As a parent we provide for all our children's needs. What is the importance of children's allowance? It's vital to introduce this concept at an early age so they can grasp the understanding of what value is placed on things.
Adults tend to put everything on credit cards or pull out what kids call "plastic" cash on a regular basis to pay for things. Kids don't get a visual concept of the exchange for goods bought when a plastic card is used to pay for items purchased. Children will believe that money can just appear from thin air. Children only understand that everything they want seem to be paid for unconditionally. I have heard children tell their parents "just pay it on the card mum" when mum tells them they don't have the money to pay for something the child wants. Kids never had to work to pay for anything they wanted. When children start to understand concepts, it is possible for children to take the responsibility of cash as parents start to educate them of how this world works.
Mums and dads need to explain the reason why they go to work to their children. Explaining to our children how we earn money and how this helps us buy and pay for the groceries and bills will help kids understand life a bit more. This early introduction to money will help our children avoid the poverty trap. Teaching children to live within their means will help stop them getting into the credit card debt lots of young adults struggle to repay. Living beyond our means is a problem in today's society for many and it doesn't matter where you come from. This is why it's important for us to educate our children as early as possible. Wisdom is power.
As mums and dads we have the duty to our children to give them a true picture of our financials from the start. Parents should never try to be something they are not. This will only encourage children to live out of reality. 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 without guidelines. It would be unwise of us as parents to issue freedom of use when there is lack of understanding of what responsibility is placed on them. Allowance for kids can start realistically when they start school. Here is an environment where they can learn what they can get for their dollar.
The primary lesson in giving pocket money for kids is so they 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 give them more satisfaction than the toy car they could have bought with that money to depart from it. These experiences in early life will only help pave a clear path for them when they are older to wiser decisions.
Give allowance for kids only when parents are certain their children can grasp what money is and why we need to be wise with it. Children's allowance should enable parents to teach their kids about savings and spending. Parents should always 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."
Adults tend to put everything on credit cards or pull out what kids call "plastic" cash on a regular basis to pay for things. Kids don't get a visual concept of the exchange for goods bought when a plastic card is used to pay for items purchased. Children will believe that money can just appear from thin air. Children only understand that everything they want seem to be paid for unconditionally. I have heard children tell their parents "just pay it on the card mum" when mum tells them they don't have the money to pay for something the child wants. Kids never had to work to pay for anything they wanted. When children start to understand concepts, it is possible for children to take the responsibility of cash as parents start to educate them of how this world works.
Mums and dads need to explain the reason why they go to work to their children. Explaining to our children how we earn money and how this helps us buy and pay for the groceries and bills will help kids understand life a bit more. This early introduction to money will help our children avoid the poverty trap. Teaching children to live within their means will help stop them getting into the credit card debt lots of young adults struggle to repay. Living beyond our means is a problem in today's society for many and it doesn't matter where you come from. This is why it's important for us to educate our children as early as possible. Wisdom is power.
As mums and dads we have the duty to our children to give them a true picture of our financials from the start. Parents should never try to be something they are not. This will only encourage children to live out of reality. 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 without guidelines. It would be unwise of us as parents to issue freedom of use when there is lack of understanding of what responsibility is placed on them. Allowance for kids can start realistically when they start school. Here is an environment where they can learn what they can get for their dollar.
The primary lesson in giving pocket money for kids is so they 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 give them more satisfaction than the toy car they could have bought with that money to depart from it. These experiences in early life will only help pave a clear path for them when they are older to wiser decisions.
Give allowance for kids only when parents are certain their children can grasp what money is and why we need to be wise with it. Children's allowance should enable parents to teach their kids about savings and spending. Parents should always 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."
About the Author:
Teaching kids should be a fun activity. Allowance for Kids is a topic that can taught easily and effectively. Children's Allowances Make it a responsibility with educating your children about money.
