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5 Reasons kids should get pocket money

The positives of pocket money for kids

From SheKnows UK
Many parents have different opinions when it comes to giving their children pocket change. For those of you who need a little convincing and are still unsure about dish out cash, here are some reasons why giving your child pocket change is (can be) a good thing.

Benefits of pocket money:

Allows children to feel independent

By giving children money you are allowing them, to some degree, to be independent. Children love any chance at playing "grown up." Beyond them feeling independent, you're teaching them how to manage their own finances! Many kids will appreciate the fact they have been given this privilege and trusted to handle an amount of money wisely.

Teaches them the value of money

How can we expect kids to truly understand the value of money if they've never had to purchase an item themselves? Giving them pocket change can help them learn how much certain thing cost and the the value of money. Giving them an early exposure to money will better prepare them for the real world and a life of independence! This will also help children understand that nothing is free.

Allow them to make financial mistakes before it really matters

Let your children make their own mistakes with money and they will hopefully learn a few valuable lessons about saving and spending before they reach adulthood and have to make some serious financial decisions. Teach them to put a small amount of their pocket money away each month so at the end of the year they can treat themselves to something they really want. However, don’t monitor it and, at the end of the year, if they haven’t saved a penny, they won’t be able to treat themselves.

How to give children pocket money:

Young girl washing dishes

Make them earn their money

This is another bone of contention among parents, some of whom feel pocket money should be a given right and some who think children should have to work for it. Studies show that children who have earned their money from doing chores such as washing the family car or helping with the dishes, valued the money more and were more careful with it than children who were just handed it.

Ask friends and family how much they give

Sometimes it can be difficult to decide how much to give your kids each time. Do they need just a few dollars or is 20 dollars near the mark? Consider your child’s age and what they will need to spend some of their money on. It may also be helpful to ask other moms and friends to see how much they give their kids -- this could be a benchmark for you and make the decision easier. Don’t just ask one parent, they can provide an over inflated amount to their child, or far less than what will cover the expenses you expect your child to meet with their money.

Keep your side of the bargain and be consistent

Make sure you always give your child what they have earned, consistently and on time every week. If you are late with payment or forget to give it to them, especially after they have successfully completed all the chores that are required of them, they may become fed up and confused as to the point of it.

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