Basicwomen's Blog

{September 24, 2010}   Pocket Money

Apart from many things children need to be taught , the value of money as an important aspect. For children are  succesful citizens of the future ,it is essential for them to have the knowledge of money and it’s functionalities.Giving them pocket-money to manage personal needs ,is a good way to inculcate responsibility. As seen from the terms, pocket-money is  given to the children to manage petty expenses. But remember that children are not to  be entertained with pocket money till he attains certain age limit.They should be able to count and know its exchanges.After having gained such knowledge you can focus on allocating pocket money.

Pocket money should be given to children who deserves them.Pocket money should be given after attaining  particular age limit and the quantity of money to be given varies with the age.Think about whether your child has reached the stage to receive the pocket money  .Initially you can start with a lunch allowance per day ,then increase to week and end with a month.They can have lunch at the school cafeteria, or spend on essentialities.

When you’re giving the amount to your child, make it clear for what purpose it should be utilized. Specify what you will buy, and what they are expected to buy with their allocated amount.For example,buying of candy, ice-cream or any other junk food or any gifts to the friends should be met with their pocket money. When they are given money without any directions, they may misuse the money . Also be firm on the point that pocket-money will only be given once in the decided time frame.

You can also encourage them to earn their pocket-money after reaching certain age limit. You can assign them to a weekly chore and pay them for doing that. In this way, your child earns his pocket-money and gets a sense of duty. When you start giving pocket-money, carefully monitor it’s usage, but don’t micro-manage it .This irritates them  and may collapse liberty.He may lose his individuality. Also make sure your child ,not to compare his pocket money with his peers.If they themselves pin point with this regard ,make them understand -the comparision is not good and you are receiving the required money.

As the child grows ,the demand for domestic needs too increases which leads to an increase of pocket-money .Set some firm rules in the initial stage itself. Increase pocket-money for every birthday. You can give additional“bonus” when they do well in academics and sports too. This incentive will make them excel.

Some parents do not encourage their children for pocket-money as it creates a distinction between parents’ money and their own. Some children also tend to use their pocket-money unwisely, but the good outweighs the negative effects which can be remedied easily, so pocket-money can be given to kids and it is the parents responsibility to see that it is used in a constructive way.


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