6/24/2023 0 Comments Money on pocket![]() Money management implies a solid grasp of basic mathematics (addition and subtraction). So while it may seem silly to let a 5-year-old manage a budget, you can still give them a coin to put in their piggy bank or go with them to buy some sweets. Saving for your child is one thing – giving them pocket money to look after is another. If you need further convincing, 82% of parents give their children pocket money in Luxembourg. ![]() Giving pocket money is something that we should choose to do because it helps children to become more independent, to learn the value of money and the importance of saving, and to prepare for life in a society where money plays a key role. Pocket money shouldn’t be used as a form of blackmail or a reward for good grades either, which is in their own interest anyway. It’s important to remember that you shouldn’t just give your children pocket money to stop them throwing a tantrum because their classmate gets a lot every month, or because your mother-in-law says so. Moreover, it’s best not to let them wait for their first pay cheque to begin handling money… the results could be disastrous! But whatever your values, we can agree that money is important enough for us to care about and discuss it with our children. That’s for you – the parents – to decide. Let’s start by saying that there’s no obligation to give your children pocket money. That’s where pocket money comes in: you give your children an allowance that they get to use as they see fit. After a certain age, we’ll need to use the skills we learn when we’re younger to manage our money in real life. And in today’s highly consumerist society, it’s important to learn fast. Money management is a skill that you need to learn – you can’t just wing it. It’s the same for parents everywhere: how do I manage my children’s pocket money? Is it mandatory? From what age? How much? How often? Bank account or cash? There’s so many questions to think about, and while there’s no universal answer, here are some tips to help you find the right balance for your family. ![]()
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