The right time for money in children’s pockets
Children’s allowance varies depending on age and situation, but you should know that as the child goes to school and is in social situations, the child needs to have the power to plan.
When should child allowance start? How much pocket money does a child need at any age, and what is the best amount of child allowance at different ages?
As your child gets older and goes to school, his or her upbringing enters a new phase. A stage that to a large extent also finds a social dimension and requires certain behavioral requirements. One of the things that happens at this time is financial issues. Money, how to receive and plan for spending and saving it, is taught to the child these days and will lay the foundation for his future economic behaviors. So there are a few things to keep in mind about allowances. Be with me …
Tips for giving pocket money to children
Be balanced about the allowance and its amount. Some parents consider it unreasonable to allocate money for this purpose, while giving importance to this issue promotes the child’s personality, creates a sense of independence and individuality in him and is very important. On the other hand, some parents go to extremes in this matter and spend a lot of money for this purpose, which is not without its problems, and it will lead to the growth of selfishness and extravagance in the child, and will deprive him of the power of financial management.
Set a certain amount
Set a time and amount for the money you give your child as a reward and adhere to these rules. This will teach your child to set limits on their expenses. In a way, this is the beginning of teaching planning to children. Be careful about the amount of money.
Meet your child’s expenses according to his or her age and circumstances, and try to make sure the money you give him or her is enough. Less money than he needs will soon cause him to face financial difficulties and make him feel powerless, and money more than children need will often lead them to artificial uses that are not safe for them. And spend his justification money without thinking.
Do not make money dependent on the child’s duties
One of the most common misconduct by parents is to make money dependent on their child doing homework, school, or schoolwork. This behavior makes your child’s behavior conditional and he always expects compensation for doing things that are part of his duties, and this expectation puts his future at risk. He must learn that some things are part of his responsibilities. Responsibilities that will be held accountable if not addressed. In general, try to limit cash gifts and consider small gifts such as books, stationery, or supplies to thank your child for doing their homework.
Teach him contentment
This is the time to teach children how to plan to manage expenses. Help her write down the things she needs and the money she needs to make them in a small office, and plan to pay for them. Categorize your needs and put each one in your monthly schedule. In this way, adjust the amount of your expenses according to the money you receive. Avoid giving more money to your child for no reason.
Teach him to raise this issue in a family gathering and explain it if something urgent happens to him like a gift for a friend’s birthday. If you see enough of his reasons, lend him a sum of money and ask him to pay his debt on a monthly basis. In this way, you have both supported him and taught him planning and responsibility (that is, you give him a sum of money and in the following months you will reduce some of his allowance). Thus, he has been a child since he was a child. He will learn contentment.
Encourage the child to save
5. Encourage savings
Try to encourage your child to set aside some of their allowance for savings and include this amount in their plans. With his advice and support, open a bank account for him and encourage him to increase his balance.
If your child is the right age, deposit the allowance into his or her bank account to withdraw the money he or she needs from his / her bank account and save the rest. In addition to preparing him to enter society and the necessities of social life, it will also help him develop a sense of self- worth .
Remember that …
These strategies will sit in the child’s mind psychologically so that he does not spend unnecessarily and carelessly, he will learn contentment and realizes from his childhood (elementary school) that money is not provided effortlessly by his parents … he He will appreciate the money more and will spend it with a plan … Many well-to-do families expect to give their children a generous amount of money, but you should know that countless money and books Makes him know neither the value of his money, nor the value of you …
Give your children confidence to say these things: When God gave you to us, He knew what we needed in life, or tonight I will cook the food you love – I am proud of you. I believe – you are really becoming a “man or a woman” for yourself – I am very happy that you are home now and I have prepared your favorite food.