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Pay Debts Blog
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on blog and join our site for articles and tips Consolidate Debts LoansPermanent link: Why you should give kids pocket money - From consolidate debts loans
Why you should give kids pocket money-From consolidate debts loans
The main reason for giving a young person pocket money is to help them learn to budget. Young people only learn by, trial and error how to manage money pocket money. Regular pocket money give kids a steady income, receiving regular payments helps kids plan for the future: they can set goals, budget to reach them, learn how to save and spend. They also learn to be responsible and learn from their own mistakes. So stop paying for everything for them, eg, clothes, books, trips out etc. Work out a sensible rate and try to let them have the freedom to take care of it themselves. Responsibility of ownership Pocket money gives kids money to keep track of, in other words, not lose, waste (hopefully) or misplace. If money "disappears", it's gone. Kids will eventually learn to be more careful with money. If they loose it, don't replace it, if they run out midweek, don't offer. I know it sounds harsh... but we are breading a nation of young people who have no idea how to budget, and are getting in to debt without a thought for the consequences. Yes one month they may not buy the shoes that they need and spend it on a bb gun, but when their feet hurt... they will learn Responsibility of budgeting their own pocket money When kids must spend their own money on items you consider foolish or extravagant, you are no longer put in the position of approving or denying what they purchase. It's their money. They may or may not learn that the item was not as great as it promised, or that is was flimsy, or that its excitement was short lived. If they learn any of those lessons, the item becomes well worth whatever small amount of money your kid paid for it. So try to be neutral about their purchases. Allow your kids to handle their own money, and make their own mistakes and they should grow in to more financially savvy adults. Technorati Tags: teach kids the value of moneyPosted by Admin at 2006-08-28 09:14, Home
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