Tuesday, 30 May 2017

Pocket Money: Teaching Your Child to Be Financially Responsible


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It is so easy for children to be completely unaware of the financial world. Money isn’t something that crosses their minds. This is great when it comes to little ones; you should never unload your financial burdens and worries on kids, as they will be unable to help and it will only worry them. But this isn’t to say that you can’t start to teach your kids to be financially responsible from a young age. When your little ones reach the age of ten, it might be time to start teaching them how to handle money. This will be a great skill that will stay with them for life. So, how to go about making your kids financially responsible without placing too much pressure on them?

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Pocket Money
Pocket money may seem like a minefield to some parents. There are endless questions that accompany the subject. How much should I give? Will I be spoiling my kids? Am I not giving them enough? Do they need to work for their money? Not to worry. It is a good idea to teach your kids that money doesn’t come for free. Give them little chores (obviously, don’t overwork them), so they can realize that you have to earn money. When it comes to how they spend it, they will realize the cost of things. They will start to value cash and understand that certain items are luxuries which they will have to save for.

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Banking
The concept of setting up a bank account for your child may sound bizarre, but it’s a concept that is rapidly increasing in popularity. Companies such as Go Henry offer savings accounts for kids. They can deposit their money and save for bigger purchases. The service has garnered brilliant feedback: just take a look at Go Henry Review. Parents report that their children learn how to manage their finances better, how to budget, save and manage electronic money systems from a young age. This is vital in a world of online banking, ecommerce and other forms of online spending. So consider setting your child an account up today.
Joint Ventures
If you have a tight budget already, you might not be able to just hand cash over to your children. Especially if you have more than one. When you’re dealing with two, three, four or more children, pocket money can mount up. So, if you’re worrying about how to afford this, sit down with your children and work out how you can earn money together. Consider doing car boot sales together, selling lemonade on a stand or a front yard sale. There are so many benefits to this kind of activity. First, they will be a fun day of bonding with your children. You will all have fun at the same time as working together. Second, your kids will feel a sense of accomplishment. They have earned this money.
Experiences over Cash
If you’re not too keen on handing cash over to your kids, you could replace pocket money with fun activities. Maybe you could say that if your little ones do their assigned chores, they will have a special day out in return. Swimming, cinema trips, a picnic at the park. This is another way to reward your children for good behavior and hard work.

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