The Female Z NE
It's all about you.
The Female Z NE
YOUR KIDS
It's All About You.
Should You Give Your Kids Pocket Money?
POCKET MONEY
Most kids think that milk comes from a bottle or carton, not a cow, and that eggs come from the supermarket, not a chook, and that money miraculously flows out of a hole in the wall.
While most kids know something about money, It's important they also comprehend why It's a cherished resource, where it actually comes from and how to manage it.
While most kids know something about money, It's important they also comprehend why It's a cherished resource, where it actually comes from and how to manage it.
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Money Knowledge
Our kids need to know that money has to be earned, worked for, that it doesn't grow on trees or magically spill out of ATM machines!
Here are some kid-friendly money tips to help you teach your kids the value of money.
* When you withdraw money from an ATM or use a card at the supermarket, explain to your child that the money is coming out of your bank account. That you had to earn it first and that It's not some never-ending supply.
* Tell to your kids why mum and dad have to work to earn money. Explain that its money that puts food in the fridge so you can all eat.
* Include your kids in family discussions about money and household bills to familiarize them with the concept of the cost of running a household.
Money Skills
After your children have an understanding of money and where it really comes from, you can begin teaching them about valuing it and how to spend it wisely. Try these tips:
* Demonstrate the value of money by explaining to your child all the things $2 can buy next time you're shopping.
* Show kids how to compare prices by shopping around. Use things that they would like to have as examples.
* If you give your kids pocket money, dispense a combination of notes and coins to familiarize them with the value of different denominations.
* Open a bank account in your child's name or give them a piggy bank to encourage them to start saving. For small children, try to make it fun by drawing pictures of the things they want to save for.
* Teach your children about the difference between needs and wants and how to budget accordingly.
* Permit your child to hand over the money to pay for things when you go shopping to get them used to handling money.
Our kids need to know that money has to be earned, worked for, that it doesn't grow on trees or magically spill out of ATM machines!
Here are some kid-friendly money tips to help you teach your kids the value of money.
* When you withdraw money from an ATM or use a card at the supermarket, explain to your child that the money is coming out of your bank account. That you had to earn it first and that It's not some never-ending supply.
* Tell to your kids why mum and dad have to work to earn money. Explain that its money that puts food in the fridge so you can all eat.
* Include your kids in family discussions about money and household bills to familiarize them with the concept of the cost of running a household.
Money Skills
After your children have an understanding of money and where it really comes from, you can begin teaching them about valuing it and how to spend it wisely. Try these tips:
* Demonstrate the value of money by explaining to your child all the things $2 can buy next time you're shopping.
* Show kids how to compare prices by shopping around. Use things that they would like to have as examples.
* If you give your kids pocket money, dispense a combination of notes and coins to familiarize them with the value of different denominations.
* Open a bank account in your child's name or give them a piggy bank to encourage them to start saving. For small children, try to make it fun by drawing pictures of the things they want to save for.
* Teach your children about the difference between needs and wants and how to budget accordingly.
* Permit your child to hand over the money to pay for things when you go shopping to get them used to handling money.
The pocket money debate
Many parents have differing views about whether or not to give their kids pocket money.
Think about what you hope to achieve with pocket money e.g., Teaching them about budgeting and saving, and explain your thinking to your kids before you open the pocket money floodgates.
Questions to ask yourself
Before you even consider giving your child money of their own, ask yourself some simple questions to help you develop some strategies and pocket money house rules.
* Are you willing to pay your children for household chores such as tidying their room, washing the car or picking up toys? Or do you believe that household chores are responsibilities that shouldn't be rewarded monetarily?
* Is it ok to deny or hold back pocket money as a result of naughty behaviour?
* Is pocket money a reward for good behaviour?
* Will you allow your child to spend their money on anything they like, e.g., candy, or comics even if you're opposed to these kind of purchases?
When should you start?
It's never too early to open a savings account in your child's name. But if they can't calculate how much a $1.50 can of soda and a $2 ice-cream will cost, or how much change they should receive from a purchase, it might be too early to make them responsible for real-money situations!
Many parents have differing views about whether or not to give their kids pocket money.
Think about what you hope to achieve with pocket money e.g., Teaching them about budgeting and saving, and explain your thinking to your kids before you open the pocket money floodgates.
Questions to ask yourself
Before you even consider giving your child money of their own, ask yourself some simple questions to help you develop some strategies and pocket money house rules.
* Are you willing to pay your children for household chores such as tidying their room, washing the car or picking up toys? Or do you believe that household chores are responsibilities that shouldn't be rewarded monetarily?
* Is it ok to deny or hold back pocket money as a result of naughty behaviour?
* Is pocket money a reward for good behaviour?
* Will you allow your child to spend their money on anything they like, e.g., candy, or comics even if you're opposed to these kind of purchases?
When should you start?
It's never too early to open a savings account in your child's name. But if they can't calculate how much a $1.50 can of soda and a $2 ice-cream will cost, or how much change they should receive from a purchase, it might be too early to make them responsible for real-money situations!