In order for a child to know the value of money, to understand that it does not fall from the sky, but is earned, children need to be taught from childhood to properly manage money. Let's try to figure out whether it is generally necessary to give money to children for pocket money? Let's figure out how to react correctly if it turns out that the child is stealing money. To understand how to bring up responsibility and the right attitude to money in a child so that the child does not grow up greedy, it is necessary to consider all sides of the money issue.
Cartoon for children: What is money?
Should I give my child pocket money?
Arguments for giving money to children:
- Having their own money teaches children to manage their personal budget (save, save for something);
- Children learn to choose what is more important at the moment, learn to prioritize;
- The presence of pocket money makes children want to have more, and, therefore, is an excellent incentive to earn money in adulthood;
- Managing their own money fosters independence, responsibility and confidence in children;
- Having their own finances gives the child the feeling of a full member of the family and society;
Arguments against giving money to children:
- Since the children did not earn money themselves, but the money went to them just like that, this amount can be easily spent on meaningless trinkets, which obviously does not teach the child to value money;
- Giving money to children for good behavior or for helping around the house can lead to future blackmail;
- Money can make a child greedy and envious;
- It will be difficult for children to understand the true value of money.
There are many arguments for and against giving pocket money to children, but the truth, as you know, is somewhere in the middle.
The optimal age for issuing pocket money is considered to be 6 years. A child at this age is already able to assess the situation and independently make simple decisions. Before making the child happy with the first pocket money, it is necessary to explain clearly how to handle it.
Should I give money for some kind of merit?
Many parents give their child money for good grades in school and for doing some household chores. Cash rewards are a good incentive to study well and help around the house, but the child should clearly understand that these are his direct responsibilities, and they should not be paid. In this case, the child grows up as an egoist, who even performs his direct duties solely for monetary reward. It will also affect the relationship between the parents and the child, and instead of respect and disinterested assistance, commodity-money exchange will appear.
Allocating money to a child for pocket money, you need to be extremely careful. In case of improper management of finances, it is necessary to explain to the child why / where he spent the money incorrectly in order to avoid this in the future. From early childhood, it is necessary to teach children how to manage money correctly, only in this way the child will learn to value them.
How much money to give to the child?
When you firmly decided that the child has reached the age to manage money independently, conduct an explanatory conversation with him. Tell us how much, why and why he will be given money. The amount of money depends on the common sense of the parents. But other factors also affect the amount of pocket money allocated to a child:
- The age and responsibility of the child;
- Family financial situation;
- The locality of residence (of course, in the megalopolis prices are an order of magnitude higher than in peripheral cities).
Criteria for issuing pocket money:
- Psychologically, a child is ready to manage money on his own already in the first grade, after he has learned to count and read;
- A certain amount should be allocated for pocket expenses within reasonable limits;
- Give out money to children of younger preschool age once a week, to children of adolescence - once a month;
- Keep all financial expenses of your child under control to prevent illegal purchases (tobacco, alcohol and drugs).
Never calculate the amount based on:
- School performance;
- Household help;
- Good behavior;
- Own mood.
You shouldn't make up for your lack of attention to children with money. Remember that giving out pocket money should pursue one important goal - bringing up financial independence in the child.
Tips for parents:
- The child should know why he is given money, what and how to spend it;
- The amount given should be within reasonable limits and grow as the child grows up;
- Establish a clear schedule for giving money to the child, let it be a specific day of the week / month;
- The amount must be strictly fixed. This will teach the child to manage limited funds so that they are enough for a certain time (teach to plan);
- If there is no opportunity to give money again, explain to the child the reason why this happened.
When giving out pocket money to a child, you should not clearly regulate what he should buy. Let him dispose of the allocated amount on his own. So he will learn to manage his own funds expediently. Of course, the child will first have to learn to cope with many temptations, to be responsible for the consequences of pointless spending, but eventually he will learn to treat money and purchases correctly and reasonably. Encourage your child to write down each of his purchases so that later at the end of the week he can analyze his financial expenses and draw certain conclusions. It will also enable parents to keep track of their child's spending. Tell me that if you save money, you can collect a decent amount and buy something more substantial, something that he has long dreamed of. So he will learn to save and put money in the piggy bank, without spending on meaningless purchases. Monitor your child's spending gently, discreetly, and with confidence.
Necessary security measures
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- Inform the child about all the possible risks of carrying money with you (loss, theft);
- Warn the child not to brag about money either to peers or to adults;
- Give your child a piggy bank, let him keep his savings there, it's safer;
- Teach you to keep money not in your pockets, but in your wallet;
- Tell them that in the event of an attack or blackmail, it is better to give the money without resisting.
We recommend a book on the topic: Children and money (Author: Evgenia Aleksandrovna Bliskavka. You can download it here http://moneykids.ru/)
It is definitely necessary to give money to children. Otherwise, how will they learn to dispose of them correctly? And if you follow all the tips and precautions, you will bring up financial independence in your child and instill in him the correct attitude to money.
- 12 rules for giving children pocket money (personal experience). Plus video consultation of specialists
- Children and money: 10 mistakes of financial education
- How to properly reward your child
At what age should children be given pocket money and is it necessary?
Pocket money for children: to give or not?
Children and money - should we give children money? If so, how much? And what if the child requires money, but the parents do not have it? Teacher-consultant Victoria Proskurov answers the questions of the host of the program School Bus Mikhail Arshavsky:
