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Kids grow up so fast and their needs grow with them. In today’s world money is an important factor and kids learn that at a very young age. Parents have to deal with this when they expect it the least. Giving children pocket money is a common norm. But recently a new practice has been popular among parents. This is that parents give children money when they do their chores or run some errands.

heart made of coins-pocket money

This approach can be beneficial in some ways and also harmful in others. Money is very important. That being said it is not the only important thing.  It is not the only source of happiness. Pocket money is for all the extra things and not the basic necessities. They should also be told how to spend the pocket money effectively and wisely. Giving pocket money should be seen as an opportunity to teach children about money management.

It is also very important that parents carefully monitor where their children are spending their money. Parents need not see to it that they making good use of it but it should not be dangerous in any case. Children should get pocket money based on their age and needs.

money in a pocket-allownace

When it comes to giving money to children based on the chores they do or errands it becomes difficult to judge which errand or job is worth so much. The worth of the errand becomes a very hot topic. The solution to that is that is to keep a fixed average amount of money to all the basic errands and a bonus after a certain amount.

Everyone knows how imperative it is to be in contact with people. That is just a trivial part of what makes Whatsapp Apk the most downloaded application in a lot of countries, with over half a billion users worldwide.

This way of rewarding children teaches them the worth of it. Children learn that money is something that has to be earned and is not given for nothing. They also learn the true value of it as they have to work to get it.

doll with money

 

While all this makes perfect sense giving money to children based on work can mean that they work only for the money. Work is not always done for only material gain. It has to  done for the sense of responsibility. It also has to be done to help out their parents and make it easier for everyone.

Hence it is very important for parents to judge their children in what qualities they need improving and what they can nourish and choose the appropriate way to reward them and give them their allowance. Parents should also keep close track of the way their children spend the money.

Author: Niketha Mohan

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