Register | Login
Login
Sign in with:
---------- OR ----------
Create Account | Login
Create account
As a Member You Can:
  • Join clubs to discuss your interests
  • Connect with people like you
  • Share information, seek advice, get support

   
parenting
in Mumbai (change city)
Select City
  • All
  • Delhi
  • New Delhi
  • Gurgaon
  • Noida
  • Mumbai
  • Pune
  • Banglore
  • Hyderabad
  • Ghaziabad
  • Chandigarh
  • Ahmedabad
  • Kolkata
  • Chennai
  • Coimbatore
  • Jaipur
 
Teen Issues Topics..

 
You are here : home > Teen Issues > Teen Problems > Pocket Money

Pocket Money

Do you give your kids an allowance or 'pocket money'?

If not, perhaps it's time you started. Giving a child an allowance has numerous benefits, and it inculcates a sense of responsibility in your child


How much?

Be logical about the amount of pocket money you are giving your kids. If it is just a token and you know your kids will come running to you the minute they need to buy something exciting, and you wont hesitate to fork over the money (if, of course, you feel their demand is reasonable), you're not doing the right thing. 

Let your children learn that they have to save up to buy something they really want. Don't let them get into the habit of running to you every time they need more money. But in order for you to do this, you have to give them a reasonable allowance every week.
 

Weekly or monthly?

First of all, you have to decide if you want to give your child a monthly allowance or a weekly allowance. Usually weekly allowances work better with children. 
 

Money Management

Giving your children an allowance teaches them how to manage money, and this will come in handy throughout their lives. Even if your kids make a bad decision, they will learn in a safe environment, as the sum involved is fairly little. 

Your kids will learn budgeting, saving and spending. They will learn to look after their money. The advantages of giving your child an allowance are tremendous, so don't slack off.
 

When should you start giving your child an allowance?

When your child turns six, he should be old enough to accept the responsibility. Explain that you are going to be giving him an allowance, and he has to be responsible with the money, as he is not going to get any more from you until it's time for his next allowance. Sit with him and help him chart out a budget. 

Schoolbooks and your child's lunch money should not be part of the allowance. But if he loses a schoolbook then he would have to use his allowance to buy it. 
 

Household chores

Encourage him to start working to increase his pocket money. However, don't pay him money for daily chores around the house like making his own bed. But if he does an additional which takes time and labour, like perhaps cleaning out YOUR cupboard, then you could give him some extra money to compensate. So you child will quickly learn that he would have to 'earn' a living - the world doesn't owe him anything and he's never going to get something for nothing. 

You may also be interested in:

Poor Immunity in Kids
(32214 views)
Fussy Eating Habits
(21214 views)
The Censorless Wonder
(9073 views)
Cancel
Save Edit
parenting
Notifications
8 Comments
Sort by Newest

Binod.4 years ago
I think there should be a balance. do not give too much of pocket money and also teach the kid about the real value of money
 
 
 
.
Reply
Mohsin.4 years ago
Very good article. I was always thinking whether to give or not to give pocket money as many of the kids of my son's age are given pocket money by their parents.
 
 
 
.
Reply
Shwetank.4 years ago
I disagree with mantra. I think it is a good idea as it helps kids to be responsible and also make them know the actual value of money. they learn to save from a young age.
 
 
 
.
Reply
Mantra.4 years ago
I do not think that there is a need to give pocket money to small kids. Once kids know the value of money, then only they should be given any allowance.
 
 
 
.
Reply
Mantra.4 years ago
I do not think that there is a need to give pocket money to small kids. Once kids know the value of money, then only they should be given any allowance.
 
 
 
.
Reply
Back to Previous Page   |   More on Teen Issues Index

 
 
Discussion Forum - Recent Posts
Do you give your kids an allowance or 'pocket money'? If not, perhaps it's time you started. Giving a child an allowance has numerous benefits, and it inculcates a sense of responsibility in your child. How much? Be logical about the amount of pocket money you are giving your kids. If it is just a token and you know your kids will come running to you the minute they need to buy something exciting, and you wont hesitate to fork over the money (if, of course, you feel their demand is reasonable), you're not doing the right thing. How much salary would you give your child?
this is me
I think pocket money is a good thing. The reason why i think it's a good thing because your giving your child an oppuunity to learn how to save their money. But giving your child to much money can som...
Pratibha
Good Article. Acutally I was not able to decide that when should I start giving Pocket Money to my 7 yrs old son. Now I will start giving him pocket money on weeekly basis....
V.K. Sharma
I have a son who is 12 years old. he gets a pocket money of Rs. 200/-. He, however, is always out of money. The amount should be small but reasonable. ...
view more >>
DISCUSSION FORUMS ON
Articles
RE:Lessons From Children
hello editor,
sometimes its right, and sometimes its wrong also, childre ...
- anudas    read >>

RE:Lessons From Children
hello editor,
the adult definitely learn lots of things from kids, and n ...
- ajinkya    read >>

RE:Lessons From Children
hello editor,
kids are very innocent and they dont know who is smart per ...
- niraja    read >>

RE:Lessons From Children
hello editor,
sometimes its right to say we adult learn from childrens a ...
- umesh    read >>



All tips on Teen Problems
You ever wanted in one place.
No need to go anywhere else. No spam.

*No spam only genuine emails
Follow us on:




Featured Articles - Infertility | Baby Development | Health and Fitness | How to Get Pregnant | Parenting Advice | Weight Loss | Pregnancy Advice | Name Numerology
Baby - Baby Photo Contest | Lucky Names | Lucky Birthdates | Horoscopes | Chinese Calendar | Compatibility Test | Fun Zone
Parenting - Message Boards | Planning a Baby | Pregnancy | Parents of Babies | Baby Names | Baby Name Poll | Birth Announcements | Parenting Quiz
Family - Cooking Club | Love & Relationships | Beauty Tips | Kids Weight Calculator | Recipe Maker
General - Calorie Counter | Personality Quiz | Love Signs | Compatibility Quiz
Home | Site Map | Privacy Policy | Comments or Suggestions | Indiaparenting News Articles | Contact Us | Advertise with Us | | RSS
Copyright (c) 1999 - 2017 India Parenting Pvt. Ltd.