Many parents often have arguments about pocket money. Many questions arise on this topic.
Is it okay to let children manage finances? Is it necessary to allocate funds to children?
Some parents believe that children should earn money themselves, while others say that they do not restrain them in any way when it comes to money.
Do children need money?
It is undeniable that economic literacy plays one of the main roles in the life of every person.
If you tell a child who doesn’t know financial literacy and doesn’t know how to earn money or what to spend money on: “Go and earn money yourself,” the child will be in a stupor.
Even if parents told their child and taught him financial literacy in words, he will not succeed, since he needs to try everything in practice.
Having pocket money helps a child learn to make decisions about how to spend money.
To prevent your child from having problems with money, you need to start teaching him economic literacy now and try out the skills he has learned in practice.
You shouldn't provide your child with money at his first wish, as it won't lead to anything good. Gradualism is important in this matter.
How soon should I start?
A small child who does not yet know what to spend money on and how much has no chance of managing his budget correctly.
Children should be provided with funds when parents understand that they will spend them on something useful. With age, only the amount of pocket money will change.
Teenagers have every chance to earn money without help from others. They can work as waiters, walk dogs or distribute leaflets.
There is no need to pay your children for excellent studies or cleaning. The whole family participates in maintaining the comfort of the home, so there is no need to single out only the child, he must understand that he will have to do this all his life.
The right pocket money system
It is necessary to give money to the child regularly. It is necessary to understand the exact date of salary and its amount, and from this calculate how much money can be allocated to the child.
You can select an exact day of "salary" for the baby. Having calculated how much money is spent on daily expenses, you can select the exact amount of "salary".
It is necessary to constantly give your support and trust to the child. There is no need to find out every day what the child spent his money on, there is no need to strictly control his expenses.
However, he must understand that he will be able to talk to his parents if any problems arise.
It is necessary to set an example for children. It is impossible to teach money literacy if parents themselves do not understand anything about it. It is necessary to offer the child to participate in preparing for the purchase of various expensive things.
It is necessary to teach a child financial literacy from an early age. There is no need to be upset by his failures, on the contrary, you need to support him in everything and discuss problems and difficulties together.
Author: Valeria Kisternaya
