Are You Giving Your Child an Allowance? Here's Why You're Doing it Wrong!
Now how do we make a children's allowance effective? I'm a parent, and I have been nagged and hassled by my child to buy them the latest video game or toy. A lot of the time, I buy them what they want so that they'll stop bugging me. I'm thinking, and I've given my child a weekly allowance already; what has he done with it, and why am I buying the items they want?
So what I do is search deeper into the situation. I ask my son what he has spent on the children's allowance I give to him weekly. He tells me that he has already used the school canteen to buy snacks every day and by the time the weekend arrives, he has no more money to spend.
I then realized that I was only giving a kid's allowance because all the other parents were doing it and thought it was the right thing to do. As I looked into it further, I found that allowances for kids are given so they can understand what to do with their money responsibly. I think I have missed the boat here completely by not advising my child on how to use his pocket money properly.
What I now do is have a weekly meeting regarding allowances for kids. At the beginning of each week, we generate a budget and put aside part of the money to save and the other amount to spend. I would highly recommend saving at least 10% of your pocket money.
Ensure you consistently communicate what your child decides to do with his savings. If it takes about twelve weeks to save on 10% of the savings allocated, you can advise them that if they want the toy quicker, they can put a more significant proportion of their money into their savings account.
Give this a go with allowances for kids, and you will soon see your child wanting to save more with their money to reach an end goal. When they have achieved this goal, they will be more satisfied than if you were to buy the item for them.
Another suggestion you could use is to say to the child if they save $100 in their savings account, you will match this amount as well. This will make them more inclined to save money rather than spend it all.
Suppose you can always try to make a children's allowance fun so your child will learn about the different topics of money, such as budgeting, allowances, saving money, and making money. This will create great money habits for your child, which will benefit greatly when they become adults and start their own family.
Teaching kids to save money is challenging and enjoyable for your child. Kids allowance We need to do something today for our kids! Let's begin and invest in our children's lives.
Thank you for reading, and I hope you have a good rest of the day!
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I believe both suggestions are great making the learning process fun and exciting in helping kids get the hang of what money is all about. It will make a big difference if they learn good money habits at a young age. They will have a financial edge over all the rest who didn't learn these things when they were young.
@mercurial9
A child always love a comfort life, although is good to give them allowance but not constantly to avoid the child been spoilt
i got an idea, not the kid yet. i will buy him/her everything they ask, but....
one day of chores is £1. you want a bike worth £150, then you need to do the adequate chores 150 days. not in a row, your choice. £20, do the 20 days. and so on. you can have anything you want as long as you do the effort.
Now this is something different to try with the kids - thanks!
Thanks for this, is an eye opener