As children grow up, they expect their parents to give them pocket money regularly for their expenses. The amount of this pocket money highly depends on the parents’ budget and other connecting factors. You can either choose to provide them with pocket money every month, on a bi-monthly basis or every week.
However, it is crucial that you slowly increase the pocket money to raise their sense of independence and responsibility to grow. For example, you can slowly start giving them money to buy their school books, stationery items, or clothes along with the money you give them to go out with their friends.
Here is how you can decide on your kids pocket money
- Realise the size of your child’s spending
- Involve your child in the decision making
- The per-day rule
1. Realise the size of your child’s spending
It is essential to understand how often the child goes out, buys lunch from school, or needs to get school supplies. Accordingly, decide on an amount that is enough but not too much for your child’s pocket money. Budgeting what you expect your child to cover from the pocket money helps in deciding the right amount.
2. Involve your child in the decision making
Before you tell your child that this is how much pocket money they will be getting, sit them down and talk to them about it. Involving your child in this financial decision will make them more responsible for the money they will be receiving. Their agreement on the same will ensure that they are satisfied with the amount. Understand with them what their needs are and how much they are expecting. If you are both on the same lines, you are good to go! If not, and if you feel that they are demanding more than you thought, try to understand why.
3. The per-day rule
Parents can also decide the amount of pocket money depending on the number of days. For example, if you choose to give Them $5 per day, their monthly pocket money sums up to $150. This method is an easy way to calculate how much pocket money you should give your kids. As they grow, the daily allowance can increase to $10, $15, etc.
These three ways can help you decide on how much pocket money you should give your kids. Though it differs from household to household and child to child, pocket money should be determined based on what the parents can afford. Along with that, it should also take into consideration that the necessities of the child are fulfilled. The amount of pocket money generally increases as the child grows because so does their expenditure. A quarterly or semi-yearly increment is also an excellent way to regularly add some bit to their pocket money.
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