![]() When you give them pocket money, ask them how they are planning to spend the money. Responsible spending habits along with the discipline of saving as well as budgeting play a vital role in lifelong money management.Īgainst such a backdrop, let’s look at how you can begin teaching your kids pocket money management: Teaching your kids about how to make better spending decisions will help them in the future when it comes to making big investments as an adult. And as parents, you must instill these lessons in your kids from a young age. So, in such as case, imparting knowledge about budgeting, savings, and spending becomes vital. In fact, in the age of instant gratification, when parents meet their children’s requests almost instantly, values such as the need to save up to buy their dream purchase are gradually fading away. But, it has also made it tough for parents to instill lessons to their kids around the real value of money in today’s digital era. ![]() Now, it’s true that digitization has made spending and purchasing faster and easier. During this time, tap-and-go payments have emerged as the most prominent way of money transaction like never before. It further accelerated with Covid-19-induced lockdowns that forced kids to stay at home, stopping them from going out to play or meet with their friends. But of late their spendings have been mostly online such as purchasing games or ordering food. Let’s look at it this way: you give cash to your children as pocket money. Does it mean no more giving pocket money? Well, not exactly. Now, if we focus on the present scenario, it would be fair to mention that the nation is moving towards cashless transactions. All in all, receiving physical coins or notes as a kid has always been exciting. While some dutifully save it in a piggy bank, others spend the amount on stationery, sweets, or treats. It’s about what the amount received lets you do – spending it at the moment or saving it for the future. It’s like the very first experience of financial independence. ![]() As a kid, receiving pocket money at the beginning of the month holds a lot of value as well as emotion.
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