Pocket Money! Is it worth it Part 1 | Articles

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07 May


Pocket Money! Is it  worth it

 
There are many reasons for giving or withholding pocket money – but if you do choose to dole it out, do it wisely.
                                                                                                                                                                                     -Lisa Salmon
There are various reasons for giving kids some pocket money. All these reasons are valid depending on the household and the beliefs of that home.

But these are my views.

Earning money from a young age helps your child learn to save. This is because, with the right guidance they get to form a saving habit as well as appreciate the importance of planning a budget and sticking to it.

The children also get to understand how to use their money. If you sit down with them and plan out a list on what they are expected to spend their little monies on and at what point of need do you come in. This way they get to understand that if they spend all their monies on candy in a day, then they shouldn’t expect you to sort them out the next day.

Withholding the pennies from them as a form of disciplinary action will help to condition their brains to try at all costs to stick to the budget. This is because bailing them out doesn’t help them learn. Besides, if you bail them out the first time then you have to bail them out forever. This won’t teach them accountability and it places you between a rock and a hard place the next time you want to enforce the new law.


That said, creating such a culture in your children’s lives; like everything requires consistency and being honest with yourself. If we’re awarding pocket money every Monday morning, then it cannot be Tuesday on certain weeks and nothing at all on others. This therefore leads us to the conversation of how much is enough pocket money? And that’s where the honesty bit comes in. 

Authored By SJAM

 


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