Allowance: A Way Of Introducing Money To Kids
Every one of us has a fascination towards piggy banks
. In our childhood days, these small money saving kits were made up of clay. These were available in different colors and shapes, and not necessarily in the shape of a piggy only. They were in the shapes of a fruit, or sometimes in the shape of a house. At that time, we used to get very little money as compared to the present day kids. But from that little money, we used to save some to buy them all something or spend them in a bulk. There was a craze among us friends to save money. But for generations, its been a topic of debate whether kids should be given an allowance or not. Many people argue that providing children with an allowance will teach kids to manage their money properly in a very early age. Contrary to this, others put their views as kids should not be introduced to money at an early age; this may spoil their innocence and may lead them into deviant ways. Whatever may be the views of different people, providing an allowance definitely makes kids conscious about the money. It solely depends upon us adults to teach our kids how to make useful use of their allowances.It is often noticed in middle aged children that they employ unethical methods to earn money so that they can maintain their expenses. Such situation occurs when parents dont observe their kids money spending habits. There is no harm in providing allowance to the kids, because they also need some freedom of buying their own goods; but in doing so parents should be conscious enough about which are the things on which kids are spending their allowance. Moreover, parents need to restrict the allowance money to an extent so that their children dont get a chance to invest their money in a wrong way. Parents personal savings and spending habits, both directly and indirectly, have a huge impact on their children. There are certain guidelines that parents can follow to teach their kids about the value of money. These are shortly discussed below:-
1. It is said that we understand the value of those things that we have in practicality. So before teaching our kids to save or value money, we need to introduce them to the concept of money first and the best way to do so is to give them an allowance. But we should also tell our kids about the benefit of saving money, so that they can develop an interest towards saving
2. Kids age should also be considered before providing them allowance. They should be in an age when they can easily distinguish between a piece of ordinary paper and a 10 or 20 rupee note
3. A child should receive an allowance in order to teach them how to save, how to make the decision on what to spend their money on, and to allocate the proper amount in order to attain their goal. It can also be an effective way to discipline when other measures have failed
4. Kids will learn how to manage their finances responsibly far quicker through being allowed to make mistakes themselves, rather than being told how they should be managing their money by someone else.
Ultimately, it comes down to how much guidance a child receives from their parents or guardians on money whether through an allowance or not.
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