Earning even a small amount of money can benefit kids, even from an early age, as it teaches them the value of money and how best to manage it. Having a small amount of money comes with inbuilt choices in relation to whether they can spend it right away, or learn the value of saving.
Money management
If your child decides to save their pocket money to buy a specific item or experience, the act of saving teaches them to have goals, delay gratification and earn the things they desire.
Learning about financial consequences
We all make mistakes with money and children are no exception. Part of learning financial maturity happens when we lose money or spend it poorly and feel the pain of it. Allowing your little ones to mess up with small amounts of money like this and experience the consequences is a great life lesson that shapes their understanding around money.
A sense of independence
Having a little bit of their own money is a wonderful way to foster a sense of independence and responsibility in your child. It affords them the opportunity to make choices for themselves sometimes and get to know what they want and like.
WHEN TO BEGIN
Once again, this is up to your judgement. Your child could be at the right stage for pocket money if they can grasp that:
• Money is needed to purchase things Spending everything now still means you must wait until the next payment
• It's good to save some money for later rather than blow it all, simply because they have it
THE "RIGHT" AMOUNT?
هذه القصة مأخوذة من طبعة July 2022 من Mother, Baby & Child.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 2022 من Mother, Baby & Child.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
BREAST CANCERAWARENESS: WHAT YOU SHOULD KNOW
We discuss the signs, risks and treatments available.
A PERFECT SPA RETREAT IN FUJAIRAH
Naäma Beach Villas and Spa is located in Fujairah, and is one of the best spa experiences in the country!
THREE FANTASTIC HOLIDAY DESTINATIONS IN BAHRAIN
We look at the new hotels on our radar in Bahrain for families in search of something different for their next trip.
BEAUTY UNBOUND RETURNS TO NAKHEEL MALL
The festival promises to bring all things beauty to the city this month!
CREATING A HEALTHIER BEDROOM FOR LITTLE ONES
How can you make sure your child's bedroom is a toxin-free space?
FIVE PIECES THAT ELEVATE YOUR OUTDOOR SPACE
Here are some highlights from The Loom Collection's latest range of outdoor furniture and accessories, so your family can make the most of your outside space this season.
A FAMILY GETAWAY OFFERAT RAFFLES LONDON
The beautiful London address has a brand new offer for all families looking to visit the iconic city between now and March 2025.
THE POWER OF SAYING "I NOTICE..."
Here's why the words \"I notice...\" can be a game-changer for navigating tricky parenting situations!
HOW ZINC KEEPS KIDS HEALTHY
Zinc is a hugely important mineral that influences our wellbeing in many ways.
BUILDING CONFIDENCE IN SHY KIDS
We dive into some easy-to-implement ways to grow your introverted child's confidence in social situations they may currently find challenging.