Opinion on the appropriate age to start giving pocket money to children varies. Some parents like to start young; others wait until their child is older and can understand the concepts associated with money properly. It is a good idea to wait until your child shows real interest in money, before giving regular amounts.
Make the amount of money you give your child age-appropriate and make sure that it is given according to a timetable. If your child knows when to expect more money, concepts like saving and planning are easier to learn and mean more to your child.
Do not try to limit your child's scope for spending money, rather provide guidelines and let your child learn from mistakes. If your child spends all their money too soon and cannot take part in an activity with friends because of it, this is part of the learning experience. Your child will learn to resist impulse buying and start looking ahead to expenses that may come up.
If your child needs an advance on allowance, consider using collateral, or have them sign an IOU. This ensures that your child learns the importance and significance of paying back borrowed money.
The amount of money you decide to give your child is dependent on your family's living conditions and general lifestyle. Consider giving your child an allowance based on their age. This means that younger siblings cannot cite unfairness when they get less money. Older children also have more potential expenses and need to learn more responsibility than younger children.
Keep your child's allowance separate from their responsibilities around the house and chores. Your child must learn to do chores as part of being a team member of the household, not for monetary gain.
Make the amount of money you give your child age-appropriate and make sure that it is given according to a timetable. If your child knows when to expect more money, concepts like saving and planning are easier to learn and mean more to your child.
Do not try to limit your child's scope for spending money, rather provide guidelines and let your child learn from mistakes. If your child spends all their money too soon and cannot take part in an activity with friends because of it, this is part of the learning experience. Your child will learn to resist impulse buying and start looking ahead to expenses that may come up.
If your child needs an advance on allowance, consider using collateral, or have them sign an IOU. This ensures that your child learns the importance and significance of paying back borrowed money.
The amount of money you decide to give your child is dependent on your family's living conditions and general lifestyle. Consider giving your child an allowance based on their age. This means that younger siblings cannot cite unfairness when they get less money. Older children also have more potential expenses and need to learn more responsibility than younger children.
Keep your child's allowance separate from their responsibilities around the house and chores. Your child must learn to do chores as part of being a team member of the household, not for monetary gain.
