How and When to Give Your First Money to Your Child

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Pocket money is one of the first ways for a child to form an attitude towards money, to start keeping elementary accounts, and to learn to appreciate them.

But how many pockets you should have and why it is important to ask yourself all these questions as a parent, the answers to which we will help to find out below in the text.


When is the right time?

give money to your child

There is no right answer to this question. The real value of the money is not the financial but the upbringing, about how, why and when the child deserves to receive money.

The moment when the child receives his first money will be the beginning of his independence.

And when to do it? We advise you first to explain to your child what the term “pocket money” means and then ask if he or she feels ready to earn it, along with the responsibility that follows.


How do you explain what pocket money is for?

How do you explain what pocket money is for?

The purpose of pocket money should always be instructive, to teach the child the basics of responsibility and independence, and in no case to carry messages such as: “Here, son, $ 10, buy what you want and do not worry more his mother. “


How Much Money Is Enough?

This question can be misleading to most parents. The best approach is to start small and gradually increase the amount as the child grows.

Initially, the amount of pockets may be enough to cover his or her needs for treats, and when he or she grows up you can increase it to an amount that allows you to buy books, computer games or clothes.

Also, winning pockets can teach your child to save their money for something they really want.


In which cases should the child receive money?

child receive money?

Many parents have doubts about whether to use pocket money as a reward for good behavior or, conversely, to limit it as a punitive measure when they have misbehaved.

We do not recommend this model of upbringing. Instead, try a verse recitation award, for example, this approach is always positive and educates the child just like work and earning.

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