As responsible parents we provide for all our sons and daughters living requirements. Why is it important to give children’s allowance? It’s a priority to introduce this idea of money responsibility at an early age to our children so they can grasp the meaning of what value everything holds.
It’s easy in today’s society to just put everything on our credit cards or use what kids call “plastic” money. It’s not visual for them to see the exchange for goods sold. The idea of money grows on tree is something a child can imagine as everything seems to be paid for unconditionally. They have never had to work for anything gained. Once comprehension is possible for children we need to take the responsibility to educate them of how this society works.
Parents need to explain the reason why they go to work. Explaining to our children how we earn money and how this enables us to use the money to buy and pay for the groceries. This early introduction to money will help our kids avoid the poverty trap. Teaching children to live within their means will help prevent them getting into the credit card debt they won’t be able to repay. Living beyond our means is a problem in today’s society and it doesn’t matter where you come from.
As parents we have the duty to our children to give them a true picture of our financial state from the start. We should never try to be something we are not. This will only encourage them to live in denial. Living within our means does not mean we have to tell our children they “can’t” have something but rather they can have it “later″.
Pocket money for kids should be given conditionally. Parents should provide guidelines on how this money is to be used. Allowance for kids can start any time a parent sees fit. School is a good time to introduce allowances. Children can enjoy learning how much lunch cost and if they can fit in desert too.
The primary lesson in giving pocket money for kids is so they can see the face value in cash. Is the lollipop worth more to the child than a toy car? They need to decide if the lollipop will give them more satisfaction than the toy car they could have bought with that money to depart from it. These experiences in early life will only help pave a clear path for them when they are older to wiser decisions.
Give allowance for kids only when parents are certain their children can grasp what money is and why we need to be wise with it. Children’s allowance should enable parents to teach their kids about savings and spending. Parents should always assist their children make decision about their allowance spending by giving children limited choices. For example parents should ask their kids “Do you want to buy A or B or would you rather save C with your allowance this week.
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