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?
Denne historien er fra July 2022-utgaven av Mother, Baby & Child.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 2022-utgaven av Mother, Baby & Child.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
CREATING A PET-FRIENDLY HOME
A pet-friendly home doesn't have to mean sacrificing style for the sake of practicality. Here are ten things to consider!
USING COLOUR PSYCHOLOGY IN YOUR BEDROOM
According to colour psychology, bedroom palettes affect our mood and wellbeing. How does this work?
HOW KIDS OF ALL AGES EXPERIENCE THE NEW SCHOOL TERM
This time of year is full of adaptation and change. We discuss how children of different age groups feel during this transitional period as they re-enter the classroom.
HOW HUGGING CAN CHANGE YOUR BABY'S BRAIN
We look at why early, gentle touch and affection has lasting effects on your child's brain.
A MAGICAL MAGAZINE-THEMED WEEKEND AT HAMLEYS
Last month, families flocked to Dubai Mall for an exciting DIY magazine workshop held in the popular toy store, Hamleys. The idea was to encourage children's self-expression with lots of fun magazine-themed activities. Let's dive in!
TEN PARENTING TIPS FOR A SUCCESSFUL SCHOOL YEAR
Here are our top tips for a healthy, smooth and productive transition into the new school year for all the family.
LETTING GO OF PARENTAL GUILT
Feeling like you're not doing well enough as a mother is an experience that many women suffer with. How can you dismantle this difficult feeling?
EATING FOR BETTER FOCUS AT SCHOOL
As the new school year unfolds, it's important to ensure that children are equipped with the right nutrition to enhance their focus and energy levels.
FIVE TECHNIQUES FOR A GOOD NIGHT'S SLEEP
Here are some practical things you can do each evening to fall asleep better and get higher quality rest.
MOTHERHOOD, FITNESS AND OVERCOMING OBSTACLES: AN INTERVIEW WITH RHIAN ADAMS
Rhian Adams, the incredible mother, athlete and award-winning personal trainer, shares her extraordinary story, from her career in pre and postnatal training, to parenting a child with extensive additional needs.