subject: Learning About Money: Children Allowance [print this page] Learning About Money: Children Allowance
Receiving children allowance can be really beneficial for our kids' development. First off, they start to understand the value of money and how much things cost. It also helps them to be independent and responsible, as they get to choose what they want to spend it on. This means they often think long an hard about it is they want to buy.
The way parents choose to give their children pocket money or their allowance varies depending on the parents. Some choose a specific day each week or month, to give the child a set amount. The amount the child receives may depend on their age, with younger children being given less than their older brothers or sisters.
Many parents these days choose to combine giving an allowance with the child carrying out certain chores around the house. For younger kids, these of course will need to be quite simple. Popular tasks given to youngsters include setting out the cutlery on the family table for meals. The parents or parent then assign a specific amount to each task completed.
By doing chores around the house, kids are contributing to the day to day running of the house. This can help bring the family together in sharing the tasks and performing them together. Also in doing these chores kids get to learn new skills, which they need later in life.
Being given the opportunity to manage their own money really does help kids learn its true value. And how much things cost. By learning about how to save money, kids also learn about working towards goals and the end results of achieving those goals. Learning about this early is something hopefully they'll carry on throughout their lives. Making them more financially aware.
Receiving children allowance, can also help our children's development in other ways. And also give them skills that they will need in adulthood. Managing their own money also helps develop their math skills as they work out how much they need to save to buy that sought after game, book or other products.
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