Money management - mysteriously - is usually not taught in school. If you tie their allowance to certain chores or achievements (good school grades, for instance), they’ll start to learn about the relationship between work and earnings. Once they see that their money supply is finite - it doesn’t grow on trees! - they might be inspired to learn how to budget, save, and prioritise. It teaches them about money management.When they have to make their own decisions on spending, it forces them to engage in more introspection. It gives kids a sense of responsibility. There are many good benefits of pocket money: In this article, we’ll cover how much pocket money to give, the average pocket money in the UK, and how to manage your child’s pocket money. Which is why, ironically, giving them some pocket money to spend - on their own - is an effective way to teach them that lesson. It’s only natural for them not to understand the value of money. And besides, you do buy almost everything in their lives for them anyway. And rare is the parent who doesn’t have to deny most of those requests.Īnd when the child protests, you might refer to the old adage of money and trees, hoping the point will sink in. Rare is the kid who doesn’t ask their parent to buy them something now and again. If you’re a parent, chances are you’ve said that a few times - or more - to a child.
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