Reasons why? I Would not give my kids pocket money.

Its a common thing to give adolescents or children pocket money. What is pocket money? pocket money is that amount of money a parent or a guardian gives to their child/ward to spend as pleases them . One would say that pocket money is essential for a child so as to learn how to manage money and gain financial freedom. Giving pocket money to kids or adolescents depends on individual situation. Moreover when a child starts to expect money for doing nothing it could breed some sort of mental laziness in that child and when he /she doesn’t see the money the time its supposed to be giving to him or her they might be tempted to steal if the amount giving to them does not meet their needs. Some children may spend it on unnecessary things, or compare amounts to other children, show off to their friends or may make bad financial decision. It can create envy when your child earns less than their friends, also when children are not giving the same amount as their siblings it can lead to arguments

There are better ways of rewarding a child when he /she have done marvelous at something, if they earn their pocket money ,they would learn to appreciate hard work  because as soon as they become responsible for their own money, they learn to avoid wasting it. This helps them think twice before they spend their money on unnecessary things.  Teaching them to save their money would go a long way for them by doing this they will learn to use their money responsibly and less likely to spend it unwisely.Despite the benefits of pocket money, your child might also spend it in an extravagant manner. For instance a large sum of money can easily be wasted on harmful substances, especially alcohol and cigarettes. also teach your children the concept of budgeting, saving, goal setting, and cost. First ask them their needs and wishes by doing this you would know their priorities.

As i mentioned earlier, a child would attach more value to the money or something that he or she had worked and earned,am not saying that you should always task them before you can give them money ,it all depends on you as a parent.Therefore discuss how best it suits you and your kids.

There are better ways of rewarding a child for doing impressive things. You can praise your kid's effort for a job well done, they can have an extra screen time by spending longer time watching TV,also allow them to pick a film of their choice and also play their favorite video game, take them out for a restaurant treat,go to the cinema. Reward their hard work with tickets to watch their favorite football team. Treat them to a trip to the beach. Pack up some tasty treats and go somewhere special for a family picnic. Give them a financial reward to either save or spend on themselves. In my opinion , i think its best when your kids earn the money you give them, don't get me wrong when i talk about your kids earning the money which you give them . For instance if you own a restaurant of shop they can work there sometimes ,its would make them attach more value to the money which u give them .

Thanks I hope this inspire us!!!!

@Avalucy

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