The concept of pocket money has always been present in parents-children relationship. In modern day society, it has acquired even more acceptable form. Here, what needs to be taken care of is the fact that parents need to be very careful about what they are giving to their child. Is the amount sufficient? Or children are just being pampered? Or children are spoiled silly or they are becoming very dependent? Parents must ensure kids don’t come running to them as and when they want to buy something? Most of the times, demand made by children are not reasonable. So, precaution is needed to be exercised in such situations.
Start with a rule of weekly or monthly allowance. Normally, weekly allowance will work better with kids. Make your children understand that they need to save from the money they receive every week. If kids have to buy something on impulse, they must save themselves rather than relying on parent every time. One of the most fruitful consequences of pocket allowance is the learning children get. Yes, it’s about money management. With an amount as less as pocket money, children learn elements like saving, budgeting and spending judiciously. This one thing is going to help them throughout their lives.
One trick often employed by smart parents is providing allowance to the kid when he/she does some extra work in households. For example, if he has given few good hours in gardening then he deserves to be compensated. On one hand child will learn that one can earn for living and secondly, he will realize nothing comes free. World does not owe anything to anyone and that’s the way life goes. This is a basic fact that will help your child in becoming practical and realistic.