How much is enough pocket money for children? This debate has gathered momentum as the modern kids demand lots and lots of pocket money. You are taken aback when your children are not satisfied with the pocket money you give them. You wonder why they need so much money.
When you are very miserly in giving your children pocket money, they look with yearning at other freely spending children and feel lesser. If you give them too much they grow up without knowing the real value of money.
‘I made the greatest mistake of my life when I admitted my son in one of the most prestigious school in my area’ my friend told unhappily.
I knew the school very well. Most rich people’s children studied in that school.
‘Well! What is the problem now?
‘My son now complains that the pocket money I give him is peanuts. He says that the parents of his friends are very liberal in giving them pocket money.
‘He also says he feels inferior when compared to his much richer friends. I should have never made him join that school’ she concluded sadly.
This is a common scenario in most families. Parents feel confused as to how much money they should give their children. During my school days there was not much of this pocket money concept. We were satisfied with the pennies given by our parents. We used it to buy us some tidbits. But this happened some forty years back! We never knew how to spend money without our parents.
How times have changed! Children now know how to spend money! And they know how to demand it from their parents also.
Why do children ask for more money now?
- They frequently hang out with friends and spend lots of money for each other.
- They eat lots of tempting junk food.
- They like the feel of money in their pocket.
When your children are reasonable in asking money you need not worry. But never bow to their unreasonable demands. The amount you give them should be within your budget and according to their age.
Do your children make it a point in asking money persistently without any rhyme or reason?
It is time for you to put the brakes. Do not give them money out of compulsion. But sadly you easily fall prey to the emotional blackmail of your children.
Why do you pamper and spoil your children by giving them lots of money which is beyond their age?
Your hectic work schedule makes you feel drained and fatigued. You do not have the energy to spend quality time with them. You feel guilty and remorse that your children miss your presence.
You think money will compensate your absence. You feel indulgent and generous. You want your children to feel that you care for them.
How wrong you are!
Money cannot be a substitute for your absence. Money cannot replace your love and care. But you never realize your mistake. You give your children money as and when they ask. You do not monitor their spending at all.
The pros of giving pocket money
- Your children learn to manage money at their young age
- They feel confident that you trust them with money
- If you guide them they learn to save it.
- It you mold them they learn to donate to charity.
The cons of giving pocket money
- Your children become spendthrifts at their young age.
- They become experts in emotionally demanding money for their spending.
- They spend most of their money on junk food.
- They show off before their less endowed friends.
How much is enough pocket money for your children?
- Do not give them too less.
- Do not give them too much also.
- Fix an amount as monthly pocket money. Tell your children they should not exceed the amount.
- Advise them not to spend on junk foods.
- Teach them the value of money.
- Buy them a piggy bank and guide them to put a certain amount of money into it daily. Tell them that they can use their saved money to buy the things they like.
- Appreciate them when they follow your advice.
When you give them plenty of money, your children grow without knowing its real value. You buy your school going child a costly mobile as a show of your love. Is it love you are showing? No! You want your child to be known as rich and affluent.
‘The greatest gifts you can give your children are the roots of responsibility and the wings of independence’- Denis Waitley
How will your children know about value of money if you pamper them with unlimited money?
Lots of money is a lethal temptation for your children to try out life destructive habits. They are surrounded by minions who literally leech them of their money.
Unknowing to you bad habits enter into their life. They are tempted to spend money on unwanted things like drinks and drugs. You realize your mistake only when things go out of hand. The world comes crumbling to your feet when you know that your children had misused the money you gave them. You feel completely lost and anguished. You now spend thousands of dollars on rehabilitation of your children.
What then is the solution for this sorry state of affairs?
- You should spend quality time with your children.
- You must teach your children the values of life.
- You should teach the credibility of being honest and frank.
- You should be friendly with them.
- Do not preach them as they hate it.
- Give them just the enough money to spend on things their age needs.
- Buy them things which is apt for their age.
What begins as pocket money can become demanding money if you do not know how much you should give your children. You should make your children realize that money is hard-earned and so should be spent judiciously. It is your friendliness that makes them realize that you are right.