As working moms maybe you are so busy already with your personal business and make your kids lack of attentions. To some people it may end buying their kids attention by giving more money allowance.
Maybe then you doubt about when, how much and how often your kid will need allowance. But remember that it’s more to keep an eye on how he is using the money.
So here are some issues you ‘d better know about your kid’s pocket money:
Do you need to give allowance to your little kid?
When your kid is still a little boy and stay around you, actually he does not need allowance. What you need to do is only telling him that you will try to fulfill what his needs are, he just has to ask. When he is older and often left alone at home, you might need to give him some allowance to buy extra food.
What happens if your kid play with the ‘rich’ kids ?
It will bring you headache when your kid play around with the ‘rich’ kids on the neighborhood whose parents might earn a lot of money. If this happens, you should explain to him that although he does not have much allowance comparing to his friends, he still can have fun and play with them, also teach them that money has nothing to do with the value of a person.
When is the best time to teach your kid about savings account?
For a kid under 5 years old, it is best for him to use the “Piggy Bank’ at home. When he is 8-12 years old, you might need to open a bank savings account under his own name. At this age, you can start to teach him about the interests he will earn. This lesson might give him the idea to cut his expenditures and put the money into his account.
What else should you teach your kid about his savings?
Well, you can tell him that on the money he saves, he has the right to use it to buy something he needs, maybe he wants to buy a personal gift. This lesson will teach him the freedom to manage (use) his own money.
As your kid grows older, you can add his allowance, until he can manage to fulfill his own needs. What you need to achieve here is to train him to have a balance between what he has and his expenditures, between his needs and impulsive shopping.
A kid can be ridiculously mad at his parents when you refuse to buy what he wants. On the other hand, you might buy expensive clothes for your spouse as a present. In this case, you can tell him that what you buy is an exceptional, and next time there will be another family member who will be granted the special items for a special occasion.
As good parents, you often need to give your kid a punishment when it is needed. It is advisable for you not to cut his allowance as a punishment. The impact of your punishment may create a new problem for your kid. Your kid may have a plan to buy a present for his birthday friend, and he will feel ashamed as he has to broke his promise, he will feel worry and maybe afraid to be rejected by his friends. It is better for you to think of another punishment.
How much should you give your kid for allowance?
It depends on what he needs. The allowance should not be too little or too much. When you have an extra income or salary increased, you should not be obligated to give him more than it should be. He should understand that his allowance is a part of flexibility you give as parents.
What should you do when your kid ask you for more allowance?
You can say yes if he has a logical reason of why you should give him extra. You need to tell him that the special case should not become a habit. Instead of asking you for more, he can make a choice next time he needs something.
How about giving your kid extra money for doing housework?
Actually, be a part of housework is a must for the family members, However, you should be careful for this issue. Your kid may refuse you next time you ask him a favor when there is no money involved. It is better for you to give him a chance to earn money only once in a while, do not make it as a habit.
The final question every parent might ask is…. When can you stop giving him allowance?
Well, in this case, you should wait until he is an adult and can earn money for him self. When this time comes, you can stop giving him allowance, and change into giving him support to save and manage what he earns wisely
Maybe then you doubt about when, how much and how often your kid will need allowance. But remember that it’s more to keep an eye on how he is using the money.
So here are some issues you ‘d better know about your kid’s pocket money:
Do you need to give allowance to your little kid?
When your kid is still a little boy and stay around you, actually he does not need allowance. What you need to do is only telling him that you will try to fulfill what his needs are, he just has to ask. When he is older and often left alone at home, you might need to give him some allowance to buy extra food.
What happens if your kid play with the ‘rich’ kids ?
It will bring you headache when your kid play around with the ‘rich’ kids on the neighborhood whose parents might earn a lot of money. If this happens, you should explain to him that although he does not have much allowance comparing to his friends, he still can have fun and play with them, also teach them that money has nothing to do with the value of a person.
When is the best time to teach your kid about savings account?
For a kid under 5 years old, it is best for him to use the “Piggy Bank’ at home. When he is 8-12 years old, you might need to open a bank savings account under his own name. At this age, you can start to teach him about the interests he will earn. This lesson might give him the idea to cut his expenditures and put the money into his account.
What else should you teach your kid about his savings?
Well, you can tell him that on the money he saves, he has the right to use it to buy something he needs, maybe he wants to buy a personal gift. This lesson will teach him the freedom to manage (use) his own money.
As your kid grows older, you can add his allowance, until he can manage to fulfill his own needs. What you need to achieve here is to train him to have a balance between what he has and his expenditures, between his needs and impulsive shopping.
A kid can be ridiculously mad at his parents when you refuse to buy what he wants. On the other hand, you might buy expensive clothes for your spouse as a present. In this case, you can tell him that what you buy is an exceptional, and next time there will be another family member who will be granted the special items for a special occasion.
As good parents, you often need to give your kid a punishment when it is needed. It is advisable for you not to cut his allowance as a punishment. The impact of your punishment may create a new problem for your kid. Your kid may have a plan to buy a present for his birthday friend, and he will feel ashamed as he has to broke his promise, he will feel worry and maybe afraid to be rejected by his friends. It is better for you to think of another punishment.
How much should you give your kid for allowance?
It depends on what he needs. The allowance should not be too little or too much. When you have an extra income or salary increased, you should not be obligated to give him more than it should be. He should understand that his allowance is a part of flexibility you give as parents.
What should you do when your kid ask you for more allowance?
You can say yes if he has a logical reason of why you should give him extra. You need to tell him that the special case should not become a habit. Instead of asking you for more, he can make a choice next time he needs something.
How about giving your kid extra money for doing housework?
Actually, be a part of housework is a must for the family members, However, you should be careful for this issue. Your kid may refuse you next time you ask him a favor when there is no money involved. It is better for you to give him a chance to earn money only once in a while, do not make it as a habit.
The final question every parent might ask is…. When can you stop giving him allowance?
Well, in this case, you should wait until he is an adult and can earn money for him self. When this time comes, you can stop giving him allowance, and change into giving him support to save and manage what he earns wisely
