For parents, there is always a crucial issue of whether or not they should give pocket money to children. Some experts have concluded that children can learn about the value of money and the importance of proper financial management by making choices about spending or saving their pocket money, and understand the consequences of improper financial management.
Children may not be particularly aware that the money they receive has been earned through their parents' hard work. Although children do not generally have their own money at a young age, they are probably aware that their parents withdraw cash from a bank or buy things using a credit card.
Parents can determine the right time to give pocket money to their children based on their sense towards money and the financial status of their household. Parents should also establish rules and an agreement with their children for closely monitoring their pocket money usage with a view to intervening in any undesirable situation if they deem it necessary.
For children, here are some tips for how to develop good habits and spend your pocket money wisely.
- Save a fixed amount of pocket money in a piggy bank each week
- Comply with the rules and agreement set by your parents
- Avoid any inappropriate spending
- Consult your parents before spending money if necessary
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