Guide to giving pocket money to children
Giving pocket money to children is one of the first steps in teaching them financial management and responsibility; But the main question here is what is the best method for this? Should a certain amount be paid each week? Or should the child be able to manage it himself? In this article, we will examine the important points and effective methods of giving pocket money to children and help you make the best decision for your child.
Benefits of giving allowance to children
Of course, giving pocket money to Cook will bring benefits, some of which are mentioned below:
- Learning the value of money: Children realize the real value of money from an early age and realize its importance.
- Money management: With money in their pocket, children learn how to manage their money and decide between spending and saving.
- Patience and savings: When children save their money, they learn to wait to buy the things they want.
- Familiarity with the consequences of financial decisions: Children learn through their experiences that reckless spending can lead to running out of money.
- Observation and modeling: Children learn a lot about budgeting and smart shopping by watching how their parents manage money.
These benefits show that giving children pocket money can help them learn important skills for the future and become responsible and independent people.
When should we give children pocket money?
There is no specific rule for this. Most children understand the concept of pocket money from around 3 years old, but this age is not exact; The appropriate time depends on the child’s individual characteristics and environmental conditions and his previous skills. It is very important to see how ready and understanding your child is to manage money so that you can choose the best time to start.
How much pocket money should we give to the child?
This issue depends on the family’s circumstances and what you consider reasonable; has Once your child understands how much money he or she receives every once in a while, he or she can learn how to spend it well. You can decide based on the following:
Family budget:
The amount of money in your pocket should be proportional to the family income.
Child’s age:
For example, it is possible to give 50 thousand Tomans to a five-year-old child every week and to a seven-year-old child who goes to school; Give 200 thousand tomans every week.
Purpose of money in your pocket:
If the pocket money is for transportation, lunch or savings, its amount should be much more in proportion to these expenses.
These tips will help you determine the right amount for your child’s pocket money and help him learn financial management.
What can you give your child pocket money for?
Children can save to buy a specific game or toy. Also, pocket money can be used for special outings like going to the cinema. Buying gifts for sisters, brothers and elders is another way to spend money in your pocket. Children can also use their money for lunch at school. With these methods, they learn how to manage their money and experience responsibility at an early age.
12 important principles about giving pocket money to children
Determining the appropriate time frame:
First, pay the money in your pocket daily or once every two days and increase the interval over time.
Cost management:
Explain to the children what the money in the pocket is for buying and what it is not.
The right amount of money:
The amount of money in your pocket should be proportional to the age, responsibilities and economic status of the family.
Encouragement to save:
Encourage children to save some of their pocket money to understand the value of money.
Set financial guidelines:
Talk to children about how much money they should save, spend or donate.
Relative independence:
Allow children relative freedom in using their pocket money.
Regular payment:
Pocket money should be paid continuously and regularly so that your children can plan.
Fixed amount:
The amount of money in the pocket should not depend on the good or bad condition of the parents and should remain constant.
Avoid early payment:
Do not put more money in your pocket or pay it early.
Using a bank account:
Deposit the money in the pocket of the older children to their bank account so that they get to know the bank teller.
Encouragement to view savings:
Put the savings in a visible place, such as a box or glass, so that children can see the growth of their savings.
Help from the consultant:
In the face of children’s behavioral and emotional problems, seek help from an expert psychologist.
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