3 Tips on giving Pocket Money to Children

[raaman]

When your child is trained to use money on their own, gradually and carefully, first introduce your child to the basics of what money is and about possibilities:

1. Receiving money, the source for it to parents, relatives, and gifts. If you sell the children's toys or furniture, tell the child about it and give part of the value as a reward.

2. Saving money. Your wallet, piggy bank, box with long-term savings.

3. Use. Give your child the first time money for quick needs, such as where the time factor between receiving and spending will be enough. Let the child get used to the financial management little by little.

 

[Chirunim]

This is absolutely true and I find this really inspiring.

If you teach children the basics of money and the principles by which it is made, they will grow up to know and abide by it. They will be guarded, they will spend money only when it is necessary to and they will be disciplined overall.

Financial education is very very important to give to children, but unfortunately, Financial education is not given to children, they believe that if children are taught about money, they will grow up to be greedy and over ambitious people.

 

[Alexandoy]

This reminds me of my grade school days when I was given a toy wooden house that I converted into a piggy bank. That is where I saved the loose change from my school allowance. I think I was in 4th grade. That piggy bank was memorable because my siblings didn't have a savings of their own and when I want to buy something special for myself like a kilo of fruits I would crack open my piggy bank and use the money to buy. From then on I always had my piggy bank of different types. Now my piggy bank are empty biscuit cans which I have 3 and they are almost full with coins.

 

[chicnthin]

It's important for parents to teach their children the value of money at such a young age. I'm pretty sure once they grow they will appreciate this lesson. My parents gave me just enough money growing up. Even at college when my classmates had a bigger amount of allowance compared to mine, but I still save up just fine. That's because I'm not an excessive spender unlike the others.

 

[cmoneyspinner]

When I was a kid my mother only gave me lunch money for school. I got smart and talked the nuns into letting me work in the cafeteria. If you worked in the cafeteria you could eat lunch for free. I used to take my lunch money and after school I would either buy comic books or records. Mr. Rudy's record store always had the latest popular music.

As for my own kids, we could not afford to give them an allowance. However, they did get a paper route and my husband helped them deliver papers. He allowed them to use the money they earned to buy needed things. But he never let them waste the money on unnecessary items.