It seems that children and money are incompatible concepts, because only adults can manage finances seriously. But in fact it is not so. Children must know what money is, where it comes from and how to spend it properly.
The ability to handle money is an important life skill, the absence of which does great harm to a small member of society. Therefore, many parents pay their children pocket money so that students can learn how to manage their finances and have the opportunity to save for the desired things.
Pocket money teaches children to value earned money, help set financial goals and feel more confident in communicating with peers. Owning his own money, the child gains willpower and patience, learns generosity. Every day he is faced with difficult questions: whether to buy a trinket and sweetness or to keep from spontaneous purchases, so that at the end of the year you can get the desired gadget? What is hard earned and accumulated is valued much higher. And for a thing bought with pocket money, the child will be treated more carefully.
Therefore, a child must be given money, provided that he already knows how to spend it, he is not afraid to make purchases. So you will not only help him feel more confident, but also show your trust. It is advisable to make payments regularly so that the child expects this event.
How much money to give the child to school, you must decide for yourself. But it is desirable that the amount was small and allowed to provide only small expenses: the purchase of a ticket for travel, lunch at the buffet, going to the movies, etc. Too much money may attract unscrupulous peers.
When to start giving money to children
Children in elementary school are already capable of making small purchases, so you can give out money for small needs from grade 1-2. The first time is unobtrusively interested in what the amount spent or what the child plans to spend it on. As a student grows up, the amount of money issued can be increased. At the same time it is important to increase financial literacy. Tell your child about the activities of banks, non-cash payment, types of bills, etc. Such economic games as Monopoly or Cash Flow, which can be played by the whole family, will perfectly cope with the task.
Preschoolers can also be attached to financial literacy. In the form of a game, explain to them what money is, where they are stored, where they come from, what they usually spend on. Make a shopping list with your child before going to the store. And get a piggy bank to collect small coins on the desired toy.
Babies are encouraged to give a small amount of money every day. The older the child becomes, the greater should be the amount and the interval between payments (a week, 2 weeks or a month) in order for the student to learn how to distribute money and control his spending.
What you can pay children money
Often parents are limited only to the issuance of money for food and travel. This is not entirely correct, the child must have some amount for their personal needs. True, the idea of just giving out money to parents is not always pleasant. But there are many ways to make payments for specific cases and services.
If the child confidently goes to the store on your instructions, ask him to sometimes keep the change for himself, this will allow the child to choose products more deliberately and plan spending. It is especially effective to give such assignments to undergraduates who will happily accumulate change on new toys.
Older guys can get paid for additional tasks. For example, if a child helps papa wash a car or scavenges at a dacha. It is advisable to specify the amount in advance. You can also encourage your child with money for sports or educational achievements, but without fanaticism. It is much more important to show your pride in your son or daughter than simply to stretch a tightly packed envelope. Remember that you should never replace parental love and care with money.
Sometimes parents offer the child for money to sit with his younger brother or sister. It is better not to encourage this practice, in order not to replace the kinship relations between children with monetary ones. Better help your teenager with employment. For example, he will be able to work successfully as a advertiser, promoter, janitor, nanny, dog walking specialist, etc.
Does the child give money for birthday and other holidays? This is quite acceptable if the child has already grown up and saves, for example, on a bicycle or smartphone. It is better not to give large sums to small children; limit to the desired gifts.
For what you can not pay money to children
Not all experts agree that it is worth encouraging a child with money. The issue of paying school grades and housework is particularly acute. In some families, such payments occur, but we still believe that it is not worth paying the child for school and cleaning, because it reduces interest in knowledge, devalues achievements. Receiving money for grades, children do not seek to broaden their horizons, they chase only points, and sometimes they do not disdain to deceive them in order to get the cherished bills.
As for the housework, you need to teach your child to clean your home from childhood. Not for money, but for the pleasure of living clean and tidy. Often, moms and dads are drawn into unnatural financial relationships when a child requires double pay for work or begins to manipulate their responsibilities. It takes him away from his parents.
It is categorically impossible to pay children for illegal actions, for example, stealing flowers from a flower bed, cheating from classmates, etc. Even if you are bursting with pride that the child has defended his dignity in a fight with a classmate, do not encourage such money. The same applies to helping unfamiliar elderly people. Let the child do it at the behest of the soul, and not for a monetary reward.
Be sure to say the rules for issuing money to a child with other family members. Grandparents can financially encourage a student behind your back, it is important to stop it in time or agree on payment rules.
How to teach children to spend money
No matter how much money you give children, you always want to be sure that they are well spent. But do not get too carried away with the control over the purchases of your child. Give your child more independence and, most importantly, become a good example for him: do not waste your money and watch your daily expenses. Also let your children make mistakes. After all, you, too, do not always manage to properly dispose of the budget.
It is not recommended to withdraw pocket money as a fine, it is better to suspend the next payment explaining the reasons for the child to realize the punishment.
If you are very worried about the child's expenses, issue him a bank card, according to which you can track all purchases. Also becoming more popular mobile applications (Panda Money, Bankaroo, etc.), allowing children to set financial goals, track their expenses and save on desired items.
To give or not to give money to children, each parent decides on its own. But it is worth taking this issue seriously, because mistakes in financial education can cost the family dearly in the future.