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Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

I wanted to ask you guys how do you deal with money that you give to your children. Like, I am a father , but my son is 1.5 years old and this question should not be taken into consideration in approximately 10 years , but what should I do next. I have been grown up in a family where I was not able to ask my mum about money for my pleasure, I mean that in the age of 10 I directly understood that we struggle from lack of money and I was afraid of my mum. She was like broken down that cannot give her son extra 5 bucks for a dinner in school, but I always say her that that is stupidity. I will love her for everything she has done to me , but not for money. What is your attitude to giving pocket money to children?

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Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

Pocket money is one of the first ways for children to learn the basics of managing money – a skill they’ll definitely need for life – and it makes children feel independent. Equally, if your family finances or values mean you’d rather not give pocket money, this is also an important lesson for your children.Giving pocket money creates the opportunity to teach children about spending thoughtfully and saving – and even the consequences of misplacing money, losing it, betting or giving money away. Regardless of the amount of money, giving pocket money to children as young as four or five years helps them to begin learning about money management. Pocket money also helps teach children about having to make choices, saving up and waiting for things they want. Letting your children make a few mistakes – like spending all their hard-earned savings, originally earmarked for a hot-wheels car, on fake tattoos instead – is part of the learning process. But it’s OK to put limits on what they spend their money on. For example, you might discourage them from buying bubblegum or lollies if that interferes with their appetite for nutritious food or you want to protect their teeth from decay.

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Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

I suggest that pocket money are useful for children who are over 10 years , because if you start giving money to the child who is 6 years old, he or she would not understand that money is what we should respect and every coin is given by the hard working of you , meanwhile a person who is 10 years old can understand and appreciate them.

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Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

In my opinion children should get pocket money. There are more plus points and less are the minius point in giving pocket money. But it should be in certain limits. If they get less amount of pocket money they can develop the habit of saving money and can enjoy with friend on a dinner or on a cold drink.They can buy a gift for a friend on his birthday from the saving of their pocket money. Pocket money is a great thing... but so is long term and short term investments. That can put more than just change in your pockets.

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Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

Pocket money is necessary. Even if a family is very poor, a dollar per week should be given (if it is possible to give more, give more. But your child should understand that you are unable to give him or her big sums of money and if he or she wants to buy something expensive, then it is necessary to keep money, not to waste it on something useless). As for the age when it is better to start giving pocket money to your child, I think that 6-7 is a perfect age, because this is the age when a child shows the first signs of independence going to school

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Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

I feel pocket money must be given as Teaches the value of money: When your child is given a certain amount of cash as pocket money, he or she should be taught on the ways to use it. To make your child know the healthy ways of spending money, teach them! Guide them on how to pick up the most important needs and then spend money. This makes your child understand the value of each penny! If your child is too stubborn to consider these smart ways of spending money, let them do whatever they wish! Just warn them that you will not give a single penny if the pocket money gets over before the last date.

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Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

I can agree with all the comments below, but the most impressive was the first one and i also consider that pocket money were made in case that all people want to show to their children that we should respect money and in that order many parents tell children to make some work in the house to get them.

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John
Last seen: Never ago
Joined: 09/02/2016 - 06:11
Pocket money

I think that children should be toughed how to value money since childhood because if they don’t know how to value them since childhood they will not be able to do this when they are adult already. I think it is nice way to make children earn their pocket money by themselves. For example they can just do some household duties and earn money. So there will be clean house and your child will knew the value of money.

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856

Peter's picture
Peter
Last seen: 3 years 4 months ago
Joined: 07/08/2014 - 08:22
Pocket money

I think pocket money should be given to a child but you should control all the expanses. You child should know the value of money that’s why you need to say to your child that it is everything for (for example) a week. If you spent it earlier it is your problem. I remember how my mother taught me to value money. I earned them myself. It doesn’t mean that I should find the job for myself but I did some work by the house and she payed me for that or this service. So when I spent those money I thought first if I need this to buy or not. And mother’s way of teaching me helped me much in the life.

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Nicky
Last seen: Never ago
Joined: 10/17/2016 - 02:17
Pocket money

I believe pocket money is something positive because chldren learn how to spend smart their money and be responsible with them, so when they grow up they can use their money without worrying when they going to stop. This is something they're going to need in their after life later. When they are older they can understand the value of money. They can understand from young why and what we spend money on. If we teach children from young, they can than make better choices in life instead of spending it on bad things, but by actually spending it on good things :woohoo: :woohoo:

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596

Steve
Last seen: Never ago
Joined: 10/17/2016 - 02:00
Pocket money

I think that giving kids pocket money is the right way to teach them about earning money, budgeting and saving money. We are role models for our kids, that is why they develop their habits and attitudes toeards money from their us and from the way money is managed at home. I think that giving children money can help them to make money decisions. They can choose whether to spend their money now or save it up for buying something more significant in future. Some parents pay their kids pocket money without some jobs to be done, my parents paid me pocket money for particular jobs around the house. It helped me to learn how to do many things, to save money and to understand its value.

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