It’s worth being aware of some possible negatives to giving pocket money as well: Research has shown that money habits form early, as young as seven, and giving pocket money can really help to boost your child’s understanding of how money works. This can help to start learning on how to budget and how to choose between buying different things. Teaching that money you have can only be spent once - for example, if your child buys a new video game today, they won’t then be able to buy lego next week with the same money.Discovering that money is something you work for - assuming they earn it by doing chores.Helping to build their independence – by giving them some responsibility for their money.Allowing them to develop a healthy relationship with money – this is an important life skill.Learning the value of money - by having their own cash, they can begin to see how much things are worth, and can decide whether to spend or save it. Other benefits of giving your kids pocket money include: Many adults say that as kids get older and more independent, the act of giving pocket money can be a real conversation starter that can lead to lots of enlightening conversations. There are two general ways people give pocket money - either a regular allowance that is agreed upon and given each week no matter what, or money that’s conditional on the child doing certain jobs around the house like helping with the washing-up, hoovering, dusting the living room or a spot of gardening. Giving your children pocket money can be a great way to get them thinking about finances from an early age.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |