How to Give Pocket Money to your Child

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How to Give Pocket Money to your Child

Many parents have questions related to money, whether to give the child pocket money, whether children need pocket money. And if you give, then how, and how much? Is it not harmful to encourage good study with money, is it necessary to control their expenses?

Happiness and success in life, for the most part, comes to those who know how not only to make money but also to manage it. Thus, from an early age, you need to teach children the right attitude towards money.

To give pocket money to a child is to cultivate independence in him, to prepare for adulthood. For the psychologist, there is no doubt that children need pocket money. A child without them will not be able to feel free and confident. And unpleasant qualities can arise from him like an inferiority complex, envy, greed.

Proper Disposal of a Child with Pocket Money

The child’s competent disposal of pocket money does not depend on how rich or poor their parents are. After all, you can put up a lot of money and, conversely, provide your family with everything you need for a modest income.

Pocket money is not too big, so the child will have to analyze options, prioritize and gain life experience.

If you see that children spend pocket money unreasonably, do not intervene too actively. You can help only with advice, but not a categorical ban. Financial loss is one of life’s lessons. The child will draw conclusions from his unsuccessful spending.

Get a children’s piggy bank

Get a children’s piggy bank
Let the child learn to save some of the money for the future.

Let the child learn to save some of the money for the future. Competent disposal of a child with pocket money will be very useful to him in life.

If a new thing bought by a child soon rolls around anywhere. Explain to him that every dollar spent should be of real use, even if it is entertainment. And purchase is not needed, then you should not give extra money on it.

Financial Education

  1. Coordinate methods of financial education in the family without the presence of a child. Otherwise, he will choose not so much useful as a position favorable to himself.
  2. Do not scold the child for spending money incorrectly. Better give some good advice. Let the child understand that you are not an enemy to him, but a friend who wants to sincerely help.

If the baby does not have enough money for a quality purchase, add as much as necessary. If there is a shortage of the required amount, then explain that it is better to wait until the amount accumulates than to get a thing of dubious quality.

Pocket money for children – Pros and Cons

Pros

  1. A child does not feel humiliated next to other children when they buy themselves trinkets that are important to them or something tasty.
  2. A child does Proper management of pocket money from childhood gives experience in planning a personal budget, and prepares for future responsibility about a personal budget. Not feel humiliated next to other children when they buy themselves trinkets that are important to them or something tasty.
  3. The lack of pocket money in a child can cause a negative attitude towards parents. It happens that a child begins to steal from his family, and later from friends.

Cons

  1. Since children still do not know how to use money rationally, the family will incur some loss. Therefore, it is financially profitable when parents buy everything necessary for the child.
  2. If the child is not limited in money, he will not know their price, arrogance, and bragging will appear.

How Much Pocket Money you should give to your Child

Many are interested in the important question of how much pocket money to give a child. The concept of “pocket money” themselves carry the answer – they cannot be too many by definition. It all depends on wealth in the family.

A large amount will be spent on unnecessary trifles, and too small can lead to infringement of dignity among peers.
How Much Pocket Money you should give to your Child

But even wealthy families should not forget about a reasonable approach. After all, the essence of children’s pocket money is not only to buy a roll on a break. No less importance is attached to them, to teaching financial skills.

A large amount will be spent on unnecessary trifles, and too small can lead to infringement of dignity among peers. How to find a middle ground?

To determine the optimal amount, find out how much money will be required for school breakfast, bus travel and other necessary expenses.

Psychologist consultant recommends giving children so much that they have enough for the necessary expenses. If family income allows you to increase the amount, do not rush. Let the kid himself understand that for a lot of money you need to work hard and hard.

From What Age to Give Pocket Money to your Child

Preschoolers do not need money, their parents provide everything they need. But the presence of some small money gives children an occasion to think about how to properly dispose of them.

Most psychologists advise introducing a child to money from the age of 3 on the example of joint purchases in a store. So he will learn to understand that you can’t buy everything you want. From the whole mass of goods, it is necessary to choose exactly what is needed at the moment.

From What Age to Give Pocket Money to your Child
At 5 – 6 years old, the child is prepared for independent shopping.

At 5 – 6 years old, the child is prepared for independent shopping. If he still does not cope with this, do not refuse him money too categorically. Explain his mistakes, and help to fix them. If the child already knows the score, teach him to count the change.

Pupils, starting from the first class, simply need pocket money. A trip to the store helps to gain experience with them. Mathematical thinking develops, responsibility and independence increase. And these are the first steps into adulthood.

What Is The Principle Of Giving Pocket Money To your Child?

American psychologists have identified four methods for issuing pocket money

  1. Issue money on demand
  2. To give them out only as a reward for something
  3. Issue money according to regularity ( daily, weekly, monthly )
  4. Dispense in portions as needed

Psychologists consider the last two options the most optimal. When giving out pocket money to children, stipulate in advance what it can be used for goodies, entertainment, and not for cigarettes, junk food.

It is best to give your child constant money calculated for a specific purpose. If unforeseen expenses arise, increase pocket money accordingly.

To younger students give a little pocket money every day. For 10-12 years old children – once a week. And to adult, high school students from the age of 14, issue money once a month.

Do You Need Control Over Pocket Money

Parents should control the expenses of their children. Tell hem what it is better to spend money on, but the child must make decisions. Complete dictatorship by adults inhibits the development of independence in children.

Let the child manage their money
Trust the baby to manage their own money,

You need to intervene when money is given to the child, but you do not see material results where they go. Excuses such as discos, sweets and what cannot be verified should be alarming.

Trust the baby to manage their own money, parents can already transfer it to a new level of household chores. If he has grown enough to possess pocket money, then he has grown up to normal help in household chores.

Encouraging or Punishing your Child with Money

In recent years, many parents have chosen the easy and fast way for their children to achieve success in learning, behavior, and home help. Well completed the task – get the money. But psychologists are wary of this method.

If the first grader has a modest amount, then the teenager’s motivation will cost much more. Furthermore. How much will it cost parents to receive children in their chosen university? Approximately the same situation will be with household chores. Then there is no need to be surprised when adult children refuse to help impoverished elderly parents, as a rule, this is a mistake of parents and nothing more.

One should reward the child for good behavior, or punish the dollar for rudeness. So he understands that poor behavior does not deserve monetary encouragement, that money must be earned.

Tips on giving Pocket Money to your Child
To adult, high school students from the age of 14, issue money once a month

7 Tips on giving Pocket Money to your Child

  1. Giving pocket money to children must be stable and timely. Gaps in payments or a delay will raise financial irresponsibility in the child.
  2. The child must know what kind of expenses they give him money.
  3. Do not deprive your baby of pocket money as a punishment for misconduct.
  4. Do not change the established rules. If the size of your pocket money has decreased, explain the reason and seek mutual understanding. All changes in the payment of pocket money, coordinate with the child.
  5. Do not compensate the child in vain for money wasted or lost due to carelessness. This will teach him to be collected and serious.
  6. The kid should not show anyone how much cash he has.
  7. You can not borrow money or give, especially to strangers.

Conclusion

In today’s world, children all understand that money is not the main thing in life, but you cannot live without it. Means for living must be earned and rationally spent. The task of parents is to teach children this from a young age. And pocket money is the way to practical life lessons.

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