Tips for Managing Snack Money Given to Children
One expenditure that has become an obligation in household finance is the child’s pocket money. Technical management of pocket money depends on family regulations, age and needs of children. Even pocket money can be a more complex problem if there are provisions such as how much, at what age, and when should the allowance begin to be given to the child. For families with more than one child, the issue of pocket money is even more complex, namely how to make fair decisions between one child and another child. Here are five tips for managing children’s pocket money:
Determine the amount of pocket money
There is no right time or wrong to give children pocket money. All come back to you. However, there are several factors that you must pay attention to in determining the amount of pocket money such as your age and financial ability. Consider whether your child understands in using money. If your child is still small, teach your baby to use money economically. In addition, you also have to pay attention to your abilities and don’t force them to give you a lot of pocket money if you don’t. In addition, you also have to understand your child’s ability to manage pocket money. Children who are just starting to enter elementary school certainly don’t understand money well, so you can give understanding by giving less money and bring lunch from home. Also give understanding to your child that fairness is not from the amount of pocket money received, but according to the stages of age.
Adjust to Need
The nominal giving of child allowance also depends on their needs. Calculate how much the average expenditure spent by the child every day. Make a list of what your child’s pocket money will be used for. The nominal allowance given to children can also depend on their level of education because of course pocket money for your middle school children is different from your child who has gone to college. Other needs such as costs and distance between home and school also need to be considered. In addition, you also have to pay attention to other activities that your child follows such as extracurricular or tutoring. If your child is at the high school level, there are usually other activities you like to do such as going out with friends and buying things he likes.
Discuss pocket money with children
You can discuss pocket money with your teenager. You can ask how much it costs from home to school and the price of food in the canteen. In addition, invite your child to discuss other needs, such as what he wants to fulfill every week or month such as going out with friends or watching a movie. You can also discuss the technical time for distributing pocket money with your child, to find out whether they want it per week or even per month. Also discuss how to manage pocket money well so that they can manage their own finances and not be wasteful in using pocket money. Snack money is indeed the full right of your child, but that does not mean you do not have the right to provide input regarding money management
Give Terms If Children Want To Increase Snack Money
If your child has run out of money and asks for extra pocket money, you need to invite your child to discuss how they can increase their allowance. However, you must first know the reason why they have spent their pocket money prematurely. It could be that their pocket money runs out quickly because of buying school supplies or even sudden needs. You can make a deal with your child, how they can increase pocket money such as helping with homework or studying harder and getting good grades. Extra good pocket money to give as a motivation for children to do good. However, you should also not be accustomed to giving extra money if they cannot provide clear reasons why their pocket money is used up.
Point Your Child How To Achieve Desires
If your child has the desire to buy an item that he likes, direct your child to reach it. For example, if he wants to buy a new gadget , don’t rush to follow his will and teach your child to save. Teach children to manage their allowance by saving money in a bank or in a piggy bank. You can make child savings in the bank so that they also start learning to manage their own finances.
Begin to manage your child’s pocket money in a simple way. You can see your child’s ability to manage pocket money to know whether they are able to manage pocket money responsibly or not. There is nothing wrong with entrusting them to arrange their own allowance. This will teach your child to be more mature in managing finances and also make it easier for yourself.