|
|
Children Pocket Money
-
Whether you give your children pocket money is a
decision for your family.
-
Advantages of pocket money can be that children:
-
develop a sense of how much has to be done to earn money
-
learn that 'money doesn't grow on trees'
-
learn what money can buy - how much they need to buy what they want
-
can have their own money to spend - helping them develop self control
and understanding the value of money
-
learn about saving
-
will know there is a set amount of money rather than asking for money
all the time.
-
Disadvantages can be that:
-
children may think they will get paid for everything they do to help
-
you have to find the money to pay them regularly
-
it is hard to know what the pocket money is supposed to pay for - there
always seems to be something more.
-
If you decide to give pocket money you need to work out:
-
how much is reasonable
-
whether the money will be paid for doing chores
-
how much must be done to earn it - and how much is simply because 'you
are a member of the family'
-
how much each job is worth
-
whether all children get the same amount or the older child gets more
-
how much control parents will have over the use of pocket money - do
they have to save some? What can they buy with it?
-
when you will pay - the children won't learn about the responsibility of
money if you don't honour the agreement.
-
An idea might be to give your child a set amount each
week, putting half in a savings account.
-
At the end of a time agreed on by you both - perhaps three months - the
child can spend the saved money exactly as they wish.
-
If they choose to 'waste' it on lollies they can do so.
-
However most children want something special and usually prefer to save
for that particular thing and not waste it on a brief pleasure.
-
This helps teach them the value of saving.
|
|
