To give or not to give pocket money to a child? At what age can you trust them and how much? Control spending or not? Sooner or later, many parents begin to think about these questions.
According to psychologists, in order to feel like a person who feels confident in the world of self-sufficient adults, pocket money is necessary for a child.
Pocket money is a powerful material stimulant for the psychological upbringing of children; it is their freedom and independence from their parents, the ability to count and count, save and accumulate money.
Rules for issuing pocket money to children:
- Psychologists recommend giving pocket money, starting from school age. And who knows maybe one day he will want to buy a balance bike for himself.
- Determine the amount of pocket money, taking into account the financial well-being of the family, the necessary expenses and, of course, the age of the child. The decision is better to take at the family council, in the presence of a child.
- Self-control and planning teaches systematic. For younger students, it is enough to give out pocket money once a week, for teenagers – once a month. It is better to give pocket money to a child in the middle of a week so that the receipt of money is not associated with summing up studies, weekly behavior, etc.
- Make sure that pocket money is not spent on junk food and beverages, alcohol, cigarettes, drugs, etc.
- Money should not be a means of influence. Studying and homework is the responsibility of the child; therefore, the child should not be promoted or punished with pocket money. Also, the amount of pocket money should not depend on the behavior of the child, the mood of the parents, the lack of communication with the child.
- Do not give out money in excess of the agreed amount.
How to teach a child the basics of financial literacy:
- Do not advise obsessively and do not dispose of the child’s pocket money. Let him feel independent and overcome the consequences of thoughtless spending. If the baby spent all his personal money on candy on the first day, let him be aware of his behavior until the next “salary”.
- When the first euphoria will pass and the first few “salaries” will be spent thoughtlessly, teach your child to write expenses in a notebook so that he knows where the money goes.
- Have your child pay something important, but not expensive, out of pocket money (for example, stationery, etc.).
- Gradually increasing the amount (each time specifying the reason for the increase) and the time between returns, you will teach your child to manage money wisely, spend it not only on entertainment, sweets and toys, but also pay transportation costs, school lunches, theater tickets and concerts, provide yourself office and books, buy gifts for friends.
Kids and pocket money: safety rules
After giving the child money, explain that this is not only an opportunity to buy but also some danger associated with their wearing and storage. Money can be lost, they can be stolen or taken away. To avoid this, the child must learn simple safety rules.
- You can not show money to strangers (children or adults), praise pocket money.
- It is better to keep money at home in a certain place (piggy bank), you should not carry all your savings with you, you should not carry money for current expenses or leave them in your outerwear pockets (buy a purse for your child).
- If a child is threatened with violence by unfamiliar children or adults who demand money, let him give without resistance. The life and health of a child is priceless.
- Also remind the child that it’s absolutely impossible to borrow money from unfamiliar adults or give yours in exchange for a promise to give soon.
- If your child is not big enough, spend your money on a baby stroller.
The main purpose of allocating pocket money to children is to enable them to manage their own material resources in order to understand their needs, learn to plan and exercise control over expenses, and also to understand the value of human labor.