How Much Money Your Child needs for Pocket Money?
Pocket Money Tips
The word pocket money stands
for cash required for day-to- day spending. Pocket money helps a child
to judge what he requires, how much a thing should cost and on top of
that ‘Value for Money’.
Pocket Money usually consider
as fixed money given monthly ,weekly and daily by parents
to their children. Pocket Money let them know how to move in this practical
world where nothing comes without money. There is no straight answer
on the question that how much amount should be granted to children as
pocket money? Age, education, family status, habits and overall a child
feelings, thinking and requirements play a significant role in deciding
Pocket money is indeed an important
aspect in the upbringing of a child. If the pocket money system is practiced
under the limits then a child will not only understand the value of
money but will also be a thrifty human being. Hence this system of giving
children allowance can have unimaginable benefits for a child.
A very important question that
arises in the parent’s mind is the amount of pocket money that should
be given to the child; the amount should be sufficient for the child’s
day to day expenditure but should not play the role in spoiling the
habits of the child. Hence the amount of allowance that should be given
to the children should be properly calculated by the parents according
to age, need and intelligence to spend the same wisely.
Also a very important point
that should be taken into consideration is that the pocket money should
be updated time to time so that the child may not develop a complaining
attitude towards the system. Parents must also exercise caution while
updating the pocket money as the demanding nature of a child would always
require for an increase but such situations must be tackled with caution
and a firm attitude which will inculcate the disciplinary habits in
Tips to Prevent Misuse of Money Among Children
HubPoll : Pocket Money
do you think children should have pocket money under the age of 15 years?See results without voting
HubPoll :Spending Pocket Money
What do you do with your pocket money?See results without voting
Things to Remember before Calculating Pocket Money
The expenditure’s of a child
may vary from age to age, so the different ways in which a child spends
his pocket money also change. There are few significant points that
the parents should keep in mind while calculating the pocket money.
Firstly, the expenditure’s
of the child should be categorized. Categories can be allowance for
entertainment, conveyance allowance, and additional expenditures.
Secondly, the parents should
lay focus on the necessary expenditures and grant them without negotiation,
then the expenditures in the leisure activities should be calculated,
there should be a limit on the money that a child spends on entertainment
and the expenditure in this category has a tendency to increase as the
child grows into his teens.
Thirdly, some additional
allowance should be given to the child for miscellaneous expenditures,
and the fourth and final step that will decide the correct amount for
the pocket money is the tallying of the expenditure at the end of each
month, this step ensures that the child is spending his allowances judiciously
and also gives a correct estimate to the parents for effective updating
of the allowances.
If due to some reason caution
is not exercised in the last step then the child may give an exaggerated
estimate of the expenditure and start wasting money.
So the amount of money that
should be given to the children as pocket money requires a very dedicated
effort from the parent’s side and if it is done properly the child
benefits a lot. In the long run exercises it develops discipline in
all aspects of life.
To develop the children as responsible human being always motivate them for future savings even from pocket money too. Tell them with examples that spending is much easier and earning is very tough.If parents inculcate saving habits in the child the child will able to manage his resources efficiently.
Kimberley Interview on Sunrise about Pocket Money
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