What pocket money means for children

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A3R41W Mother and daughter counting money

Pocket filled with money is one of the biggest achievement children find for themselves. They fill proud and wildly happy to get it. They start their plans   and dreams innocently to use it. Their plans are always higher than the sum of money they get. But it is one of the passions to collect it from their Parents.

Having a light on ‘Children’s Pocket Money’, Parents always had number of questions in their mind. What is the correct age of a child to get a Pocket Money? What interval of time Pocket Money should be given? What is the sum of amount given to a child? There are more questions which are the cause of Parent’s worries: Where our child is going to spend? Would they understand the value of Money?

What pocket money means for children.

When we start giving Money to our child there are some points that we should understand to focus:

Proper Age

According to me Children’s can be given Money on early stage but our responsibilities are to make them understand “How to save it”. Small amount of money can be given to small child to keep for their collection. It  is a good  habit of keeping money in their piggi bank. As the Children’s grow their requirement increases and then ‘Pocket Money’ becomes necessity.

Time Interval

If we think about the time gap between two ‘Pocket Money’, first we should find out our children’s requirement. Many Parents does everything for his child so in that case a child has nothing to do with Money. He want to have it only for the purpose of saving. So here it can be given monthly. But if a child does his work of his own, he needs money oftenly to purchase books, pens, projects works etc. So in that case they should be given within 15 to 20 days, or as per their requirement.

Amount to be given

When we decide the amount of small children, as they are not going to use so that can be a small one. Our growing children or a teenage child should be given little amount extra other than requirement. That is the age to enjoy with their friend so accordingly their demands are growing. But, only the little sum of amount should be extra, that is only for their canteens.

Value and use of Pocket Money

I am definitely sure that our child would be able to understand the value of Pocket money. As he gets it in regular interval of time, some times he has to wait for money given by parents. When he starts spending he will realize that his savings are less on spending so without necessity he would not spend it. He would learn to manage money transaction which will help him in later. Pocket Money might lead to bargaining about how much chores are worth.

Thus our child learns a lot on earning Pocket Money-spending, saving, withdrawing or donating money which helps him to understand the basics of money management.

  • Helen Mostly

    Great post. I think this is a topic which is very important. I agree that first we should find out our children’s requirement. Thank you for sharing!

  • jayashree trao

    Yes, children should be given the money but they should be accountable. They should tell parents for what they have spent if asked. Nice post.

  • PossesstheWorld

    Great post, I have a good friend who writes about teaching financial literacy and he would be so pleased see this post. Hope lots of parents are reading ti