Pocket Money can be used to make children learn some invaluable life skills.
• When your kid will know that they have to use it for the whole month, they will spend it accordingly and will get to know about its value.
• You can make them learn decision making with pocket money. As they will be deciding what to do with it.
Tips for parents:
• Never use pocket money as a reward or punishment.• Let them decide on their own, where to spend the money. After all, experiences teach some great lessons, even more than any advice.
• Determine an amount. It shouldn't be too much as it will only distract them.
• Never give them extra money. Let them wait for next month. Further, suggest how they can save money for an emergency.
• Do not make judgements on what your child is buying. Let them learn themselves.
Also Read | Should pocket money be given to children?
How much is good?
You can start giving pocket money from the age of five. Starting with a small amount of money, such as Rs.15 a week. You can continue weekly pocket money until they are 10 years old. As kids over 10 years will find it difficult to plan for an entire month.After the age of 10, you can give it to them on a monthly basis.
