Pocket Money for kids

[satyeshwar]

Hi all,
I have a question that usually comes to mind:
Should pocket money be given to kids (ages 5 to 18)? What does everyone think?
-Satyeshwar

[danarambeerda]

when i was 5 years old, i used to get 5 paisa (wo bhi ruthne ke baad ki aaj school nahi jaunga) and buy "BHUNGRA" ek muthi.


Seriously no not at all pocket money to kids caz now a days kids buy PUDIA and spoil their habits.

[ramksehrawat]

I think a certain minimum amount should always be kept with the kids to be spent only in the case of necessity. They should be taught the value of money by teaching them to save. For example, two years back my 16 year old son asked me to buy him a MP3 player. I explained to him in a very friendly way that I could not afford to spend $ 100 on him alone as I had to look after others welfare too and advised him to contribute at least 50% of the cost if it was so necessary for him to have one. He was confused as to how he could ? I told him to save from his pocket money and when he has 50 dollars to tell me. Poor boy not only saved his pocket money but also started walking to his school, about 1 km. each way which he earlier used to travel by bus, thus saving about one and a half dollars per day. In addition with the help of his teacher found a student looking for tuitions and earned some money through tutoring a student, his junior in school. Within a month, one day when I came home in the evening his face was radiant and he was so happy when he told me "papa let us go, we will buy MP3 player today, I have $ 50 with me". I bought him the MP3 from my own pocket without taking his money and when he asked me the reason, I told him that this was only to teach him the lesson that hard earned money should not be squandered away but should be saved for a rainy day. He didn't let any opportunity slip away after that of saving or earning. This summer, while travelling alone, he met his friends at Delhi Airport and treated them at Mcdonalds. After arriving home he told me, you know I treated my friends with my own money and the glow on his face was worth millions. I am happy that the boy learnt his lesson well as it became evident when he went to stay in a hostel some months back he bought his computer with his own savings and I had to chip in only with the cost of printer.

Hence, the purpose of sharing this personal information is that howsoever rich the parents may be, the children should not be spoiled by allowing them to spend uncontrolled. At the same time, they should not feel embarrassed in their circle of friends for want of money. They should be made to realise the importance of money and the prudent ways of saving and spending it.

[jagmohan]

Dear All,

In my view it is more important to let children realise the importance of 'budgeting' the available resources rather than just giving them a particular amount every month. I also believe that it has to be a gradual process: from keeping check to giving freedom to spend. These are personal matters and also depend upon the kind of upbringing and environment one has grown up in. As a child in a village I remember that one never felt the need of cash as such, as there was everything available in the house or was provided for by the elders. Though as children we used to engage in barter sysytem!!! Jholi bhari ghehuon ki or bhaj liye. Seedhey Baniya ki dukan pe rukyaa karte or Murmure khaate.

I find the present generation very intelligent as far as managing cash is concerned. May be they are lucky that enough cash is available today than 30 years back. Having a 19 year old is a challenge as far as trying to inculcate 'financial discipline' is concerned. I could suggest a point or two.

Firstly, never think that by giving a particular amount per month is the end all. I think it is also important to help the child learn as to how to manage it as well. Let him learn from small mistakes.

Secondly, the importance of savings should be inculcated from a very early age. Whether you are a rich person or poor, the age old principles of 'wants and desires' are equally applicable.

Lastly, we should trust them. I am not saying blind faith but trust. Now a days children demand 'My Space - My Life' all the time. But it is equally important to ensure that they are not keeping bad company.

We should be also happy that today's children are much smarter than probably what we were at their age. They may be indisciplined with their parent's money but once they start earning themselves, it is a different ball game.

But that story, some other time!!

Regards,

JS Malik

[rkumar]

In my view we should give only as per their specific needs. This way kids learn how to present their needs and then justify the needs.

Rajendra

[devdahiya]

This thread needs more ponderings, i suppose . We all get affected by this in some or other way.

[stokas]

In my view we should give only as per their specific needs. This way kids learn how to present their needs and then justify the needs.

Rajendra


Rajender Ji,
You are right here. Children should be given only to their specific needs and it surely teach them to justify their needs. I am doing the same, so that they can be somewhat practical in their future.
Really a great thread.

Thanks,

Shailendra Tokas

______________________
No just man ever became rich all at once.

[devdahiya]

Give the pocket money as per the requirement of the child so that he/she does not develope a complex out of environment but advise the child to save something from the money so given on regular basis...this way the child will understand the importance of money and also develope a habit of savings at an early age.Pocket money given to demonstrate one's money power will surely have the bad effect on the children.Never give money to please the child...it should be need based always.

[deswal]

Pocket money must be given to children with the conditions i) that they are free to decide how to spend ii) that they must keep an account and iii) that the ‘pocket money’ account so kept by the children is subject to parental check as and when they (the parents) wish.

[sansanwalamit]

Giving money as per needed might instigate children to lie and make up fake needs and reasons. So I suppose it is better to just give them a limited amount for a given period and let them manage it, atleast some will know how to manage money by doing so.

[suneet_rana]

as i also agree with u all . Pocket shud be given to childs but according to requirement.