Should children be given an allowance?

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One of the very important lessons that you should teach your children from an early age is how to spend money and appreciate the value of money. By giving your child a certain allowance, you will help them receive valuable lessons.

1. Why should child allowance?

To learn to ride a bike you need a bike and to learn to manage money you need money. By practicing with their money, children can learn to use money, such as saving, prioritizing goals, and delaying gratification when it comes to spending money.
Child allowance, allowing children to make mistakes in a low-risk environment. If an 8-year-old can't go to the movies with a friend's family because he's already spent all his pocket money, he's more likely to plan ahead of next week's allowance.
Teaching kids about money by giving them a small allowance will help them learn how to spend and manage money as they grow up.

2. When should child allowance be given?

You can give your child a small allowance when he is 5 years old. But in fact, some parents start giving their kids pocket money when they're in kindergarten, while others wait until the child is 10 years old. Talking about this issue, experts suggest that the best time to provide pocket money for children is when children begin to understand that money can buy what they want.
So you should give your child some pocket money until you recognize the signs that he likes saving or think about how he could use it.

3. How much should be given to children?

How much you should give your child depends on your family's financial resources, daily living expenses... You are the one who decides what is best for your child in the process of raising children.
You can increase the child's allowance when the child's birthday comes, the older the child, the more money will be received. So kids don't need to question the timing of an increase or argue with a sibling about how much to get because they understand that because the older sibling is older, they should get more.
Children can be given weekly or monthly allowances. When giving a child allowance, you should observe how the child uses the money. However, instead of listing items your child can't buy, you should come up with general rules like "you can spend money however you like, as long as it doesn't cause any problems".

4. How to teach children to save and spend?

You can let your child decide on his or her own pocket money, how much to spend and how much to save. This helps children learn from their own mistakes and successes.
Alternatively, you can develop principles that reflect your values. You can ask your child to save 10% of their allowance and donate another 10% to a charity of their choice. And you may want to split your savings into "fixed" or "revolving." Fixed savings go straight to the bank, for long-term expenses like college or buying a car. The amount of revolving savings is kept by the child, leaving it to the child to choose. Even if children regularly run out of money they have, they will still learn first-hand how useful saving can be in a short time.

5. How to give children allowances

5.1 Paying children is something Many parents think that giving money to their children is an obligation, while others think that to get this money, children have to work. Studies show that children will learn to appreciate the value of money and know how to spend more carefully when they earn pocket money by themselves by doing simple things like helping mom pick vegetables, help dad wash the car.
5.2 Decide how much money you will give your child It can be difficult to decide how much pocket money to give your child. To be able to answer this question, you need to consider the age of the child and what he or she needs to do with the money. In addition, you can consult other parents to see how much money they give their children. This will help you make decisions more easily. To get a more accurate answer, you should consult many people who have experience in raising children.
5.3 Need to keep the agreement with the child It is necessary to stay committed to what you have agreed to with the child. Give your child allowance on time, if you pay late or forget, especially after the child completes the tasks you have assigned, the child will quickly feel bored and frustrated.

6. Benefits of giving children allowances

6.1 Children understand the value of money It is difficult for children to really understand the value of money when children have not been able to buy something with their own hands. Children will learn the cost of certain items and the value of money when you give them pocket money. To prepare children to enter the real world and lead an independent life, giving money is also a good option. In addition, this helps children realize that nothing in this world is free.
6.2 Give your child the opportunity to be independent To some extent, your child senses that you are giving him the opportunity to be an adult and live independently when you give him an allowance. This makes children feel excited. Not only that, giving children pocket money is also how you teach them to manage their finances. Children will feel that they are trusted and appreciated by their parents, so they are given the right to spend this money.
6.3 Allow Children To Make Mistakes When Spending To get a few valuable lessons about saving and spending before they grow up, let kids make mistakes. You should teach your children to save a small amount of money each day so that they can buy a favorite item at the end of the month. However, do not be too strict and monitor the child regularly on this matter. Children will have to face their own problems if they do not have enough money at the end of the month to buy something.
6.4 Help children understand the value of labor It has been proven that parents' living habits and spending patterns have a great impact on their children. However, to really understand the value they enjoy is a problem for children. Many parents feel confused about their child's spending needs. According to research, parents should explain the source of the money they have so that their children understand the problem.
Your child will understand why you can't buy the toys he liked at the store the day before or other luxury toys he wants to have, after being able to shape all these. In addition, you also need to set some rules on how much your child spends to help them get the first lessons about using money, this is one of the simplest ways but effective in any situation. doubt. To encourage children to try harder, parents can give them more important occasions such as holidays, friends' birthdays or when children achieve good academic results.
6.5 Teach children to accumulate Parents should guide their children to know how to accumulate that money to have more meaningful, better things or to invest in their studies right from the moment their children have social interactions. first (5-6 years old), instead of letting children buy unnecessary things. This will help your child learn to distinguish important goals from petty, momentary pleasures. If you always decide for them how to spend money or what to buy, children won't learn anything useful.
To make teaching children about money more practical, parents can directly set an example for their children when cutting down on luxury expenses for their children to look at and learn from.

6.6 Be responsible for your own money It is important that you teach your child to be responsible for his actions and possessions. To help children build this habit, parents can apply many different ways.
However, teaching children the habit of rational spending is not easy, the first rule to help children form good spending habits, know how to save and spend wisely is to let them learn from how to spend money. of family members themselves. Parents can set an example by taking their children to shopping, their words and actions are exemplary, set an example for themselves, and buy things that are of value, not needing to spend money to buy rare things. Expensive but impractical. Use limited money to do necessary things, buy things you really need to use.
Over time, children will gradually form the habit of appreciating money and having a clear spending plan through their behavior with them. Parents need to teach children how to control and use the allowance they receive, not only to meet material needs without focusing on useful things for intellectual and moral education. Otherwise, the psychological and intellectual education will squeeze out of the normal trajectory as the child grows up.
Each child will carry different personalities and realizations, so in the process of raising children, parents need to equip themselves with knowledge and sophistication to be able to become real friends. child in life.
For children to be healthy and develop well, it is necessary to have a nutritious diet in terms of quantity and quality balance. If children are not provided with adequate and balanced nutrients, it will lead to diseases of excess or lack of nutrients, which adversely affect the comprehensive development of children in terms of physical, mental and motor skills.
Parents should supplement their children with supportive products containing lysine, essential micro-minerals and vitamins such as zinc, chromium, selenium, and B vitamins to help fully meet their child's nutritional needs. At the same time, these essential vitamins also support digestion, enhance nutrient absorption, help improve anorexia, and help children eat well.
Parents can learn more:
Signs of zinc deficiency in children
Micronutrient deficiency and failure to gain weight in children
Please regularly visit Vinmec.com website and update useful information to take care of your child. Take care of the baby and the whole family.

Reference source: babycenter.com