So that the child knows the value of money, he understands that they do not fall from heaven, but are earned, children need to be taught how to manage money properly from childhood. Let’s try to figure out whether it is necessary at all to give money to children for pocket expenses? We will figure out how to react correctly if it suddenly turns out that the child is stealing money. To understand how to raise a child’s responsibility and the right attitude towards money so that the child does not grow greedy, it is necessary to consider all aspects of the monetary issue.
Cartoon for children: What is money?
Should I give my child pocket money?
Arguments for giving money to children:
- Having your own money teaches children to manage their personal budget (save, save for something);
- Children learn to choose what is more important at the moment, learn to prioritize;
- The presence of pocket money makes children want to have more, and, therefore, is an excellent incentive for earning in adulthood;
- Own money management fosters independence, responsibility and confidence in children;
- Having your own finances gives the child the feeling of a full member of the family and society;
Arguments against giving children money:
- Since the children didn’t make money themselves, and the money went to them just like that, this amount can be easily spent on meaningless trinkets, which obviously will not teach the child to value money;
- If you give money to children for exemplary behavior or for help with housework, this may cause blackmail in the future;
- Money can make a child greedy and envious;
- It will be difficult for children to understand the true price of money.
There are many arguments for and against issuing pocket money to children, but the truth, as you know, is somewhere in the middle.
The optimal age for issuing pocket money is considered 6 years. A child at this age is already able to assess the situation and make simple decisions independently. Before making the child happy with the first pocket money, it is necessary to clearly explain how to handle it.
Should I give money for some merit?
Many parents give their child money for good grades in school and the performance of some household chores. Remuneration in cash is a good incentive to study well and help around the house, but the child must clearly understand that these are his direct responsibilities, and they should not be paid. In this case, the child grows up as an egoist, who even performs his direct duties solely for monetary reward.This will also affect the relations of parents with the child, and instead of respect and selfless help, a commodity-money exchange will appear.
Allocating money to a child for pocket expenses, you need to be extremely careful. In case of improper financial management, it is necessary to explain to the child why / where he spent the money incorrectly in order to avoid this in the future. From early childhood, it is necessary to properly teach children how to manage money, only in this way the child will learn to value them.
How much money to give a child?
When you have firmly decided that the child has reached that age in order to manage his own money, conduct an explanatory conversation with him. Tell how much, why, and why he will be given money. The amount of money depends on the common sense of the parents. But also other factors influence the amount of pocket money allocated to a child:
- Age and responsibility of the child;
- Financial situation of the family;
- Settlement (of course, that in a megalopolis prices are much higher than in peripheral cities).
Criteria for issuing pocket money:
- Psychologically, the child is ready to manage his own money in the first grade, after he has learned to count and read;
- A reasonable amount must be allocated to pocket expenses;
- Give out to preschool children money once a week, to teenage children once a month;
- Keep under control all the financial expenses of your child to prevent illegal purchases (tobacco, alcohol and drugs).
Never calculate the amount based on:
- School performance;
- Domestic help;
- Exemplary behavior;
- Own mood.
Do not make up for the deficit in your attention to children. Remember that the issue of pocket money should pursue one important goal - the education of financial independence in the child.
Tips for parents:
- The child must know why he is given money, for what and how to spend it;
- The amount issued must be within reasonable limits and grow as the child grows older;
- Set a clear schedule for giving money to the child, let it be any particular day of the week / month;
- The amount must be strictly fixed. This will teach the child to manage limited funds so that they are enough for a certain time (teach to plan);
- If it is not possible to give money again, explain to the child the reason why this happened.
Giving a child pocket money, it is not necessary to clearly regulate what he should buy. Let them manage the allocated amount on their own. So he will learn to manage his own funds expediently. Of course, the child will first have to learn to cope with a lot of temptations, to be responsible for the consequences of senseless spending, but in the end he will learn to correctly and reasonably relate to money and shopping. Advise the child to record each of his purchases so that later in the week he can analyze his financial expenses and draw certain conclusions. It will also give parents the opportunity to monitor their child’s spending. Tell us that if you save money, you can collect a decent amount and buy something more substantial, something that he has long dreamed of. So he will learn to save and save money in a piggy bank, without spending on meaningless purchases. Keep track of your child’s expenses gently, unobtrusively, with confidence.
Safety Precautions
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- Inform the child about all the possible risks of carrying money with you (loss, theft);
- Caution your child not to show off money to his peers or adults;
- Give your child a piggy bank, let them keep their savings there, it's safer;
- Teach you to keep money not in your pockets, but in your wallet;
- Tell us that in the event of an attack or blackmail, it is better to give money without resistance.
Recommended related book: Children and money (Author: Bliskavka Evgeniya Aleksandrovna. You can download here http://moneykids.ru/)
It is definitely necessary to give money to children. Otherwise, how do they learn to dispose of them correctly? And subject to all the tips and precautions, you will raise financial independence in your child and inculcate in him the right attitude to money.
We also read:
- 12 rules for issuing pocket money to children (personal experience). Plus video expert advice
- Children and money: 10 mistakes of financial education
- How to encourage a child
Video: Children and money
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At what age should children be given pocket money and is it necessary?
Pocket money for children: give or not?
Children and money - should children give money? If so, how much? And what if the child requires money, but the parents do not have it? Teacher-consultant Victoria Proskurov answers the questions of the host transfer of the School Bus of Mikhail Arshavsky:
Yes, my opinion is that children should be given money! but also not for \ (visit) where the child spent them! Why, yes, because a child from an early age would be able to manage money and be aware of where he spent it for what purpose.
Pocket money not only accustoms the child to financial independence, but also allows him to feel like a full member of the family, to feel a certain degree of freedom. So, money for small expenses should be given to the child. But at what age? It seems to me from the age of ten, when the child is already able to spend money not only on sweets.