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Pocket money – When and how much?

We all agree that parenting is arguably the hardest job one can ever do. A lot of aspects have to be covered, a lot of planning has to be done and a lot of sacrifices are to be made. The nightmare in parenting is that you simply make one wrong decision, and all your efforts can have reverse effects over your child.

Just like any other aspect of parenting, giving daily pocket money is also a brain stomper. When to start handing out pocket money, how much to give, what to instruct them, what rules to set about pocket money, these are a few of so many questions that arise in parent’s minds. Making wrong decision end up in a bad influence.

Why to give pocket money?

If you think that giving pocket money to your kids is only to allow them to get junk food to eat, then your wrong. Don’t worry though, it is common that not a lot of parent know how to turn pocket money to their advantage.

Through pocket money, you can mentor your kids about lessons of life. Encouraging the kids to save their pocket money and setting extra bonuses for saving milestones develops a life long habit of savings and financial planning inside the kid’s mind. Pretty good for a future businessman in the making, isn’t it?

Furthermore, you can use daily allowance as a tool to help make your kids behave. Is Dave fighting in the school? Pocket money deducted, is Jules not doing her homework? Pocket money deducted, is John not eating his lunch properly? You know it. (heh!) And of course, handing out extra bonuses for all the good actions is important too.

For an adult they might be meaningless irritations but for a kid, these exercises can teach a lot of lessons. Your kids will know the value of money from early age, they will comprehensively know the distinction between right and wrong, and most importantly, your kids will know “who is in charge”. There! The greatest problem of parenting solved in a flick.

When and how much:

There’s an easy way to help you understand.

Under 7: ($2-3.5)

Usually for children under 7, there are no special needs, nor is it the right time for them to learn about ways of life. It’s their fun times let them have fun. Though you could give them a minimal amount for their lunch at school if you prefer.

Over 7 and under 12: ($3.8-5.5)

The kids of this age group start to develop some specific demands. They may like to play games in a gaming zone with friends, have kiddy parties with friends. This is the perfect time to introduce pocket money in their lives so that they can better enjoy it. And of course, learn a few things on the side.

Research has shown that kids who are introduced to pocket money in early ages are more likely to start saving a portion of their pocket money. This habit carries on with the kid as he grows up.

Teenagers: ($6-9)

Teenage is part of life where your kid experiments himself in different directions and this is the part where there is a high chance of things going wrong. So it becomes very important that you use the power of daily allowance to its full measure.

Giving more pocket money during teenage helps them develop hobbies. Your kid might want Nike Mercurials Shoot-4 for their soccer games. Or maybe your kid might want to play video games, collect souvenirs and other such hobbies. You can allow them to save their own money and follow their interests more properly.

Although it might be so that you son gets into the wrong sorts of stuff. Sitting down and talk only has effect to some time, after that your kid will go loose again. So it is of utter importance to know when to hold back their daily allowances and warn them of their actions.

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