Promote independence with pocket-money
Below is a MRR and PLR article in category Home Family -> subcategory Parenting.
Foster Independence with Pocket Money
Summary:
Successful parenting often involves helping children become self-sufficient. Providing pocket money is an excellent way to instill independence and a sense of responsibility in children and teenagers.
Keywords: discipline, children, pocket money, parenting, teenagers, self-esteem, happy kids, family guidance
Article Body:
In workshops, a common question arises: Should pocket money be earned or given as a reward for good behavior?
I believe that children should receive pocket money as their small share of the family's wealth, much like they contribute to household chores. This doesn’t mean dividing the family income equally; instead, it involves giving children a suitable amount based on their age, needs, and ability to manage money.
It's essential to set spending guidelines. For example, younger children might get enough for sweets and small treats, while older kids could receive enough for lunch, bus fare, and some extras. For teenagers, an allowance covering clothing can help manage expenses. Explain that you’ll cover basic items, but any brand-name extras will require contributions from their pocket money.
Pocket money teaches goal-setting. Encouraging children to save for something significant, like a bike, helps them learn about planning, budgeting, and experiencing the satisfaction of achieving a goal.
When used effectively, pocket money promotes independence in young people.
Guidance on Spending:
Worried about poor spending habits? Offer guidance and require them to divide their pocket money into three parts: spending, saving, and charity. Avoid interfering too much?"it's their money to manage. However, intervene if necessary; for example, if a child has health issues and continually spends on sweets.
Behavior and Pocket Money:
Should misbehaving children receive pocket money? It’s best to separate behavior from allowance. Using pocket money as a behavior tool can lead to problems and resentment. Explore other ways to encourage good behavior without withholding their allowance.
Frequency and Age:
Provide pocket money regularly, like a paycheck, every week or fortnight. Give it in coins so they can easily allocate funds for different purposes.
Start giving pocket money as early as age four and consider stopping around their fifteenth birthday, encouraging them to find a part-time job. For the youngest children, a couple of coins can be linked to treats they usually enjoy, teaching them to save or spend wisely.
Pocket money also reduces parental pressure to constantly buy. When children request new toys because "everyone else has one," remind them they can use their own funds to contribute.
For more practical strategies to develop confident and resilient children, check out Michael's bestselling parenting book, One Step Ahead, available at www.parentingideas.com.au.
About Michael Grose:
Michael Grose is a leading parenting educator, authoring six books and 300 articles, and delivering over 100 presentations a year. For more ideas on raising confident kids, subscribe to his free fortnightly newsletter, Happy Kids. Get a free report on "Seven Ways to Reduce Sibling Fighting" by subscribing at www.parentingideas.com.au.
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