When our children start school, they are often given pocket money to help them buy the items they need, such as lunch or a snack. While pocket money can be a great way to help children learn financial responsibility, it's important to make sure they know how to handle their pocket money properly.
This will help them to make responsible decisions when it comes to spending and will also help them to understand the importance of budgeting.Then, they can identify non-essential spendings such as snacks and treats. Encourage your child to plan out a weekly budget that takes into account all of their spending needs.
Additionally, you can help them open a savings account and deposit money regularly, so they can watch their money grow over time.One of the most valuable lessons you can teach your child when it comes to handling their school pocket money is to allow them to make mistakes and learn from them. Explain to them the importance of making informed financial decisions, and the consequences of not doing so.
Make it fun. Make delaying gratification an enjoyable experience. You can use games or activities to help your child understand what delayed gratification is. While children should be encouraged to be independent and make their own decisions, it is important for adults to be available to provide advice and assistance when needed.
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