Is giving pocket money to kids a good idea?
Giving Pocket money has always worried for both the parents and also children too. Children want money to spend on things they like and want to buy it. On the other side, parents do not want to give money in their hands because they worried about he may misuse the money and lead into a wrong path. As every coin has two faces the same as giving pocket money to kids also have but I will share some pros of giving pocket money to kids.
The first benefit of giving pocket money to kids teaches them to be independent. It’s a fact that children always want to behave like grownup where an adult always wants to feel like going back to their childhood days, same as children always like to behave like they are grown up. When you give pocket money to kids you can teach them how they manage their expenses and make clear them the amount that you have received, how they have to manage all their expenses within the amount and they will not get extra money if they misuse it. Parents also teach to kids how to calculate money and when and where should spend money.
The second one is that they will learn the value of money and how they manage their all expenses with the amount has given. For example, which food they want to eat, buying a pen or pencils or any other things like that. With this, they will know how much the cost of food is and when and where should spend the money. Hence, this will increase the capability of calculation in their mind and how the entire world has managed the financial.
The third one is, teach them how to save money. When parents give their children monthly or weekly pocket money, a parent should teach them how to save money. For example, if a parent gives their kid 500Rsfor the entire month, a parent can tell them to take out 100RS for as a saving. At the end of the month, a parent must ask them to give the report of expenditure and also ask them how much did they save. If a parent keeps guiding them, they must learn how much money should be spent or how much should be saved.
These are some benefits of providing pocket money for kids is a good way. Being a wise parent can inculcate much value in your children by giving him pocket money and also help of right guidance your kid will also be on the correct path.
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