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.
We need to explain the reason why we go to work. We need to explain how we earn money and hence enable us to use the money to buy and pay for the essentials of life. This early introduction to money will help our children avoid the poverty trap. Teaching them 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 what background you come from.
As parents we have the primary duty to our children to give them a realistic picture of our financials from the beginning. Parents should never try to be something they are not. This will only encourage children to live a lie. 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 not be just given unconditionally. It would be unwise of parents to issue freedom of use of this cash when there is lack of understanding of what responsibility is placed on them. Allowance for kids can start any time a parent sees fit. Starting school is a good time to introduce allowances. Here is an environment where children can learn the value of a limited number of items.
The initial lesson in giving pocket money for kids is so kids 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 make them happier than the toy car they could have bought with that money to give it up. These experiences in early life will only help make a clear path for them when they grow up and have to make bigger decisions in life.
Only give allowance for kids when parents are assured their children can grasp what money is and why we need to be wise with it. Children's allowance should enable parents to teach children about savings and spending. Parents should 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.
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.
We need to explain the reason why we go to work. We need to explain how we earn money and hence enable us to use the money to buy and pay for the essentials of life. This early introduction to money will help our children avoid the poverty trap. Teaching them 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 what background you come from.
As parents we have the primary duty to our children to give them a realistic picture of our financials from the beginning. Parents should never try to be something they are not. This will only encourage children to live a lie. 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 not be just given unconditionally. It would be unwise of parents to issue freedom of use of this cash when there is lack of understanding of what responsibility is placed on them. Allowance for kids can start any time a parent sees fit. Starting school is a good time to introduce allowances. Here is an environment where children can learn the value of a limited number of items.
The initial lesson in giving pocket money for kids is so kids 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 make them happier than the toy car they could have bought with that money to give it up. These experiences in early life will only help make a clear path for them when they grow up and have to make bigger decisions in life.
Only give allowance for kids when parents are assured their children can grasp what money is and why we need to be wise with it. Children's allowance should enable parents to teach children about savings and spending. Parents should 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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