Pocket money is a big thing for most people. Yes everyone has some type of plastic in their pocket, but there is still that occasion where you need cash. So how much is the right amount. Well that depends on what type of lifestyle you live and if the money is for you or your child.
Teaching children the value of money seems to be a lost concept for many kids. They just think they can ask and get whatever they want whenever they want it. It really is amazing how times have changed since we were kids. Remember when it was a big deal to get fifty cents from the tooth fairy? Now a days kids would have a fit if they did not get at least five dollars. It is truly amazing how much things much things have changed. Teaching your children the value of money and how to spend it should be at the top of any parent’s list. Today’s economy is not going to get better anytime soon.
The first to figuring out how much pocket money you or your child will need is to think about what you spend during the day. Now pocket money should be limited to those things that are too small to worry about sliding your plastic for. Small things like coffee or milk even picking up the evening newspaper.
Giving small children money is a good way to start teaching them how to manage their money. Children that go to school can use this time to see exactly what their money may get them. This will also teach them to save their money if something they want cost more than their pocket money will allow for that day.
As your child gets older teaching them the value of money will help them in real life situations. Children should understand how much money they get and how often they will get it. Make sure they understand how to manage the money they have to last till the next time they get money. How much to give them will really depend on you and what you think is a reasonable amount.
Earning money by doing extra things around the house, could be a good way to teach your child that earning money is better than someone giving it to you. This is a good life lesson so they do not go through life thinking people should just give them money.
Set rules on how much you will give them and on what day you will give it to them. Make sure you give them only what you can afford despite what anyone else may think. Your child will learn their most valuable lessons about money from watching you. So how you spend money and on what will have a big impact on them. Teach them to save and that when you can donate, but only as much as you can. Do not over extend yourself or try to make others think you have more money than you actually do.Posted in Uncategorized