cost of living this generation is storing up trouble for the future with potentially disastrous consequences.