Pocket money 
|   Aug 06, 2017
Pocket money 

When I was a kid, my parents allowed me some pocket money every month. Though it was a meager amount, it helped me a lot to learn how to spend wisely and save simultaneously. I was free to buy anything with it but since the amount was fixed I cultivated a habit of not making careless use of it. I got my first lesson of money management through it.

Whether or not children should be given pocket money is an issue that is often neglected and dismissed. In my opinion pocket money is useful to children but some parents may not agree with me.  They would give a second thought whether their kid is mature enough to give money as he may consume all of the money in buying unnecessary things. And since kids can not be supervised all the time, they may buy something not suitable to their age keading them on a wrong path. 

Other set of people like me would believe that pocket money is really helpful in learning the importance of money. They would give freedom to children to buy anything of their choice and make them aware of money management rules.

Considering two point of views, I believe parents should give a limited amount of money as pocket money. You can start with small amount. Making the amout fixed and guiding children how they can spend it can make things easy. Tell kids to log the expenditures and savings in a diary. For expensive shopping take kids to market with you. With the conditions attached on how and what the money can be spend on, pocket money can be a pleasant experience.  By being wise you can inculcate many values in your child by giving him pocket money and with the help of right guidance your child will also be on the correct path.

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