3 surprising benefits of giving kids pocket money

Knowing how to spend money, appreciating value for money, and managing money are extremely important lessons that you should teach from an early age. And you can teach your kids these lessons by giving them pocket money.

"Should children give pocket money or not?". Each parent will have different opinions on this matter. If you think that you should not give pocket money or do not know how to give your child, please join aFamilyToday Health to monitor the following sharing.

Benefits of giving kids pocket money

1. Help your child feel independent

To a certain extent, giving your child pocket money will help them feel that you are giving them the opportunity to "be an adult" and live independently. For young children, this is a very enjoyable thing. Not only that, but giving your baby pocket money is also a way for you to teach your child how to manage finances . Children will find that in the eyes of their parents, they are trusted and appreciated, so they are empowered to spend this money.

2. Help your child understand the value of money

How can children really understand the value of money when they have not been able to buy something on their own? Giving your child pocket money helps them know the cost of certain items and the value of money. Giving your children money is a way to prepare them for the real world and independent life. In addition, it also helps children understand that in this world nothing is free.

3. Allow children to make mistakes when they spend

Let them make mistakes and learn a few valuable lessons about saving and spending before they mature and have to make some financial decisions. Teach your children to save a small amount of money each day so that at the end of the month they can buy a toy they like. However, do not follow up and remind too often about this issue. If your child doesn't have enough money to buy anything at the end of the month, he or she has to deal with it on her own.

When should children give pocket money?

There are no rules to determine when you should give your baby pocket money. Children will be ready to manage money when they understand:

The importance of being frugal and not always buying the things you enjoy

Children need money to buy a certain toy

If they spend all their money in 1 day, they will not have money to buy the things they like until they receive the allowance next month.

How to give pocket money for children

1. Pay your child when they do something

Many parents think that giving money to their children is an obligation, while others think that children have to work to get it. Studies show that children who make pocket money by themselves by doing simple jobs such as helping their mothers pick vegetables, helping their mothers wash a car ... will appreciate the value of money and know how to spend more carefully.

2. Decide how much money you will give your child

How much allowance should children give? This is a very difficult question to answer. To be able to answer this question, you should consider the baby's age and what they need to do with the above money. If not, you can consult with other parents to see how much they give to your child. This will make it easier for you to decide. You should consult with many people, not just ask one person because that opinion may be inaccurate.

3. Keep agreement with your child

Pay your child exactly what you agreed to do. If you pay late or forget to give it to your child, especially after they finish all the work you assigned, they will feel depressed and disappointed with you.